crashmonitor Posted July 30, 2014 Share Posted July 30, 2014 http://www.telegraph.co.uk/news/politics/labour/10998994/Labour-resurrects-plans-for-a-death-tax.html I like this. The cheek of middle class families who expect to inherit estates tax free (currently £650,000) knows no bounds. We have a two trillion deficit, each departing soul has taken on average a quarter of a million in excess welfare over their lifetime tax contributions. The average octogenarian costs the country £30,000 to support over their tax contributions. Yet when they die the estate all belongs to the family. Ok it is meant as an insurance policy to pay for care and eliminates the lottery element. But death duties for everybody, about bloody time. why should we leave our grandkids burdened, except the fortunate few who inherit of course. Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted July 30, 2014 Author Share Posted July 30, 2014 (edited) Soak the dead they won't notice. And man child and woman can whistle on their undeserved inheritance....they should have made their own money. Edited July 30, 2014 by crashmonitor Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted July 30, 2014 Share Posted July 30, 2014 If you are rich you will find ways around it. This will only affect the plebs. Quote Link to comment Share on other sites More sharing options...
Ulfar Posted July 30, 2014 Share Posted July 30, 2014 Is there a loophole for the rich ? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted July 30, 2014 Share Posted July 30, 2014 Taxi for the people Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted July 30, 2014 Share Posted July 30, 2014 So 55% death taxes under a future Labour government, whether you want to go into a care home or not. Quote Link to comment Share on other sites More sharing options...
little fish Posted July 30, 2014 Share Posted July 30, 2014 Is there a loophole for the rich ? There will be by 6.00pm... Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted July 30, 2014 Author Share Posted July 30, 2014 So 55% death taxes under a future Labour government, whether you want to go into a care home or not. Relax Bruce you won't notice when you are dead. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted July 30, 2014 Share Posted July 30, 2014 Relax Bruce you won't notice when you are dead. My kids would though. Why should my estate pay for care that I don't want? Quote Link to comment Share on other sites More sharing options...
Eddie_George Posted July 30, 2014 Share Posted July 30, 2014 Is there a loophole for the rich ? Taxidermy Quote Link to comment Share on other sites More sharing options...
gf3 Posted July 30, 2014 Share Posted July 30, 2014 Is there a loophole for the rich ? I think if the rich buy a farm then there is no IHT on death. Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted July 30, 2014 Author Share Posted July 30, 2014 I think if the rich buy a farm then there is no IHT on death. Yep explains why agricultural land is £20,000 per acre........zero yield, a trophy asset but it is IHT free. Quote Link to comment Share on other sites More sharing options...
gf3 Posted July 30, 2014 Share Posted July 30, 2014 The thing that gets me is the £72,000 limit. For billionaires this is just a small percentage for the poor it will be 100% Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted July 30, 2014 Author Share Posted July 30, 2014 The thing that gets me is the £72,000 limit. For billionaires this is just a small percentage for the poor it will be 100% So sharing the risk should suit you? Quote Link to comment Share on other sites More sharing options...
austrianec Posted July 30, 2014 Share Posted July 30, 2014 Hmm...so Gertrude dies in her £200k 2 up/2 down...and the family have to pay £30k tax on the estate. Does that mean they'll be forced to sell? If so, would the legislation force up transaction volumes and force people to discount sharply instead of clinging on for "what it's worth"? Unintended consequences and all that... Quote Link to comment Share on other sites More sharing options...
doomed Posted July 30, 2014 Share Posted July 30, 2014 Yes give the government more money. Excellent idea! How about the state stops providing care in old age and leave it upto the family to arrange care for their own, whether that be doing it themselves or paying some one else. Quote Link to comment Share on other sites More sharing options...
R K Posted July 30, 2014 Share Posted July 30, 2014 (edited) Deeply regressive. Wealth taxes need to be progressive and hit the weathly. It's the Torygraph, and there's an election coming up so it's probably garbage anyway. In any event 'care home fees' is a synonym for 'landlordism' since the vast bulk of the fees aren't for care but for the rent of the room/facilities. Edited July 30, 2014 by R K Quote Link to comment Share on other sites More sharing options...
gf3 Posted July 30, 2014 Share Posted July 30, 2014 So sharing the risk should suit you? personally I would like to see IHT at 100% and income tax at 0%. But not until I inherit of course. Quote Link to comment Share on other sites More sharing options...
Uncle_Kenny Posted July 30, 2014 Share Posted July 30, 2014 In principle, inheritance tax encourages older wealthy people to blow their money on frivolous entertainment, think hookers and blow. Without inheritance tax wealthy people will keep some money aside for their children. People primarily work for their families, not just themselves. If we had a free market economy then this inherited wealth will find it's way back into the economy as productive investment, new businesses, machines, factories, capital, that sort of thing. Unfortunately, we don't have a free market economy. I know of a guy with three sons my age who sold his business for a pretty penny. To avoid death taxes, he quickly wrote out large cheques for all three. As you can imagine, all three are now heavily into buy to let. personally I would like to see IHT at 100% and income tax at 0%. But not until I inherit of course. Maybe you mean't this as a joke, I'm not sure, but 100% inheritance tax would essentially force people to spend their money on useless c**p, shrinking the economy. Quote Link to comment Share on other sites More sharing options...
durhamborn Posted July 30, 2014 Share Posted July 30, 2014 How about scrap tax credits,scrap HB,scrap DLA and PIP and provide free care for everyone at the end of their lives. Once again a smokescreen is used because no government dare tackle the mass working age welfare scam.Means testing got us here yet the left want more of it.Im left leaning but havent voted left for a long time.Not until they see that working age welfare is destroying this country.Pensions pushed back and all other efforts are because they darent tackle the real problem,mass working age handouts. Quote Link to comment Share on other sites More sharing options...
debtlessmanc Posted July 30, 2014 Share Posted July 30, 2014 Of course the changes to the pension rules have nothing to do with this; under the old rules they would have had to by an annuity which would vanish on death, under the new rules people pension will be taxable on death.... Quote Link to comment Share on other sites More sharing options...
debtlessmanc Posted July 30, 2014 Share Posted July 30, 2014 As another poster said, there is almost no situation that is genuinely improved by increases in tax. The (properly) wealthy will avoid this and the large part of the burden will fall on normal people. The collected money will then be spunked up the wall. No-one wins, but some hard-of-thinkers are pleased that someone else appears to be getting hit for tax. PAYE are the ones who should be rioting in the streets. If you weren't hit for tax, NI (both sides), VAT, excises, etc so hard during your working life it may be possible to save for your retirement and care. I presume there will be the usual exemption for farms as if there isnt it is impossible for a farmer to leave a working farm to his son. This is the usual trick to avoid inheritance tax, just buy some forestry or farm land Quote Link to comment Share on other sites More sharing options...
Mrs Bear Posted July 30, 2014 Share Posted July 30, 2014 Yes give the government more money. Excellent idea! How about the state stops providing care in old age and leave it upto the family to arrange care for their own, whether that be doing it themselves or paying some one else. I take it you've never had to look after anyone with dementia. We've had 3 people in care homes in this family - my FIL, an aunt and my mother - still in a CH at 96. All with dementia, all totally self funded, and far from resenting it, we have only been extremely thankful that we did not have to depend on social services, who typically will refuse 24/7 care even when family carers are desperate, close to collapse with stress and exhaustion. I don't know what the answer is, but it's a fact that more and more people are living longer - too long in many cases - and cases of dementia are going to rise. Yet plenty of people who are in a pitiful, utterly undignified state of advanced dementia are still given umpteen pills and tablets daily - to keep them 'healthy' - to keep them going a bit longer, just because it's possible to do so. But for what, FGS? Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted July 30, 2014 Share Posted July 30, 2014 I take it you've never had to look after anyone with dementia. We've had 3 people in care homes in this family - my FIL, an aunt and my mother - still in a CH at 96. All with dementia, all totally self funded, and far from resenting it, we have only been extremely thankful that we did not have to depend on social services, who typically will refuse 24/7 care even when family carers are desperate, close to collapse with stress and exhaustion. I don't know what the answer is, but it's a fact that more and more people are living longer - too long in many cases - and cases of dementia are going to rise. Yet plenty of people who are in a pitiful, utterly undignified state of advanced dementia are still given umpteen pills and tablets daily - to keep them 'healthy' - to keep them going a bit longer, just because it's possible to do so. But for what, FGS? Yes you do, living wills. Quote Link to comment Share on other sites More sharing options...
ThePiltdownMan Posted July 30, 2014 Share Posted July 30, 2014 I would rather the parasites left me alone when I'm alive, but when I'm dead they can have the lot. Quote Link to comment Share on other sites More sharing options...
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