Labour and a New Inheritance Tax Proposal

seaweed

LE
Book Reviewer
IHT can already be a nightmare. My half brother got caught when his father died, hit by a drains problem on his father's house which had to be fixed and paid for before the house could be sold, without enough cash for that. Then when the house was finally sold it made less than the probate value but IHT was still charged at that valuation. All aggravated by the solicitor having a nervous breakdown and the partners not putting anyone else in to cover his cases.
 
IHT can already be a nightmare. My half brother got caught when his father died, hit by a drains problem on his father's house which had to be fixed and paid for before the house could be sold, without enough cash for that. Then when the house was finally sold it made less than the probate value but IHT was still charged at that valuation. All aggravated by the solicitor having a nervous breakdown and the partners not putting anyone else in to cover his cases.
Coincidentally I am currently working on a case to provide £4.2 million of IHT cover.
Which is nice.
 
IHT can already be a nightmare.
At a tangent, bloke I know was selling his late Ma's house in County Galway.Seems that as he is a UK resident ,he gets clobbered for two sets of taxes, one based on property value and something else.Of course he needs to sell the place to pay the taxes, and cannot sell it until the taxes are paid - Catch 22!
I got lost in the details...even his Irish lawyers are confused by it.
 
We should introduce a Property Gains Tax (PGT) on property sales, when the cash would be available to pay it. In parallel, Stamp Duty should be scrapped, to remove a barrier to mobility, and to help the next generation get on the property ladder.
I would question his understanding of the issue as stamp duty is not paid by first time buyer.
 
Here we go again, labour sells off the gold at rock bottom and costs the country 30 billion, labour raids the pension schemes to fund it's half witted agenda. Leaves the country broke. Now this, which is just theft.

What I have, I earned. My parents were dirt poor and left me nothing. When I joined up my mother gave me a fiver which was all she had.
At 16 I had passed my O levels and all my mates were looking at 6th form and university. Dad said that his other kids were now his priority and I had to get a job. That broke his heart as he believed that education got you out of the position that he had found himself in. Dad was bought up in poverty living in a Dundee tenement.

I have worked myself into the ground to be able to leave something to my kids. My knees are shot to bits and I need to retire but I soldier on. These bastards want to give my kids inheritance to a load of feckless wasters.
Call themselves supporters of the working class. Liars and thiefs every one.
60 likes, is that a record?
 
That's why they are looking at lifetime gifts not just end of days. We already have the 7 year wait (I got a phone call from my mother the day the time was up to tell me we were in the clear and Gordon was getting none of it).

It will be interesting how the manage to do the tracking going back over the years. Remember that birthday present you gave your kids 30 years ago, it's now worth X£ and we want the money added to your estate for tax purposes.
Dislike from @Bravo_Bravo What a knob
 

So you think that major financial decisions about the UK economy all ought to be made by people who live in London who have no practical experience of the rest of the UK?
 
Meanwhile, home owners are becoming wealthier by doing nothing, at the expense of the non-home-owning next generation.
I bought my house 10 years ago, 25 percent deposit on a 25-year mortgage.

Last year, SWMBO inherited some money. What she was able to pay off the mortgage in one fell swoop exceeded what I've reduced the mortgage by with monthly repayments over a decade. I'm not revealing the sums but we live in a two-up two-down in Surrey. It's not big money at all; the sort of sum that many people would spend on a brand-new car.

Nevertheless, I've not been 'doing nothing'. I've been paying the interest on a mortgage for 10 years - Im' bloody well earning this house and I resent the implication of anything different.


...

If we're going to address imbalance, what needs to be addressed is lending criteria. There are people renting in this street paying far in excess of my monthly repayment amount - yet, were they to try and buy, they would suddenly 'not earn enough' to be allowed to take out a mortgage. So, renters can service other people's mortgages but are suddenly 'risks' if attempting to spend the same on/for themselves.
 
So you think that major financial decisions about the UK economy all ought to be made by people who live in London who have no practical experience of the rest of the UK?
Not what I said, at all.

Why would the geographical relocation of those with responsibility for fiscal decisions to somewhere outside London change the decisions made? Or are you suggesting that the Treasury is remarkably ignorant of financial conditions around the country? I disagree.
 
That's why they are looking at lifetime gifts not just end of days. We already have the 7 year wait (I got a phone call from my mother the day the time was up to tell me we were in the clear and Gordon was getting none of it).

It will be interesting how the manage to do the tracking going back over the years. Remember that birthday present you gave your kids 30 years ago, it's now worth X£ and we want the money added to your estate for tax purposes.
...Whilst the Labour Party and trade union elites will use each and every dodge in the book to avoid as much as a penny of their estates falling into the hands of the taxman.

Examples,

Anthony Wedgewood Benn

Milliband senior

Ken Livingstone

George Galloway

All the above have been the subject of allegations involving tax avoidance.
 
I bought my house 10 years ago, 25 percent deposit on a 25-year mortgage.

Last year, SWMBO inherited some money. What she was able to pay off the mortgage in one fell swoop exceeded what I've reduced the mortgage by with monthly repayments over a decade. I'm not revealing the sums but we live in a two-up two-down in Surrey. It's not big money at all; the sort of sum that many people would spend on a brand-new car.

Nevertheless, I've not been 'doing nothing'. I've been paying the interest on a mortgage for 10 years - Im' bloody well earning this house and I resent the implication of anything different.


...

If we're going to address imbalance, what needs to be addressed is lending criteria. There are people renting in this street paying far in excess of my monthly repayment amount - yet, were they to try and buy, they would suddenly 'not earn enough' to be allowed to take out a mortgage. So, renters can service other people's mortgages but are suddenly 'risks' if attempting to spend the same on/for themselves.
You have done nothing at all to increase the value of your house.

You are reducing the mortgage.
 
...Whilst the Labour Party and trade union elites will use each and every dodge in the book to avoid as much as a penny of their estates falling into the hands of the taxman.

Examples,

Anthony Wedgewood Benn

Milliband senior

Ken Livingstone

George Galloway

All the above have been the subject of allegations involving tax avoidance.
And the Tories?
 

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