Has Rachel Reeves found a money tree this afternoon??

There was me thinking it would be a collection of good news stories. Recently we've had interest rate cuts, unemployment levels constant and employment increasing, 1% GDP growth in six months, FTSE record highs, pay growth in excess of inflation... But nope, nothing to be heard.

 

Yeah why not were the most taxed since 1948 as a nation. If you want to work hard give your kids a hand to get on the property ladder or whatever you'll then get taxed on it because of government failures. Great idea. Only a few more years of these clowns.

 

You don't have to wait until you peg it to give your kids a hand to get on the property ladder.

 

And living standards far higher than when we were younger, Mr DW! People seem to be on the lookout for misery these days, instead of reflecting on how lucky they are!

 

You do realise that about 96% of us won't be affected by any changes? I'm happy to take a bit more from those that can afford it...

 

‘Here 50-60 year old child of mine, you can finally get on the property ladder now you’re about to become a grandparent yourself.’

 

There making any gift given taxable currently after 7 years the gift is exempt from tax. That's how I read it.

 

Wouldn't it be any gift above the threshold of £325k?

 

what would your Nigel do?

 

Probably scrap all trade deals to bring in tariffs on imports, then give the rich a tax cut...

 

Yep, but that becomes 500k if the home is passed to children. £1M if the first spouse died without using their allowance.

 

I ask him all the time,not had an answer yet

 

I was thinking of rather younger!

 

The whole inheritance tax backlashes are really quite fascinating.

A few years ago there was a video of a Republican senator in the US getting rapturous applause at a town hall in a working class town for announcing he would be campaigning to abolish estate tax so they wouldn't have to give their hard earned life earnings to the government

Someone later worked out, based on the demographics of the area ,the odds were that he was the only one in the room who would qualify to pay it.

This is Farage's game and its working. These changes are designed to stop the very rich bypassing inheritance tax and putting more tax weight on everyone else.

 

I was speaking as the person who had waited until death to pass on any help.

 

Inheritance tax was originally designed to affect only the properly rich. But with the thresholds having been frozen for a generation, and now unspent pension money being included, plus this idea of a lifetime allowance on gifts instead of the 7 year rule, it's going to affect an awful lot of people. But of course, it won't affect the seriously rich because they will just leave given that they are the most mobile section of society. Instead it will affect the middle classes, like most tax hikes do. If you each add up what you are worth dead, including your pension funds, I bet it will surprise many as to just how much it comes to.

This tax is the single most hated tax in the UK. It's hated by many people even if they have no realistic prospect of ever being hit by it as it is seen to be unfair. There is a reason why Gordon Brown lost his bottle and delayed holding an election in 2009. It was because the tories popularity shot up when they suggested that they would increase the threshold to 1 million if they were elected. Ultimately, they couldn't because they were in coalition and the lib dems wouldn't let them, but it shows how many many people think about this tax.

So if they want to sign their death warrant, let them go ahead. The fallout will be huge. For not a lot of gain really, it doesn't bring that much in.

They really have screwed up with their pledge to not increase income tax, NI or VAT, as an uptick in the rate of any of those would bring in far more than all this tinkering at the edges. And we all end up paying anyway, so it's laughable that they still try to gaslight us by suggesting they won't increase tax for "working people".

 

Which government?

 

Choose which tax the Chancellor raises, some group or other will be bellyaching about it. Yet everyone wants better public services. I can't see the objection to a tax levied only after you've died. Rather that than tax you while you're living.

 

The main people it will affect are those who have made considerable gains from property prices rises without paying any tax on it. If you buy a house at £30k, then its worth £500k, shouldn't tax be paid on the profits?

Although TBF, perhaps we should scrap it on the first property and replace both that and council tax with land value tax and tax people properly on the value of the land/property they own.

 

I'd say the last and this, we currently have record numbers of people claiming universal credit, the highest since the benefit was introduced over 10 years ago. 50k illegal migrants crossed since Labour got in charge, when their pledge was to tackle the smugglers. Failed reforms on disability and getting those who can work back to work and off PIP. I could go on.