The Labour Government

[Vic]

that's a weird one, it's desperately needed but I've no idea why it costs £10billion in the first place that's a mental price

The original price was £900,000. In 2012.

It would still have needed a change from South Wales or the South West.

Odd to hear Tories criticising rail scheme cuts after they culled HS2 (and spent some of the "Network North" money on repairing pot holes in London)!

 

[BrianW]

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.

Since most people do not pay it, it's quite bizarre. It's about as relevant to most of us as a special tax on houses with more than 25 bedrooms.

Taxes are by their nature unpopular. There is an alternative (as I think I mentioned the other day.) No taxes at all, but the government pays for its spending by printing/creating money. You would be looking at very high inflation, but hey, never mind. No tax! The UK pound belongs to the government, which has a monopoly of creating it, so the government could, in theory, do this.

Taxes are simply a way of keeping inflation (relatively) low. This is highly desirable for 1001 reasons. They enable a portion of national resources to be allocated to public services without at the same time creating massive inflation.

Want to abolish IHT? No problem. Increase Income Tax to 25p (or whatever the necessary level), higher rate to 45p, top rate to 50p. Who would that benefit, and who would gain? Those inheriting large estates would benefit, and everyone else would lose. Try putting that to the punters, see what they say.

 

[City Hobgoblin]

Did Starmer make any reference to the Brexit fiasco and its part in our economic situation today, or did he swerve it ?

 

[Mr Kobayashi]

Well it's not clearly, I am just intrigued as to the background of posters on here that's all?

Well according to a few on here I'm clearly a communist who lives in a squat and distributes anarchist cookbook pamphlets for spare change.

Don't you think it's pretty mainstream to think that the current inheritance tax threshold is generous?

I was looking at the agricultural land exemption, something I have sympathy for as it's hard to retain farming knowledge and once a farmer's children decide to leave, then all the knowledge is lost to time.

Not sure why stud farms need to be included in there though.

Agricultural Relief for Inheritance Tax

Work out whether assets in an estate qualify for Agricultural Relief and the rate at which it is due.

www.gov.uk

 

[Churchlawtonblue]

Since most people do not pay it, it's quite bizarre. It's about as relevant to most of us as a special tax on houses with more than 25 bedrooms.

Taxes are by their nature unpopular. There is an alternative (as I think I mentioned the other day.) No taxes at all, but the government pays for its spending by printing/creating money. You would be looking at very high inflation, but hey, never mind. No tax! The UK pound belongs to the government, wich has a monopoly of creating it, so the government could, in theory, do this.

Taxes are simply a way of keeping inflation (relatively) low. This is highly desirable for 1001 reasons. They enable a portion of national resources to be allocated to public services without at the same time creating massive inflation.

Want to abolish IHT? No problem. Increase Income Tax to 25p (or whatever the necessary level), higher rate to 45p, top rate to 50p. Who would that benefit, and who would gain? Those inheriting large estates would benefit, and everyone else would lose. Try putting that to the punters, see what they say.

25 bedrooms lol. Good to see you're bang up to date with house prices Brian.

 

[Churchlawtonblue]

Well according to a few on here I'm clearly a communist who lives in a squat and distributes anarchist cookbook pamphlets for spare change.

Don't you think it's pretty mainstream to think that the inheritance tax threshold currently is generous?

I was looking at the agricultural land exemption, something I have sympathy for as it's hard to retain farming knowledge and once a farmer's children decide to leave, then all the knowledge is lost to time.

Not sure why stud farms need to be included in there though.

Agricultural Relief for Inheritance Tax

Work out whether assets in an estate qualify for Agricultural Relief and the rate at which it is due.

www.gov.uk

I didn't think that, what do you do then?

 

[Chippy_boy]

So you think inherited wealth should dictate how good your upbringing is, what school you go to? Your other life chances?

This is how the wealthy want the rest of us to think.

Well for a start, I want the ones with huge chips on their shoulders, to stop acting like society owes them something, to stop trying to justify taking other people's money off them. To take some personal responsibility and stop whinging on about how much better off they'd be if they could only shaft someone else.

 

[metalblue]

Give it to charity, avoid the tax.

What has the person inheriting done to deserve it?

To the person leaving it? More than whoever/whatever the state decides to hand it out to probably. How would you feel knowing a chunk of your wealth has gone to Mone for overpriced PPE? You’d be turning in your grave and going peak Exorcist on her.

 

[Mr Kobayashi]

I didn't think that, what do you do then?

Freelance repossessions.

I live in sherwood forest with my merry men.

 

[BrianW]

25 bedrooms lol. Good to see you're bang up to date with house prices Brian.

I wasn't saying that IHT only applies to 25-bedroom houses.

I was saying that for most of us, the tax is about as relevant as one on 25-bedroom houses. Because it is a fact that the percentage of estates that pay it is in single figures. That is, the vast majority will not pay it.

Do you prefer higher income tax instead? Or are you are believer in the naive nonsense that everything can be paid for by 'cutting waste'?