Scotrail

[Aufc]

I’m not talking about people who come from money. Any of the cases that I’ve seen of people feeling entitled to parents money or falling out with family over it have been people who definitely did not come from money - one of the worst cases I’ve ever known was a family having really horrible arguments over the inheritance of a ex miner and mining engineer.

People are always funny about money. It’s especially difficult if something has happened to one of the parents and then the parent left then re-marries or shacks up with someone new (speaking from experience).

The best way to avoid inheritance tax is to spend the money or give it away during your lifetime. Seems pointless to hold onto cash till your death if you can give it away whilst alive without impacting quality of life.

[ICTChris]

16 minutes ago, Aufc said:

The best way to avoid inheritance tax is to spend the money or give it away during your lifetime. Seems pointless to hold onto cash till your death if you can give it away whilst alive without impacting quality of life.

Issue with that is a fair chunk of wealth that people inherit will be property rather than cash.

[Bairnardo]

2 minutes ago, ICTChris said:

Issue with that is a fair chunk of wealth that people inherit will be property rather than cash.

Maybe it should be a legal requirement then that all estate assets are liquidated, taxed accordingly and only cash handed down? Would that help as  regards housing? 

[ICTChris]

16 hours ago, Ervin H Burrell said:

Trains are pretty cool things tbf. When the service is running properly.

Train spotters take it too far though., should be called train shaggers imo. "Oohh look, that one has GNER written on the side " f**k off m8. Thomas the Tank engine is a good lad, the Fat Controller is a massive Tory and probably a buy to let landlord

Not sure if his property status is ever covered in the series but the Fat Controller (Sir Topham Hatt) worked his way up from being an engineering apprentice to controller of the Sodor railway. He was a renowned engineer who was responsible for integrating the different railway gauges from the mainland to Sodor. He resisted the Beeching reforms, maintaining the railway network on Sodor and continued to maintain steam trains as they were phased out across the rest of the UK.

The Fat Controller is a hero.

[Cosmic Joe]

1 hour ago, ICTChris said:

I’m not talking about people who come from money. Any of the cases that I’ve seen of people feeling entitled to parents money or falling out with family over it have been people who definitely did not come from money - one of the worst cases I’ve ever known was a family having really horrible arguments over the inheritance of a ex miner and mining engineer.

The ex-miner must have received an industrial injury payment. Coal miners were poorly paid. 

[ICTChris]

4 minutes ago, Bairnardo said:

Maybe it should be a legal requirement then that all estate assets are liquidated, taxed accordingly and only cash handed down? Would that help as  regards housing? 

What if someone wanted to continue living in a home that they had inherited? What about other illiquid assets, would you force people to sell off their parents possessions when they die and then tax the proceeds?

[Bairnardo]

2 minutes ago, ICTChris said:

What if someone wanted to continue living in a home that they had inherited? What about other illiquid assets, would you force people to sell off their parents possessions when they die and then tax the proceeds?

I don't suppose the handing down of pots and pans, and the good cutlery is quite the same contributor towards societal woes.... Just thinking aloud really. I think its a hugely complex issue. 

[TheScarf]

24 minutes ago, Bairnardo said:

Maybe it should be a legal requirement then that all estate assets are liquidated, taxed accordingly and only cash handed down? Would that help as  regards housing? 

There’s no way that law would be passed, given property always rises in value. The Tories would never allow it.

[Bairnardo]

Just now, TheScarf said:

There’s no way that law would be passed, given property always rises in value. The Tories would never allow it.

I dont think any of this is changing. But theres lots of calls for it on this thread so i'm just considering what, if anything, could help 

You need a massive shift in mindset from basically all of society. The instinct to try and see your kids alright is as ingrained in the psyche as anything can be. I don't know how you change that part. And if you dont change that part, taxing inheritance into oblivion will be a toxic policy. 

[TheScarf]

1 minute ago, Bairnardo said:

I dont think any of this is changing. But theres lots of calls for it on this thread so i'm just considering what, if anything, could help 

You need a massive shift in mindset from basically all of society. The instinct to try and see your kids alright is as ingrained in the psyche as anything can be. I don't know how you change that part. And if you dont change that part, taxing inheritance into oblivion will be a toxic policy. 

I actually agree with your suggestion. 99 people out of 100 would prefer money than property imo, even if if had been taxed to fuck. It’s there, it’s spendable on anything you like, you’d rather that than be lumbered with a house you (hopefully) don’t need. Give it to someone who needs it.

[ICTChris]

1 hour ago, Bairnardo said:

 

You need a massive shift in mindset from basically all of society. The instinct to try and see your kids alright is as ingrained in the psyche as anything can be. I don't know how you change that part. And if you dont change that part, taxing inheritance into oblivion will be a toxic policy. 

Wanting to see your kids alright is pretty much a universal human emotion, I doubt any changes to the tax system will alter that.

[Benjamin_Nevis]

On 25/06/2022 at 09:24, oaksoft said:

Only if you try to run before you walk.

Anyone considering starting their own business should be building it up on the side (preferably from home) as they continue to earn from whatever job they have.  Quitting your job to go self employed without some money behind you to support that would be absolutely insane.

The main barrier to self employment is not financial. It's time, motivation and a wilingness to slog.

You can get virtually everything you need to setup for free if you are prepared to train yourself from the wealth of free videos, advice and information out there. If you are providing a service rather than a product, there can be almost zero upfront cost. There's never been a better time for doing all of this with the advent of the internet. YouTube has been an absolute godsend in that regard. If you are prepared to learn for yourself, there's enough free videos out there to create a website from scratch yourself, all the marketing you could ever need, graphic design for branding, leaflets and logos including all the tools needed to do so for free and a wealth of other things which up to recently you used to have to pay experts to do for you. If you are prepared to do everything yourself you can get going for almost zero money.

People fail in business because they either try to throw money at everything instead of time and end up broke, or they find themselves unwilling or unable to invest the effort, or less frequently, they can't figure out how to get the phone ringing and lose heart.

TBF my point was in reply to how folk get that done when long-term unemployed/on UC. Basically they give you a 12 month "grace period" after which the minimum income floor is applied (equivalent of 35 hrs p/w at NMW). You need to show that it's gainful self-employment, have business plans etc etc. After that 12 months your automatically assessed on a basis of having income at NMW*35 hrs per week, even if you're nowhere near that. This has pushed a whole swathe of folk out of self employment and onto UC seeking work, or into shite dead end jobs. 

This is where UC's tagline of "making work pay" is a load of shite. I've lost count of the number of folk who were fucked by the Min Inc Floor and just folded their businesses and as above went into shite dead-end jobs or onto UC seeking work long term. These are folk who were working and getting a wee top up up working tax credits before ending up on UC for a variety of reasons and having to chuck in what they were doing. Sure, under Working Tax Creds you'd get folk who would try to take the piss (my favourite was a woman who wanted me to appeal her WTC being stopped because they discovered her work was admining a Facebay group ), however by and large WTC worked pretty well for self employed folk. 

 

[Scary Bear]

2 hours ago, Bairnardo said:

I dont think any of this is changing. But theres lots of calls for it on this thread so i'm just considering what, if anything, could help 

You need a massive shift in mindset from basically all of society. The instinct to try and see your kids alright is as ingrained in the psyche as anything can be. I don't know how you change that part. And if you dont change that part, taxing inheritance into oblivion will be a toxic policy. 

Why would people want to change that mindset? If you don’t care about your family, what do you care about?

The views on here are lunatic fringe stuff which will never gain any sort of traction while we’re part of the UK. In all likelihood it wouldn’t even be a vote winner in an independent Scotland.

[vikingTON]

2 hours ago, ICTChris said:

What if someone wanted to continue living in a home that they had inherited?

The home can be 'sold' at its market value to a bank - the correct inheritance taxes paid to the state - and then that person has first dibs on either securing a mortgage on the property or selling the remainder of the asset. 

They can therefore stay in the family home and pay a fucking mortgage/rent like the rest of society does. 

[vikingTON]

1 hour ago, ICTChris said:

Wanting to see your kids alright is pretty much a universal human emotion, I doubt any changes to the tax system will alter that.

It's not 'seeing your kids alright' to insist on your divine right to pass on the largest single source of wealth in 99% of households to them almost entirely without tax, while public services and society around them circles the drain.

They'll be 'alright' regardless of whether the state takes 0%, 25%, or 95% of that completely unearned capital gain, so the 'universal human emotion' argument can be filed in the bin where it belongs. 

[SuperSaints1877]

1 hour ago, ICTChris said:

Wanting to see your kids alright is pretty much a universal human emotion, I doubt any changes to the tax system will alter that.

He has no kids as he is a virgin.

[Benjamin_Nevis]

Just now, SuperSaints1877 said:

He has no kids as he is a virgin.

Given the absolute drivel you repeatedly posted in that FIRE thread, you're on pretty shaky ground here 

[Bairnardo]

3 minutes ago, Day of the Lords said:

Given the absolute drivel you repeatedly posted in that FIRE thread, you're on pretty shaky ground here 

Seems to be another troll approaching an endgame, as he is spouting angry shite all over the forum. I actually reported one of his posts that got removed yesterday because it was fucking vile. 

 

^^ Lee Wallace

[SuperSaints1877]

Just now, Day of the Lords said:

Given the absolute drivel you repeatedly posted in that FIRE thread, you're on pretty shaky ground here 

My kids and their children will inherit £millions when I die. What I do with my earned wealth is my business. I’ve never had an inheritance or help with buying property but  I’m in a position where I can help my family and no one can convince me otherwise.

I could blow it all away on drugs, booze, gambling and hookers but I leave that lifestyle to others in the P&B forum. That’s their choice.

[Benjamin_Nevis]

Just now, SuperSaints1877 said:

My kids and their children will inherit £millions when I die. What I do with my earned wealth is my business. I’ve never had an inheritance or help with buying property but  I’m in a position where I can help my family and no one can convince me otherwise.

I could blow it all away on drugs, booze, gambling and hookers but I leave that lifestyle to others in the P&B forum. That’s their choice.

Glad you can take time out from your lavish millionaire lifestyle to post on P&B