Budget 2024

[Blue Maverick]

The “rule” only started in 2015…
And since then the rich have ploughed billions of surplus cash in to avoid IHT.
Tough titty.

Do you think the rich won’t find another way of avoiding this? Whilst your average person will get fucked over because they don’t have financial advisors to tell them to get a cayman island account. £325k is not a massive amount anymore when you consider the average price of housing, those figures need to be reassessed over the years it’s been 15 years since it was frozen, I’d suggest the average house price was considerably less then.

 

[Churchlawtonblue]

The “rule” only started in 2015…
And since then the rich have ploughed billions of surplus cash in to avoid IHT.
Tough titty.

The rich, who do you classify as rich exactly. Someone who didn't have a public service pension. Someone who saved diligently into a private pension ? That's such loose term and as the thresholds on IHT haven't changed many more people are being swept up in IHT especially with house price increases.

I think it will have a detrimental impact on pensions and many people will stop paying into pensions and now use trusts

Surely if you are going to put pensions into IHT it would be fairer to have that tax at the same ammount as the original tax benefit gained on deposit, this isn't the case after yesterday.

 

[Churchlawtonblue]

Do you think the rich won’t find another way of avoiding this? Whilst your average person will get fucked over because they don’t have financial advisors to tell them to get a cayman island account. £325k is not a massive amount anymore when you consider the average price of housing, those figures need to be reassessed over the years it’s been 15 years since it was frozen, I’d suggest the average house price was considerably less then.

Precisely, the rich, whoever they are will just avoid this altogether. It will be middle income earners and savers that will feel the full force of this.

 

[hampshireblue]

OK, if we accept your argument , would it not be fairer to have the IHT at the same rate as that which was given the relief on when placed in the pension?

It probably would be, but quite how that calculation would be done is tough to do. The tax relief would have been made at different rates over many years.

 

[Churchlawtonblue]

It probably would be, but quite how that calculation would be done is tough to do. The tax relief would have been made at different rates over many years.

So keep it at the lower rate. And don't excessively penalise those that made provision.

 

[hampshireblue]

Tell us your a Daily Mail / Express reader without actually saying the words Daily Mail or Express.

He's pulling your leg.

 

[metalblue]

Tories loathed the public sector because it cost money rather than generate it, the selfish greedy bastards.

That’s plainly untrue. The public sector gives us health, education and security. These all generate money in some guise or other.

What the right typically dislike is inefficiencies in the public sector. Ie they want to measure outcomes on money invested whereas the left measure outcomes on, erm, I’m not sure actually. What should we measure outcomes on? Happiness?

 

[blueinsa]

Have Interest rates gone through the roof this morning? Is the Country in financial turmoil? Have the financial markets gone into free fall ?


Nope ...... thought not.

Reeves and co keep telling us all we are in financial turmoil so what are we?

 

[mosssideblue]

Yes

And we all know who put it there

 

[Blue Maverick]

It probably would be, but quite how that calculation would be done is tough to do. The tax relief would have been made at different rates over many years.

Alternatively pay tax on the pension as you save, so when you get it you can’t be taxed again, so the government get the tax over your working life and you get to live tax free in your latter years, it would simplify everything, but then again they want to make it so complicated you haven’t a clue and they take the fucking lot off your family.