Detournement Posted July 1, 2019 Share Posted July 1, 2019 As for buy to let most people sell in that situation anyway and I'm guessing more people inherit to let than live in their parents home. 0 Quote Link to comment Share on other sites More sharing options...
Detournement Posted July 1, 2019 Share Posted July 1, 2019 13 minutes ago, MixuFixit said: Oh sure that's a well thought out solution that will help the terminally ill, those without bank accounts, unemployed, people with poor credit, people in prison... Lol How many people in prison, unbanked or unemployed people inherit £150,000? It will be close to zero. Terminally ill people have a fairly simple solution of letting their estate pay it. I'm not sure it's possible to have such bad credit that a bank won't loan you 6 grand against a house. 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted July 1, 2019 Share Posted July 1, 2019 15 minutes ago, Detournement said: As for buy to let most people sell in that situation anyway and I'm guessing more people inherit to let than live in their parents home. There's an awful lot of people forced to move in to their parents house to look after their elderly parents, and unable to work. That saves the state a fortune. 0 Quote Link to comment Share on other sites More sharing options...
Benjamin_Nevis Posted July 1, 2019 Share Posted July 1, 2019 Enjoying jupe of all people biting to HB.Whilst H_B is a complete idiot it doesn't mean such policies can't be debated. Also, your forum policing schtick is stunningly tedious. 6 Quote Link to comment Share on other sites More sharing options...
pandarilla Posted July 1, 2019 Share Posted July 1, 2019 Whilst H_B is a complete idiot it doesn't mean such policies can't be debated. Also, your forum policing schtick is stunningly tedious. I agree without the principle of an inheritance tax but the implementation is crucial. Loopholes everywhere, but a very credible policy if you can get the details right. 1 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted July 1, 2019 Share Posted July 1, 2019 6 minutes ago, pandarilla said: 9 minutes ago, jupe1407 said: Whilst H_B is a complete idiot it doesn't mean such policies can't be debated. Also, your forum policing schtick is stunningly tedious. I agree without the principle of an inheritance tax but the implementation is crucial. Loopholes everywhere, but a very credible policy if you can get the details right. There already is an inheritance tax. It's the one tax that the wealthy pay exclusively. Labour seeking to extend it to the majority is not a vote winner. 1 Quote Link to comment Share on other sites More sharing options...
pandarilla Posted July 1, 2019 Share Posted July 1, 2019 There already is an inheritance tax. It's the one tax that the wealthy pay exclusively. Labour seeking to extend it to the majority is not a vote winner.True but it needs a shake-up, as far too many accountants find ways to avoid it. I'm not sure where it should kick in - but I would want a new labour government to get more out of it than the current bunch of crooks do. 0 Quote Link to comment Share on other sites More sharing options...
Detournement Posted July 1, 2019 Share Posted July 1, 2019 29 minutes ago, welshbairn said: There's an awful lot of people forced to move in to their parents house to look after their elderly parents, and unable to work. That saves the state a fortune. That's true but if at the end of it you are living in a paid off home with the only expense being repaying a four figure loan then it's financially preferential compared to people with mortgages and (especially) private renters. No one is going to come up with a scenario where someone is disadvangated by inheriting a large amount of wealth with a small tax bill. 0 Quote Link to comment Share on other sites More sharing options...
Detournement Posted July 1, 2019 Share Posted July 1, 2019 9 minutes ago, welshbairn said: There already is an inheritance tax. It's the one tax that the wealthy pay exclusively. Labour seeking to extend it to the majority is not a vote winner. The majority of people don't inherit over £150,000 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted July 1, 2019 Share Posted July 1, 2019 (edited) 17 minutes ago, Detournement said: The majority of people don't inherit over £150,000 I thought the figure was £125,000? Anyway, it applies to just about anyone who leaves a flat or house. And many people who end up living in a house where the relative dies won't have the income to fund the loan payment. P.S. Got confused here, just realised it's about the value over £125,000. Apologies Edited July 1, 2019 by welshbairn 1 Quote Link to comment Share on other sites More sharing options...
Detournement Posted July 1, 2019 Share Posted July 1, 2019 3 minutes ago, welshbairn said: I thought the figure was £125,000? Anyway, it applies to just about anyone who leaves a flat or house. And many people who end up living in a house where the relative dies won't have the income to fund the loan payment. The majority of people have siblings. If you don't have the income to make a payment of 20-40 quid a week on a loan then you should definitely downsize. The right wing media have placed a stigma on inheritance tax but it's no different to any other tax you just happen to pay a lump sum when you receive a large amount of wealth once or twice in your life. House price inflation means that a huge amount of wealth is about to be passed between generations and if it's not taxed there will be serious negative consequences in long term inequality. 2 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted July 1, 2019 Share Posted July 1, 2019 An extra tax for far more people than just the rich as at present will do little to address inequality. 1 Quote Link to comment Share on other sites More sharing options...
NotThePars Posted July 1, 2019 Share Posted July 1, 2019 Is it a good policy then? I have the Corbyn c**t chicken tweet waiting. 0 Quote Link to comment Share on other sites More sharing options...
Tibbermoresaint Posted July 1, 2019 Share Posted July 1, 2019 5 hours ago, welshbairn said: An extra tax for far more people than just the rich as at present will do little to address inequality. That rather depends on what they do with the monies raised. 0 Quote Link to comment Share on other sites More sharing options...
Granny Danger Posted July 1, 2019 Share Posted July 1, 2019 6 hours ago, pandarilla said: 6 hours ago, jupe1407 said: Whilst H_B is a complete idiot it doesn't mean such policies can't be debated. Also, your forum policing schtick is stunningly tedious. I agree without the principle of an inheritance tax but the implementation is crucial. Loopholes everywhere, but a very credible policy if you can get the details right. I also agree with an inheritance tax however for most people it is the only form of double taxation that I am aware of. 0 Quote Link to comment Share on other sites More sharing options...
Tibbermoresaint Posted July 1, 2019 Share Posted July 1, 2019 3 minutes ago, Granny Danger said: I also agree with an inheritance tax however for most people it is the only form of double taxation that I am aware of. In what way is it double taxation? 2 minutes ago, oaksoft said: A person who is currently in a zero hour contract job and inherits their parenjts house but can't sell the house at the price the inheritance tax was based on (because it is maybe in an undesirable area) and can't find a renter either (for the same reason). Have you actually lived on your own before? I ask because you are coming up with some pretty stupid suggestions. Taking out loans to pay off inheritance tax is as stupid a suggestion as I've heard in quite some time. 1 minute ago, oaksoft said: Paying VAT is largely a choice. Paying inheritance tax is not. Huge difference. To have a conversation with H_B and come across as the bigger idiot is quite a feat. Congratulations. 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 made it quite clear to you before. I am not interested in discussing anything with people like you. Period. You're not ready to converse with adults. Maybe you will be one day. -1 Quote Link to comment Share on other sites More sharing options...
Detournement Posted July 1, 2019 Share Posted July 1, 2019 7 minutes ago, oaksoft said: So when my parents die I should downsize because I can't pay the inheritance tax? Aye. Anyone who has an asset worth £150,000 and can't manage a 10 grand tax bill should probably look for someone to take their power of attorney. -1 Quote Link to comment Share on other sites More sharing options...
tirso Posted July 1, 2019 Share Posted July 1, 2019 38 minutes ago, oaksoft said: Where are you getting 25% from? Inheritance tax is 40%. Anyone inheriting £150k would need to find £10k within 6 months. non expert here. Why do they have to find 10k in 6 months? do they not pay the tax at the point of sale? 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, 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? Inheritance Tax is payable 6 months after the date of death. 0 Quote Link to comment Share on other sites More sharing options...
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