welshbairn Posted July 1, 2019 Share Posted July 1, 2019 1 minute ago, tirso said: non expert here. Why do they have to find 10k in 6 months? do they not pay the tax at the point of sale? They might want to carry on living in it. 0 Quote Link to comment Share on other sites More sharing options...
tirso Posted July 1, 2019 Share Posted July 1, 2019 Just now, welshbairn said: They might want to carry on living in it. sorry i'm going through pages to see what the policy is but maybe you can help out. Are we saying the inheritor should pay an inheritance tax on a property (based on its value at inheritance) and not on actual cash from a property sale? That's crazy if so. If people want to stay in a property that's been paid for I don't see why it's being taxed. If they decide to cash in on the property by selling and getting hard cash then (maybe) a tax on this is reasonable. On top of the usual capital gains. 0 Quote Link to comment Share on other sites More sharing options...
Tibbermoresaint Posted July 1, 2019 Share Posted July 1, 2019 4 minutes ago, tirso said: sorry i'm going through pages to see what the policy is but maybe you can help out. Are we saying the inheritor should pay an inheritance tax on a property (based on its value at inheritance) and not on actual cash from a property sale? That's crazy if so. If people want to stay in a property that's been paid for I don't see why it's being taxed. If they decide to cash in on the property by selling and getting hard cash then (maybe) a tax on this is reasonable. On top of the usual capital gains. Why not form a political party and campaign for this? 0 Quote Link to comment Share on other sites More sharing options...
Cerberus Posted July 1, 2019 Share Posted July 1, 2019 Middlesbrough is a Labour stronghold yet the place is an absolute shithouse.https://www.bbc.com/news/uk-england-tees-48800675 Get Labour and socialism in the sea. 0 Quote Link to comment Share on other sites More sharing options...
tirso Posted July 1, 2019 Share Posted July 1, 2019 3 minutes ago, Tibbermoresaint said: Why not form a political party and campaign for this? heads gone. 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted July 1, 2019 Share Posted July 1, 2019 4 minutes ago, Tibbermoresaint said: Why not form a political party and campaign for this? No need. If Labour run on this they're fucked anyway. 0 Quote Link to comment Share on other sites More sharing options...
Tibbermoresaint Posted July 1, 2019 Share Posted July 1, 2019 Just now, tirso said: heads gone. I could've said that but I was trying to be polite. 0 Quote Link to comment Share on other sites More sharing options...
Detournement Posted July 1, 2019 Share Posted July 1, 2019 19 minutes ago, Cerberus said: Middlesbrough is a Labour stronghold yet the place is an absolute shithouse.https://www.bbc.com/news/uk-england-tees-48800675 Get Labour and socialism in the sea. Do you not think Thatcherite economics might be to blame for the decline of Middlesbrough rather than socialism? 1 Quote Link to comment Share on other sites More sharing options...
Tibbermoresaint Posted July 1, 2019 Share Posted July 1, 2019 1 minute ago, Detournement said: Do you not think Thatcherite economics might be to blame for the decline of Middlesbrough rather than socialism? No. 0 Quote Link to comment Share on other sites More sharing options...
pandarilla Posted July 1, 2019 Share Posted July 1, 2019 Middlesbrough is a Labour stronghold yet the place is an absolute shithouse.https://www.bbc.com/news/uk-england-tees-48800675 Get Labour and socialism in the sea.Labour stronghold means nothing. MPs have no power and council budgets have been slashed, and again they're not that powerful to begin with. The Labour party might well be letting the people of Middleborough down but this point doesn't prove that. 0 Quote Link to comment Share on other sites More sharing options...
Granny Danger Posted July 1, 2019 Share Posted July 1, 2019 1 hour ago, Cerberus said: Middlesbrough is a Labour stronghold yet the place is an absolute shithouse.https://www.bbc.com/news/uk-england-tees-48800675 Get Labour and socialism in the sea. The first post-war Labour government could arguably been labelled socialist; none since. I would have thought you would know this. Corbyn would pursue policies that were closer to socialism if his MPs backed him; I’m not sure they would. 0 Quote Link to comment Share on other sites More sharing options...
NotThePars Posted July 1, 2019 Share Posted July 1, 2019 Cerberus is the genuinely dumbest poster on the sub forum and not even remotely entertaining with it like TBS is. 0 Quote Link to comment Share on other sites More sharing options...
Tibbermoresaint Posted July 1, 2019 Share Posted July 1, 2019 2 minutes ago, oaksoft said: I think you are perfectly entitled to feel like this. Inheritance tax was never designed to hit middle earners. It was designed to move wealth from massive multi-millionaire/billionaire estate owners to the general population over time and improve the lot of those at the bottom. In that sense it has been excellent. Compare where people are now to Victorian times and you'll see the benefit of initiatives like this (not just inheritance tax of course). The problem is that even at its current level of £325k, it is catching vast swathes of ordinary middle earners in England and increasing numbers up here too. At £125k it catches virtually every single house owner in the UK. That is simply unfair. If it catches every single house owner it isn't unfair by definition. -1 Quote Link to comment Share on other sites More sharing options...
DeeTillEhDeh Posted July 1, 2019 Share Posted July 1, 2019 If an individual inherits £150,000 pounds they would get a tax bill of £6000 pounds (at 25%). So they will be still be inheriting £144,000 which is 6 times the median net income. It's not exactly the end of the world. It's a tax rate which which is effectively 1/8th of what a basic rate tax payer contributes on their earnings. Given what we know about income and wealth inequality policies like this are desperately required. It's a fucking suicide note of a policy. 1 Quote Link to comment Share on other sites More sharing options...
Granny Danger Posted July 1, 2019 Share Posted July 1, 2019 2 minutes ago, DeeTillEhDeh said: It’s a fucking suicide note of a policy. There are other ways of raising tax that would be more effective and far more popular. The very people that Labour need to win over are those who would be affected by this. Utter, utter stupidity. 0 Quote Link to comment Share on other sites More sharing options...
DeeTillEhDeh Posted July 1, 2019 Share Posted July 1, 2019 If it catches every single house owner it isn't unfair by definition.Inheritance tax doesn't though because the super-rich can afford the accountants that mean they don't pay it.These sorts of taxes always hit those on middling incomes more because they can't do that.It's not just about closing loopholes - they will always find ways round paying any kind of tax - it's the reality that governments (here and abroad) have aided and abetted tax avoidance by their lack of bottle in taking on the super-rich tax avoiders.Not dealing with the unnecessary secrecy that some individuals seems to get away with - ownership of businesses should be open not hidden away under a blanket of shell companies.An unwillingness to work globally to blacklist tax havens used to hide the super-rich's assets.An unwillingness to deal with transfer pricing and the artificial movement of profits by big companies. 3 Quote Link to comment Share on other sites More sharing options...
DeeTillEhDeh Posted July 1, 2019 Share Posted July 1, 2019 There are other ways of raising tax that would be more effective and far more popular. The very people that Labour need to win over are those who would be affected by this. Utter, utter stupidity.They don't even need to change taxes but enforce existing tax laws.There are only 2,000 or so fully qualified tax inspectors in the UK. That is ridiculously few. The total staff in HMRC fell from 100,000 in 2005 to 55,000 in 2015. We have 65,000 staff at HMRC now and a crisis in collecting all taxes. 20,000 staff will change that, but more high quality, highly paid staff to challenge abuse by the largest corporations is vital. Nothing less will do if we are to beat this problem. Right now companies and their lawyers are running rings round the Revenue. 1 Quote Link to comment Share on other sites More sharing options...
pandarilla Posted July 1, 2019 Share Posted July 1, 2019 The prime minister's husband deals in tax avoidance - that shows just how fucked up the whole thing is. 0 Quote Link to comment Share on other sites More sharing options...
Tibbermoresaint Posted July 1, 2019 Share Posted July 1, 2019 1 minute ago, oaksoft said: There is absolutely no reason to think this at all. There is every reason to think it. -1 Quote Link to comment Share on other sites More sharing options...
NotThePars Posted July 1, 2019 Share Posted July 1, 2019 Oaksoft 2019: dropping the shitty tone and still maintaining that everything is fine despite all the evidence to the contrary. 0 Quote Link to comment Share on other sites More sharing options...
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