Having tried to shake down workers and the disabled, Labour is going to try taxing the dead.
thecheeseboiger on
I’ve seen too many people work their whole life, earn just enough to pass on to their family, but through ill health, it is cruelly taken away from them in the span of sometimes just a year.
Fundamentally, it’s not fair, and I can not believe that we let them get away with this. If you work and contribute financially to the economy, and you contribute socially to your community, then you’ve paid your dues, and you deserve to give whatever you have left to your family.
But this, and every other awful government, find innumerable ways to stick their fingers in the pie.
Edit:
I’m getting a lot of replies here… too many to keep up with.
If you are going to respond, there’s no need to send angry little messages. That’s juvenile behaviour.
KellyKezzd on
Get rid of the triple lock and that would do something meaningful…
Alive-Turnip-3145 on
It’s funny one – there is something very instinctive about wanting to pass accumulated wealth down to children. At the same time it creates massive inequality and destroys social mobility.
Perhaps I’m bias but i do think there is a fairness argument to be made. Particularly as I watch my friends receive anything from £50k to £200k untaxed. Compared to how long and how hard I’d have to work to save that sum of money (along with vast taxes I’d pay on the way). Money that was wasn’t accumulated through work but mostly by winning the housing lottery.
Tax wealth not work.
Socialistinoneroom on
Inheritance tax could be a tool to reduce extreme inequality and make sure more resources go where they’re needed most.. Changing the rules just to fill a budget hole misses the point and wastes a chance to make the system fairer for everyone..
the_smug_mode on
The wealthy will just leave. Guess who will end up with the bill?
KILOCHARLIES on
IHT only affects successful middle class people. The rich either just move it offshore or use tax avoidance schemes to dodge it, the poor don’t meet the threshold.
Labour staying true to form it seems.
Desperate_Drama2204 on
We already have one of the harshest IHT regimes in the entire world. So Labour decide to make it even harsher.
I hope it backfires massively and people relocate to Italy (4% IHT) or any number of countries that don’t have it at all.
IHT is the UK’s most hated tax for a reason, because even those who it doesn’t affect realise that it is simply morally wrong. Parents work hard to provide and look after their children. They should be able to do so without HMRC wanting a massive slice of tax on already taxed assets.
Choice_Sorbet9821 on
Stop spending billions on hotel & Spa staycations for the rest of the world and the whole is filled and then some
Concerned-CitizenUK on
Father in law worked into his early 70s never claimed anything. He got dementia and needed full time care at a cost of 5500 a month. We had to sell his house/ car / access his savings to fund this , he had a modest pension and some savings. By the time he died we had just enough money for the funeral. People in the same care home were funded by the council. Moral of this story is spend your money in your best years and let the state look after you, the old fashioned savings isn’t worth it as it goes against you.
normalman1000 on
IHT is easily avoidable. Taxes become fairly pointless once they’re avoidable. Taxes on unearned (i.e. inherited) wealth / income are also more sensible than taxes on earned income. So keeping IHT and removing the ability to avoid it is the right thing to do. Good policy
Economy_Appearance72 on
Same old labour, I thought the Tories were bad, but these arseholes take the piss
Altruistic-Bat-9070 on
This sounds like a good way to go.
We have this weird system in the UK where we wait for people to die to feel well off.
Additionally children didn’t earn the 700k they can be handed tax-free.
Inheritance tax is the one wealth tax that is easy to argue for and makes a lot of sense.
MuthaChucka69 on
There is so much misunderstanding of IHT it really shows how well the rich control the narrative. Less than 5% of the country pay IHT, the thing i would advocate for is increasing the threshold the state pays for care up to 200k, currently most people die with nothing because care eats it all. IHT is not a bad tax, people losing all of tier money before they die to pay for care costs is what people should fear. The IHT thresholds are really generous.
JaneAppleyard on
Labour need to cut spending or raise income tax on everyone by reducing the tax free allowance.
GenerallyDull on
Imagine working hard your whole life, to leave your children something, because you know it’s going to be even harder for them.
Then, the government take a huge chunk of it because they’re spending billions of pounds on people who have never contributed to our economy or society.
thereforewhat on
This kind of has me wondering, why didn’t Labour MPs just make sensible cuts to the ballooning welfare bill a few months ago when they had the chance to?
Having said that taxing wealth rather than income is a good idea and doing this on inheritance tax isn’t a terrible option particularly considering that people can still give to their children tax free as long as it happens up to 7 years before they die.
Giving more during lifetime is probably a better thing also, it may encourage people to downsize as they get older freeing up larger houses for those who need them.
backcountry57 on
There os no point in trying to better yourself, or to attempt to look after your kids. The government will take everything
johndom3d on
It won’t, they’ll find another way of wasting it as well.
zeelbeno on
Lmfao what is this thread?
Are these all real people or have reform just flooded it with bots?
Inheritence tax seems to be their 2nd biggest policy as they know loads of people don’t know only 3.6% of people pay it.
Izual_Rebirth on
So the government is now further pulling up the ladder behind the generation that experienced the biggest boom period in human history by not allowing them to leave their ill gotten gains to their kids.
Don’t the government know that for a lot of people inheritance is one the the only hopes they have for ever getting on he housing market?
It won’t be long before the middle class is a thing of the past and we’ll all be one homogonous group of poor people witnessing the ever continuing slow decline of the world economy. Well that homogonous group and the ultra wealthy.
Utter cowardice from all governments over the decades. They will never deal with the real issue which is the ever increasing equality gap between the ultra wealthy and the rest of us.
Ell2509 on
Duh. Or else millennials would actually be able to get put of poverty.
hp-lovesauce on
Only 5% pay IHT you plebs, chances are you’re not rich enough.
MagusBuckus on
It’s almost like privatisation of public services
Cutting ourselves off from our biggest trading partner
Designing a tax system full of loopholes for those who can afford to exploit
Refusing to go after fraud
Paying a load of donors and friends for dodgy contracts
Running the nhs into the ground to create a sicker population
Privatising our natural resources
May not have been a great idea.
Trickle down economics doesn’t work.
ItsUs-YouKnow-Us on
They really are fucking scumbags.
I plan to leave nothing behind. No kids. No money for the government. I’ll give everything away on my death bed. These leeches will get nothing.
zen_bud on
Inheritance tax is one of those taxes that people get irrationally angry about, even though only 4% of estates pay it.
flooble_worbler on
Did this woman learn how economics work by watching the episode of South Park where they have the financial crash?
wsionynw on
Dead people don’t pay inheritance tax. They’re dead.
D3TPC on
At what point does the UK admit it cannot afford the NHS and pensions.
The tax burden on middle to high earners is just silly. Especially since we pay it all and typically don’t use any of the services provided.
TamLux on
How many Shin Fein members are their in parliament? Cutting their salaries and pensions may help. They don’t go to parliament as they argue it’s to stand up against British rule. So… no turn up to parliament, so pay! I duno any other job in which you don’t get paid to not show up! Or Log on as is the case with remote working.
armstrong698 on
At this point why even work. Apparently you don’t own anything anyway. We’re basically renting everything from the state. What a disgusting situation this country finds itself in. It regularly makes me sick.
Grouchy-Papaya-8078 on
Govt telling us we can’t give money to our kids without them getting a cut is Mafia level extortion
32 commenti
Having tried to shake down workers and the disabled, Labour is going to try taxing the dead.
I’ve seen too many people work their whole life, earn just enough to pass on to their family, but through ill health, it is cruelly taken away from them in the span of sometimes just a year.
Fundamentally, it’s not fair, and I can not believe that we let them get away with this. If you work and contribute financially to the economy, and you contribute socially to your community, then you’ve paid your dues, and you deserve to give whatever you have left to your family.
But this, and every other awful government, find innumerable ways to stick their fingers in the pie.
Edit:
I’m getting a lot of replies here… too many to keep up with.
If you are going to respond, there’s no need to send angry little messages. That’s juvenile behaviour.
Get rid of the triple lock and that would do something meaningful…
It’s funny one – there is something very instinctive about wanting to pass accumulated wealth down to children. At the same time it creates massive inequality and destroys social mobility.
Perhaps I’m bias but i do think there is a fairness argument to be made. Particularly as I watch my friends receive anything from £50k to £200k untaxed. Compared to how long and how hard I’d have to work to save that sum of money (along with vast taxes I’d pay on the way). Money that was wasn’t accumulated through work but mostly by winning the housing lottery.
Tax wealth not work.
Inheritance tax could be a tool to reduce extreme inequality and make sure more resources go where they’re needed most.. Changing the rules just to fill a budget hole misses the point and wastes a chance to make the system fairer for everyone..
The wealthy will just leave. Guess who will end up with the bill?
IHT only affects successful middle class people. The rich either just move it offshore or use tax avoidance schemes to dodge it, the poor don’t meet the threshold.
Labour staying true to form it seems.
We already have one of the harshest IHT regimes in the entire world. So Labour decide to make it even harsher.
I hope it backfires massively and people relocate to Italy (4% IHT) or any number of countries that don’t have it at all.
IHT is the UK’s most hated tax for a reason, because even those who it doesn’t affect realise that it is simply morally wrong. Parents work hard to provide and look after their children. They should be able to do so without HMRC wanting a massive slice of tax on already taxed assets.
Stop spending billions on hotel & Spa staycations for the rest of the world and the whole is filled and then some
Father in law worked into his early 70s never claimed anything. He got dementia and needed full time care at a cost of 5500 a month. We had to sell his house/ car / access his savings to fund this , he had a modest pension and some savings. By the time he died we had just enough money for the funeral. People in the same care home were funded by the council. Moral of this story is spend your money in your best years and let the state look after you, the old fashioned savings isn’t worth it as it goes against you.
IHT is easily avoidable. Taxes become fairly pointless once they’re avoidable. Taxes on unearned (i.e. inherited) wealth / income are also more sensible than taxes on earned income. So keeping IHT and removing the ability to avoid it is the right thing to do. Good policy
Same old labour, I thought the Tories were bad, but these arseholes take the piss
This sounds like a good way to go.
We have this weird system in the UK where we wait for people to die to feel well off.
Additionally children didn’t earn the 700k they can be handed tax-free.
Inheritance tax is the one wealth tax that is easy to argue for and makes a lot of sense.
There is so much misunderstanding of IHT it really shows how well the rich control the narrative. Less than 5% of the country pay IHT, the thing i would advocate for is increasing the threshold the state pays for care up to 200k, currently most people die with nothing because care eats it all. IHT is not a bad tax, people losing all of tier money before they die to pay for care costs is what people should fear. The IHT thresholds are really generous.
Labour need to cut spending or raise income tax on everyone by reducing the tax free allowance.
Imagine working hard your whole life, to leave your children something, because you know it’s going to be even harder for them.
Then, the government take a huge chunk of it because they’re spending billions of pounds on people who have never contributed to our economy or society.
This kind of has me wondering, why didn’t Labour MPs just make sensible cuts to the ballooning welfare bill a few months ago when they had the chance to?
Having said that taxing wealth rather than income is a good idea and doing this on inheritance tax isn’t a terrible option particularly considering that people can still give to their children tax free as long as it happens up to 7 years before they die.
Giving more during lifetime is probably a better thing also, it may encourage people to downsize as they get older freeing up larger houses for those who need them.
There os no point in trying to better yourself, or to attempt to look after your kids. The government will take everything
It won’t, they’ll find another way of wasting it as well.
Lmfao what is this thread?
Are these all real people or have reform just flooded it with bots?
Inheritence tax seems to be their 2nd biggest policy as they know loads of people don’t know only 3.6% of people pay it.
So the government is now further pulling up the ladder behind the generation that experienced the biggest boom period in human history by not allowing them to leave their ill gotten gains to their kids.
Don’t the government know that for a lot of people inheritance is one the the only hopes they have for ever getting on he housing market?
It won’t be long before the middle class is a thing of the past and we’ll all be one homogonous group of poor people witnessing the ever continuing slow decline of the world economy. Well that homogonous group and the ultra wealthy.
Utter cowardice from all governments over the decades. They will never deal with the real issue which is the ever increasing equality gap between the ultra wealthy and the rest of us.
Duh. Or else millennials would actually be able to get put of poverty.
Only 5% pay IHT you plebs, chances are you’re not rich enough.
It’s almost like privatisation of public services
Cutting ourselves off from our biggest trading partner
Designing a tax system full of loopholes for those who can afford to exploit
Refusing to go after fraud
Paying a load of donors and friends for dodgy contracts
Running the nhs into the ground to create a sicker population
Privatising our natural resources
May not have been a great idea.
Trickle down economics doesn’t work.
They really are fucking scumbags.
I plan to leave nothing behind. No kids. No money for the government. I’ll give everything away on my death bed. These leeches will get nothing.
Inheritance tax is one of those taxes that people get irrationally angry about, even though only 4% of estates pay it.
Did this woman learn how economics work by watching the episode of South Park where they have the financial crash?
Dead people don’t pay inheritance tax. They’re dead.
At what point does the UK admit it cannot afford the NHS and pensions.
The tax burden on middle to high earners is just silly. Especially since we pay it all and typically don’t use any of the services provided.
How many Shin Fein members are their in parliament? Cutting their salaries and pensions may help. They don’t go to parliament as they argue it’s to stand up against British rule. So… no turn up to parliament, so pay! I duno any other job in which you don’t get paid to not show up! Or Log on as is the case with remote working.
At this point why even work. Apparently you don’t own anything anyway. We’re basically renting everything from the state. What a disgusting situation this country finds itself in. It regularly makes me sick.
Govt telling us we can’t give money to our kids without them getting a cut is Mafia level extortion