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EmmaRoid

Exempt Property Profits From Inheritance Tax

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I was treated to a dinner table sermon on the evils of wealth taxes (mansion tax specifically). I said I generally agreed but were they aware a mansion tax was already in existence via propped house prices, could easily amount to £300/month over the life of a mortgage on a not very expensive house once interest costs are included. Makes stamp duty look like chicken feed.

That went in one ear and out the other too, bit inconvenient when you're sitting on £300k of solid hard work stored like water in the upper reservoir of a hydro plant, every drop pushed up there with blood, sweat and tears, natch. It definitely didn't rain..

Edited by The Knimbies who say no

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I was treated to a dinner table sermon on the evils of wealth taxes (mansion tax specifically). I said I generally agreed but were they aware a mansion tax was already in existence via propped house prices, could easily amount to £300/month over the life of a mortgage on a not very expensive house once interest costs are included. Makes stamp duty look like chicken feed.

That went in one ear and out the other too, bit inconvenient when you're sitting on £300k of solid hard work stored like water in the upper reservoir of a hydro plant, every drop pushed up there with blood, sweat and tears, natch. It definitely didn't rain..

Oh well, evaporation is a bitch.

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this is Boris Johnson - he is talking about London houses and insane prices (this would do absolutely nothing for making house prices more affordable as the profits would be locked into the rich pensioner's legacy to their beneficiaries. :huh: )

to be correct the pensioners would not be exempted from inheritance tax - their children/cats home whatever are)

most people leave less than the inheritance tax threshold anyway (especially since the insane idea of doubling it for couples )

can you imagine children pressuring aged parent to move out of house to a 2 bed bungalow and banking the profit which would then all pass to the children free of IHT

insane idea - let's keep the rich, rich and not consider those at the bottom of the heap. :angry:

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this is Boris Johnson - he is talking about London houses and insane prices (this would do absolutely nothing for making house prices more affordable as the profits would be locked into the rich pensioner's legacy to their beneficiaries. :huh: )

to be correct the pensioners would not be exempted from inheritance tax - their children/cats home whatever are)

most people leave less than the inheritance tax threshold anyway (especially since the insane idea of doubling it for couples )

can you imagine children pressuring aged parent to move out of house to a 2 bed bungalow and banking the profit which would then all pass to the children free of IHT

insane idea - let's keep the rich, rich and not consider those at the bottom of the heap. :angry:

Yes.

BoJo madness. Next Tory PM.

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If it incentuvises people to trade down then its not a terrible idea. Though it is yet again interventionist.

Instead get rid of iht, it and cgt and replace w/ wealth / land and property taxes as Hotairmail said on twitter

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So the Piketty rhetoric went in one ear and out the other

http://www.thetimes.co.uk/tto/news/politics/article4103906.ece

Explains why the FT were desperate to attack Piketty as their lead article last week (without giving him time for right to reply first)

Also explains why they ran an editorial I linked to here decrying property taxes in London.

Helps if your brother works for the FT I guess.

http://www.housepricecrash.co.uk/forum/index.php?showtopic=198782

Boris Johnson is just a placeman for the uber wealthy in London. All that's wrong with UK and its property economy.

Perpertuates the concentration of inherited wealth among a small elite.

Concentrates that wealth in property

Concentrates that wealth in London/SE

The only people who would welcome this are London/SE property mmillionaires, estate agents, and the financial services industry.

If Boris Johnson ends up as PM then this country is totally f*cked.

Edited by R K

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If it incentuvises people to trade down then its not a terrible idea. Though it is yet again interventionist.

Instead get rid of iht, it and cgt and replace w/ wealth / land and property taxes as Hotairmail said on twitter

So unearned property wealth isn't enough incentive?

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Scrap inheritance tax completely, you seem to have forgotten about that one, Mr Cameron.

What's so special about property? Ah, I know, silly me!

People like me with cash in the bank may be panicked into buying property to avoid inheritance tax for their heirs.

The VI bandwagon rolls on :rolleyes:.

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So unearned property wealth isn't enough incentive?

No that is brought about by their savvy investment and property renovation skills.

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Here's why Boris is keen to gift this money to the London mega rich.

Exempting property from IHT in London is effectively exempting it everywhere in any event, but clearly his target is his super rich backers

Neal Hudson @resi_analyst 7m

Today's Land Reg house price indices mark 5 years since the national market trough: a map of what has happened since pic.twitter.com/J1BqN4xE4j

Bo4Jo7ECEAEdhLu.jpg

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If it incentuvises people to trade down then its not a terrible idea. Though it is yet again interventionist.

Instead get rid of iht, it and cgt and replace w/ wealth / land and property taxes as Hotairmail said on twitter

It's a god-awful idea. It creates a massive tax avoidance opportunity and will incentivize more money being poured into property. "Hitting your late 60's? Want to pass on your wealth free of IHT, buy property now and prepare for the future!"

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Scrap inheritance tax completely, you seem to have forgotten about that one, Mr Cameron.

What's so special about property? Ah, I know, silly me!

People like me with cash in the bank may be panicked into buying property to avoid inheritance tax for their heirs.

The VI bandwagon rolls on :rolleyes:.

IHT and taxes on capital should be raised. Taxes on work lowered. And the IHT made completely unavoidable for the super-rich. It's disgusting the way the wealthy can opt out of it.

We don't need more wealth being passed on down the generations. People should be incentivized to earn it, not to be a rentier parasite.

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IHT and taxes on capital should be raised. Taxes on work lowered. And the IHT made completely unavoidable for the super-rich. It's disgusting the way the wealthy can opt out of it.

We don't need more wealth being passed on down the generations. People should be incentivized to earn it, not to be a rentier parasite.

Yes comrade.

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So you're in favour of keeping the rich, rich and the poor, poor?

I'm certainly not in favour of Inheritance tax.

I'm also not in favour of socialism and redistribution of wealth.

Edited by Bruce Banner

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I was talking to a nailed-on Tory voter who wanted his redistributionalist house price kept intact while spouting rhetoric of opportunities, the sanctity of the family and free markets etc. You just can't make this stuff up.

This guy will vote blue tie until he pegs it.

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Yes.

BoJo madness. Next Tory PM.

I wouldn't worry too much, I doubt there will be another Tory majority government in this country in my lifetime. They've borked it with their failure to get boundary reform through, plus continuing to kick people born after 1980 while they're down isn't likely to help their long-term electoral prospects. The only way they will get a sniff of power will be in a coalition with Labour or the Lib Dems, neither of whom are about to start abolishing IHT.

Hilariously the Conservatives still think of themselves as Britain's natural party of government despite the fact they haven't won an election in over 22 years.

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I was talking to a nailed-on Tory voter who wanted his redistributionalist house price kept intact while spouting rhetoric of opportunities, the sanctity of the family and free markets etc. You just can't make this stuff up.

This guy will vote blue tie until he pegs it.

Of course as soon as Mr Free Market says house prices must fall, he'll be screaming for the government to 'do something.'

Edited by aSecureTenant

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I would set IHT at 50% on all assets for everyone. The exception would initially allocated shares in a business, where there would be a tapering relief based on the % of turnover the business pay out in non-director employee salaries, e.g. 10% relief for every 10% you pay in salaries so the only way to pay zero IHT would be to pass down an actively trading business spending a minimum of 50% of turnover on salaries.

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So you're in favour of keeping the rich, rich and the poor, poor?

He is in favour of rentier parastism, which given that he is a rentier parasite should not be surprising.

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He is in favour of rentier parastism, which given that he is a rentier parasite should not be surprising.

Of course I am, I live off the money I've earned and put aside, money you would take away from me and give to someone you feel is more deserving of it.

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I'm certainly not in favour of Inheritance tax.

I'm also not in favour of socialism and redistribution of wealth.

You could be in favour of moon-fairies for all the effect your opinion would have. You and the boris johnsons of this world have already lost the ideological war. All that is left is to see how badly, and how much wealth that means you will lose.

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You could be in favour of moon-fairies for all the effect your opinion would have. You and the boris johnsons of this world have already lost the ideological war. All that is left is to see how badly, and how much wealth that means you will lose.

Yes comrade.

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I wouldn't worry too much, I doubt there will be another Tory majority government in this country in my lifetime. They've borked it with their failure to get boundary reform through, plus continuing to kick people born after 1980 while they're down isn't likely to help their long-term electoral prospects. The only way they will get a sniff of power will be in a coalition with Labour or the Lib Dems, neither of whom are about to start abolishing IHT.

Hilariously the Conservatives still think of themselves as Britain's natural party of government despite the fact they haven't won an election in over 22 years.

The demographic trends are 100% against them. By nailing their flag to the current over 60s, they have doomed themselves to electoral oblivion. The tigher they cling to that voting group, the more they ostrascize the young, and the youngsters they harm will not forget. It will be a generation or two of under 35's who will never ever vote tory no matter what. They are repeating the mistakes they made with the north with another massive subset of the population.

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