Define society because plenty don't pay their share. This idea we have a society that comes together for the benefit of all is unfortunately a crock of shit. Always has been. Divisions everywhere .This is so naive. The public servants are workers, the same as you and me. The union are workers, the same as you and me. Not all unions are affiliated to Labour.
So let's assume the amount of funding to local councils is frozen. Which public services are you willing to lose? Libraries, street cleaning, refuse collections? Not all are complsory but they all have to be paid for somehow. The key is how much we as a society are prepared to pay and for what.
Maybe because it’s to give your children a hand, god knows these days they’ll need it, why should the tax man tax something that’s already been taxed several times already, it should be called a death tax anyway.Inheritance tax is a funny one. Why do people get so worked up about it? You’ll be dead, you won’t know, that’s literally how it works.
It’s not no, he’s just annoying me.I'm trying to work out if this is satire?
You must be indeed be puzzled then as IHT is often referred to as the least favoured tax by the UK taxpayers in polls carried out. That said clearly all taxes that affect hard working people are unpopular.I am afraid I am always puzzled when people go on about double taxation.
Every time I buy something that incurs VAT (or fuel duty or alcohol duty) I am double taxed as I have already paid tax on the money I am spending.
IHT is not double tax. For a start, most of my estate, when I die, will be my house, which has inflated hugely in price from about 64k to over 300k.I have not paid a penny in tax on that unearned increase in my nominal wealth. Not one penny.
Moreover, for anything I leave behind, I shall not be paying IHT. That will be my heirs and assigns, and they have never paid a single penny of tax on my property. So how, pray, is it 'double tax'? More like single tax with a very generous tax-free allowance.
You sound like a communist, how do you fancy a holiday in Moscow. Most people want to give their children a leg up, it’s human nature.
Maybe because it’s to give your children a hand, god knows these days they’ll need it, why should the tax man tax something that’s already been taxed several times already, it should be called a death tax anyway.
How many times have you paid stamp duty? Is that not a tax? You’ll have paid tax on everything you bought to make that house value rise as well, change the name to Death Tax and call it what it is.I am afraid I am always puzzled when people go on about double taxation.
Every time I buy something that incurs VAT (or fuel duty or alcohol duty) I am double taxed as I have already paid tax on the money I am spending.
IHT is not double tax. For a start, most of my estate, when I die, will be my house, which has inflated hugely in price from about 64k to over 300k.I have not paid a penny in tax on that unearned increase in my nominal wealth. Not one penny.
Moreover, for anything I leave behind, I shall not be paying IHT. That will be my heirs and assigns, and they have never paid a single penny of tax on my property. So how, pray, is it 'double tax'? More like single tax with a very generous tax-free allowance.
Actually more than 12% of the population have an income of £80k+ And that was 2021, so presumably it's more like 13% or 14% now.
And the average UK house price is around £300k and most people when the die of old age, own their homes. The average price of a detached house is £450k, and of course being an average MANY are much higher than that.
The idea that anyone who earns £80k and has a £500k house is some kind of outlier edge case, is nonsense. There's probably 5m or 10m people who fit into that category.
Well that’s what wills and trusts are for to avoid losing lots of that money, especially for care homes. I agree if I had no kids I’d get to about state retirement and sell the lot, £300k rent somewhere and blow the the lot in the next 10 years once I hit near 80 I’d be happy just to sit home drool and watch CityI suspect there are a lot of childless people who couldn't give a toss, the threshold is quite high but what happens if you have say 4 children and they are just divvying up a house ? They'd have to sell it and split the difference between 4.
Many people wont even have an asset after they've sold it to pay for care in a care home, if you've got property or money get it spent now while you still can.