Inheritance tax

[Returnofrros]

55% rumoured by some commentators and channels.

[islaydarkblue]

55% rumoured by some commentators and channels.

That will mean less money left to charities because Starmer gave his Union pals inflation bursting pay increases.

[Mainlanddee]

That will mean less money left to charities because Starmer gave his Union pals inflation bursting pay increases.

Binmen getting less than £25 a week payrise , if that's unaffordable for this great nation , then we are in big trouble

[Dodbroon]

Inheritance tax is theft by the government pure and simple, the policy of envy and misguided wealth redistribution. The mega rich and those that live off vast inherited wealth have ways to avoid the tax some even seem to evade it and get away with it. Inheritance tax hits the middle classes (who have more often than not already paid income taxes on their accumulated wealth) who dont have the nous or the inclination to employ accountants to help them. Labour governments in the past, and so it seems this one, hate the middle classes more than the proper rich who they at best ignore or at worst toady to and this is a bizarre outlook. Using income taxes to redistribute wealth is one thing but the 'we'll take away a portion of your wealth to hand it to someone else, and not all of the lower income 'poorer' folk in society are deserving of such help, attitute' is immoral and as I have already stated legalised theft.

[BCram]

Agree Dodbroon. Have not seen a rational argument for imposing an inheritance tax. Seems to me to be a tax on money that would be used to help the next generation. It's a tax on the whole concept of saving and investing.

[Returnofrros]

Inheritance tax is theft by the government pure and simple, the policy of envy and misguided wealth redistribution. The mega rich and those that live off vast inherited wealth have ways to avoid the tax some even seem to evade it and get away with it. Inheritance tax hits the middle classes (who have more often than not already paid income taxes on their accumulated wealth) who dont have the nous or the inclination to employ accountants to help them. Labour governments in the past, and so it seems this one, hate the middle classes more than the proper rich who they at best ignore or at worst toady to and this is a bizarre outlook. Using income taxes to redistribute wealth is one thing but the 'we'll take away a portion of your wealth to hand it to someone else, and not all of the lower income 'poorer' folk in society are deserving of such help, attitute' is immoral and as I have already stated legalised theft.

Yep it's grossly unfair.....and more and more working class folk are gonna be caught in this trap.

I wouldn't fall over inheritance threshold at the moment if Mrs sunshine or I pegged it but the survivor certainly would be on 2nd death......or if we check out at the same time we would.

Also I dinnae think the threshold has been increased for a long time which like not increasing the income at which you start paying income tax is all wrong.

Capital gains tax equalisation I can just about agree with if they keep ISA allowance as it is.

Reduction in tax free cash from pension another no no for me, folk have been saving for decades based on 25% tax free cash.

Council tax single person rebate another disgraceful attempt at ****ing over people who have saved.

No problem in reducing 40% tax relief on pension payments and equalising at 30%

[islaydarkblue]

Yep it's grossly unfair.....and more and more working class folk are gonna be caught in this trap.

I wouldn't fall over inheritance threshold at the moment if Mrs sunshine or I pegged it but the survivor certainly would be on 2nd death......or if we check out at the same time we would.

Also I dinnae think the threshold has been increased for a long time which like not increasing the income at which you start paying income tax is all wrong.

Capital gains tax equalisation I can just about agree with if they keep ISA allowance as it is.

Reduction in tax free cash from pension another no no for me, folk have been saving for decades based on 25% tax free cash.

Council tax single person rebate another disgraceful attempt at ****ing over people who have saved.

No problem in reducing 40% tax relief on pension payments and equalising at 30%

There is another ‘stealth’ tax which few people are aware of.
Benefits in Kind.
When I started work in July 1971 anyone earning over £8,500 per annum and receiving a benefit in kind from their employer paid income tax on the amount of the benefit.
Now in 2024 the threshold for Benefits in Kind is still £8,500.
In July 1971 the bank manager might have been earning over £8,500 per annum but in 2024 workers receiving the minimum wage and working a 35 hours week are earning more that £8,500 per annum.

[Returnofrros]

There is another ‘stealth’ tax which few people are aware of.
Benefits in Kind.
When I started work in July 1971 anyone earning over £8,500 per annum and receiving a benefit in kind from their employer paid income tax on the amount of the benefit.
Now in 2024 the threshold for Benefits in Kind is still £8,500.
In July 1971 the bank manager might have been earning over £8,500 per annum but in 2024 workers receiving the minimum wage and working a 35 hours week are earning more that £8,500 per annum.

See if you get a minute explain the reduction in flat rate pension if you have been contracted out of serps.......which I believe falls into stealth tax bracket

[BCram]

See if you get a minute explain the reduction in flat rate pension if you have been contracted out of serps.......which I believe falls into stealth tax bracket

Good point. It sounds as though Corbyn supporters have captured Labour. If the Conservatives can't be trusted then I am amazed that Corbyn type policies would be acceptable for anyone. Looks to me as though the winning strategy for Labour was to appeal to middle of the road voters and then dump them the minute they won the election.

Need some facts about pensions and maybe there are some Dees who could explain the issues in simple terms?

[Returnofrros]

Good point. It sounds as though Corbyn supporters have captured Labour. If the Conservatives can't be trusted then I am amazed that Corbyn type policies would be acceptable for anyone. Looks to me as though the winning strategy for Labour was to appeal to middle of the road voters and then dump them the minute they won the election.

Need some facts about pensions and maybe there are some Dees who could explain the issues in simple terms?

The pension thing Islay brought up way back was very sneaky......I mind at the time I thought he had it wrong and was the opposite of what he was saying but he was right and I was wrong which I acknowledged at the time.