The Labour Government

M18CTID said:
In an ideal world we wouldn't pay any tax full stop! I just think IHT thresholds are an odd thing to get worked up about compared to all the other taxes out there, especially as it only affects 4% of the population. There's nothing wrong with parents helping their kids out financially with regards house deposits, etc. My point was that 2 parents leaving their house to their kids means that their children would have to inherit more than £1m before IHT kicks in. £1m is more than enough to get on the housing ladder, even if it was split 8 ways. Well, maybe not in certain parts of London and the South East but you get my point.

Someone I know has done really well for himself and he said he's fucked if he's leaving everything he's earned to his kids. His intention is to enjoy what's left of his life and spend as much of his wealth between now and when he pops his clogs because he's earned the right to, and he'll leave his house to the kids which should be more than enough to give them a significant leg up in life.
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Just this week there's been a short series all about Inheritance on Radio 4, different views in different cultures, impacts, practicalities etc. Hosted by Tony Hawks(?) the comedian who's done alright for himself and is trying to decide what he doesn't or doesn't leave his son.

Only listened to the first two episodes but all five are on BBC sounds and so far it's quite interesting.

Edit: just realised Vic had already mentioned this, must pay more attention!
 
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Earlyriser said:
Some would call it a failure to forward plan
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Not easy when you can barely make ends meet!

That said, I've been saying in other circles for many years, that far too many people live beyond their means. They have little or no savings, but still manage to go on a foreign holiday every year, eat out, wear Nike trainers etc. With freely available credit, people have got used to spending too much and saving too little. This has been going on for decades.
 
Vic said:
An interesting radio series by Tony Hawks.

www.bbc.co.uk

Tony Hawks Is Giving Nothing Away - Episode 1 - Giving - BBC Sounds

Tony Hawks starts to investigate the thorny issue of inheritance.
www.bbc.co.uk www.bbc.co.uk

Inheritance obviously fuels house price rises.

Why is it good to have house price inflation? If Labour succeeds in getting more houses built it will annoy NIMBYs whose motivation is not protecting green spaces but benefitting from their house increasing in value.
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I was thinking more of his transfer of ownership tax dodge, I was even considering donating my best briar pipes into public ownership to further reduce my liability
 
BobKowalski said:
Whoa, there, let’s pump the brakes on the self-employed hate. On one hand it’s ‘picking on individual groups ain’t going to be enough’, and on the other ‘we need to get money out of the self-employed who get away with a lot’.

Maybe, it’s just ‘pick on groups we don’t like’ day :)

I became self-employed when I turned forty, and it ain’t easy. No guaranteed pay check, no paid holidays. If you ain’t working, you ain’t earning. And for the record I run a £500 to a £1,000 credit on my HMRC tax account. I’m literally lending the country in its time of need. I should get a bloody medal.
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Your mistake was saying picking on one group where I mentioned others, that was a bad start, I am unaware of the law or unspoken acceptance that because the self employed take a risk they should be able to cheat the taxman ie all.of us. Did someone tell you this? Maybe companies shouldn't pay tax coz they have taken a risk and also employ people.

We have however reaffirmed the problem that people always want.others to pay their fair share. Thanks for your risk taking on our behalf.


Didn't you say you worked in the city and retired very early.?

Blessed are the risk takers.
 
Chippy_boy said:
Not easy when you can barely make ends meet!

That said, I've been saying in other circles for many years, that far too many people live beyond their means. They have little or no savings, but still manage to go on a foreign holiday every year, eat out, wear Nike trainers etc. With freely available credit, people have got used to spending too much and saving too little. This has been going on for decades.
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I was referring to the woman sat in a £1 million house. Downsize and enjoy life.
 
Hertzblue said:
Assess its relationship with the party.
Mmm - Maybe they have another suitor.
Could this be lift off for Jezbollah?
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Looking like there are tough times ahead for Starmer & co.

Train Drivers.... we want more

Doctors (BMA)... we want more

Unite.... we don't want you anymore (Rayner)

who will be next?

BTW please don't be shocked by this post, because if you are you just do not get British politics

All this and they have to raise some dosh from somewhere... are we looking at a summer/winter of discontent?
 
Kompany Car said:
As much as I may disagree with the approach you prescribe in some of your other posts, I fully agree that the the key to stability is to get the markets onside, as this will give the fiscal headroom to invest in the country going forwards. Whilst the electorate dont like to hear it we all need to pay more tax and see little improvement for a period of time.
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I suppose the argument would be we have been doing that for 15 years, and by we I mean the PAYE workers. I'm happy to pay more but not so others can continue taking the piss.
 
Gray said:
One in one out - utter bollocks.
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I can see people are keen to give this scheme a try.

You get castigated for doing nothing and castigated for doing something and castigated before the thing you are doing has even started. Tough gig this governing lark.
 
M18CTID said:
IHow the hell are they going to fund the increase in the tax-free personal allowance to £20,000 that they're proposing? The simple fact is they can't.
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I'd love them to do that. It's daft that people on e.g. £18k are paying income tax, and even more daft to take money off them and then give them it back with benefits.

And actually, paying for it is quite easy. Cancelling net zero saves a chunk - around £12bn. So they need to find another £38bn.

Set the basic rate of income tax at something like 25p and that raises the rest. Then everyone on under £30k would be better off. Everyone over £30k would be slightly worse off.

Seems fair, and the books balance. That would be fiscally neutral.
 
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Chippy_boy said:
Ditto. I'm not rich by any stretch, but have been fortune enough to earn really good money in one or two years. Only to see 47% taken off me in tax, at the top rate. My wife doesn't work so our household has had no personal allowance at all in such years. Whilst next door have had £25k (2 x £12.5k) in personal allowance and paid only 20% on the rest. But apparently I have not paid enough.


I'd love them to do that. It's daft that people on e.g. £18k are paying income tax, and even more daft to take money off them and then give them it back with benefits.

And actually, paying for it is quite easy. Cancelling net zero saves a chunk - around £12bn. So they need to find another £38bn.

Set the basic rate of income tax at something like 25p and that raises the rest. Then everyone on under £30k would be better off. Everyone over £30k would be slightly worse off.

Seems fair, and the books balance. That would be fiscally neutral.
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Don't you get bored of constantly moaning all the time ?
 
Gray said:
One in one out - utter bollocks.
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I just cannot see where the benefits lay.

What are the forecast projections on the number of immigrants that will come to this country over the next couple of years and how many do we expect to return (assuming the French will have volunteers to come here spilling over the top? What are the spending/savings forecasts> How will they ever know it is working if there are no forecast measures to hold the executed plan against?

This really does look like another Government half baked hare brained scheme that, yet again (conservatives included) has not been fully thought through.

Surely it is not unreasonable to ask the government to provide some performance indicators and targets that will enable them to demonstrate it is working?
 
hilts said:
I suppose the argument would be we have been doing that for 15 years, and by we I mean the PAYE workers. I'm happy to pay more but not so others can continue taking the piss.
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Perhaps that is the problem. Everyone thinks everyone else is taking the piss and so no one does anything. You think the self-employed are taking the piss, the self-employed think PAYE workers are taking the piss, PAYE workers in the private sector think PAYE workers in the public sector are taking the piss and Pensioners want the good old days and their youth back and are pissed at everyone under the age of 60.

Still, on the bright side it is a lovely day.
 
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