News2 mins ago
Tories To Change Inheritance Tax Rules
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As well as cuts to Working Tax Credits and Housing Benefit, you can always rely on the Tories to do all they can to help the working class ! We are all in this together, after all !
As well as cuts to Working Tax Credits and Housing Benefit, you can always rely on the Tories to do all they can to help the working class ! We are all in this together, after all !
Answers
that's a blessing for Londoners on average incomes; my modest flat is probably worth that. For Londoners' children, anyway. However, I thought we were living in straitened times and were all still having to tighten our belts. So why is he giving money away at all?
09:39 Sat 04th Jul 2015
still to be convinced that benefits caps would be fair......
but this inheritance tax thing is a good move - it will remove from that liability many families whose homes would otherwise be fairly ordinary homes but for their location, and it's being funded by a pension adjustment that will affect only the top 10 percentile of the earning population.
but this inheritance tax thing is a good move - it will remove from that liability many families whose homes would otherwise be fairly ordinary homes but for their location, and it's being funded by a pension adjustment that will affect only the top 10 percentile of the earning population.
So Mikey, if I can get this right...........I work my *** off to get a good education, get out of the " bleating " of the constant wingeing working classes, compete in the outside world, start to earn a good salary, pay a high rate of taxation, buy a house...............and then pay inheritance, which is at such a low threshold that even some of " the working class" would be eligible for taxation...........................and you are moaning?
Prudie...you miss my sarcasm here !
If what is predicted in the Budget comes about, wealthy people who have a house worth up to 1 million pounds will no longer have to pay any IHT, but much, much poorer people will lose considerable sums of money if WTC's and HB are curtailed.
Hence my "all in it together" remark. Perhaps I should have made that clearer.
If what is predicted in the Budget comes about, wealthy people who have a house worth up to 1 million pounds will no longer have to pay any IHT, but much, much poorer people will lose considerable sums of money if WTC's and HB are curtailed.
Hence my "all in it together" remark. Perhaps I should have made that clearer.
Good Morning Sqad. !
I know of very few, if any people that live in a house that is worth
1 million pounds ! Out of the hothouse of London and the South-East, million pound properties are really not a concern. Properties form the bulk of IHT liability, not savings in the Building Society. Anyway, IHT is now transferable between spouses and its only after the death of the second person that IHT becomes liable. So people, like you perhaps will not be affected by IHT, as you will be dead ( although not quite yet, I trust ! )
I am merely suggesting the wealthy will be better off and the poor will be worse off, if the proposed Budget contains what is being reported.
I know of very few, if any people that live in a house that is worth
1 million pounds ! Out of the hothouse of London and the South-East, million pound properties are really not a concern. Properties form the bulk of IHT liability, not savings in the Building Society. Anyway, IHT is now transferable between spouses and its only after the death of the second person that IHT becomes liable. So people, like you perhaps will not be affected by IHT, as you will be dead ( although not quite yet, I trust ! )
I am merely suggesting the wealthy will be better off and the poor will be worse off, if the proposed Budget contains what is being reported.
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(the above search criteria pulls in homes that are currently in scope, but won't be if the changes are enacted)
(the above search criteria pulls in homes that are currently in scope, but won't be if the changes are enacted)
LOL......morning mikey........yes I do take your point and it is a good one.
" the rich get richer and the poor get poorer" How long do you think that I have heard that trooped out? Certainly all my life.
Surely that would be the ultimate incentive to get out of this " poor Club" and get on with life.
" the rich get richer and the poor get poorer" How long do you think that I have heard that trooped out? Certainly all my life.
Surely that would be the ultimate incentive to get out of this " poor Club" and get on with life.
When I have trotted out the "rich get richer and the poor get poorer, under the Tories" I have always been castigated. But if these proposals go ahead, that is exactly what will happen.
There was a very interesting article by Steve Hilton in yesterday's Guardian
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Hilton is a former director of strategy for David Cameron, Prime Minister. He has previously been very loyal to the Tory Party but he has now says " I lobbied fervently against the minimum wag. Now I realise that in-work poverty is a modern scourge"
Its nice to see somebody at least is being honest. He makes a very good case for the minimum wage to be raised, so that in-work people do not have to claim state benefits to have enough to live on. If George Osborne goes ahead and reduces WTC's, without raising the minimum wage, millions of people will be considerably worse off. These people are not work-shy scroungers, lying in bed all day, but people with jobs, the very people we should be encouraging in Britain today.
Despite his sterling work in the past for the Tory Party, I doubt whether any of them are listening to Hilton now.
There was a very interesting article by Steve Hilton in yesterday's Guardian
http://
Hilton is a former director of strategy for David Cameron, Prime Minister. He has previously been very loyal to the Tory Party but he has now says " I lobbied fervently against the minimum wag. Now I realise that in-work poverty is a modern scourge"
Its nice to see somebody at least is being honest. He makes a very good case for the minimum wage to be raised, so that in-work people do not have to claim state benefits to have enough to live on. If George Osborne goes ahead and reduces WTC's, without raising the minimum wage, millions of people will be considerably worse off. These people are not work-shy scroungers, lying in bed all day, but people with jobs, the very people we should be encouraging in Britain today.
Despite his sterling work in the past for the Tory Party, I doubt whether any of them are listening to Hilton now.
Zacs....of course you are perfectly correct.
The National Minimum Wage will go up from £6.50 an hour, to £6.70 an hour. I expect the people earning this ludicrously low wage will hardly know where to spend their extra £8 a week ! They will be able to buy luxury items for their
1 million pound homes !
Read Hiltons article. He makes a very good case for raising it to a Living Wage :::
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The reason that employers like Tesco can get away with paying its staff such low wages, is that the taxpayer will step in and make up the difference, which is what Working Tax Credits are for.
Again, I will quote Hilton here ::
"As a Tory researcher I worked on blood-curdling – and in retrospect, utterly spurious – campaigns like Labour’s Jobs Axe that predicted millions more unemployed if ever a minimum wage were introduced. Of course, it didn't happen "
What a pity that Hilton wasn't saying this in the run-up to the Election.
The National Minimum Wage will go up from £6.50 an hour, to £6.70 an hour. I expect the people earning this ludicrously low wage will hardly know where to spend their extra £8 a week ! They will be able to buy luxury items for their
1 million pound homes !
Read Hiltons article. He makes a very good case for raising it to a Living Wage :::
http://
The reason that employers like Tesco can get away with paying its staff such low wages, is that the taxpayer will step in and make up the difference, which is what Working Tax Credits are for.
Again, I will quote Hilton here ::
"As a Tory researcher I worked on blood-curdling – and in retrospect, utterly spurious – campaigns like Labour’s Jobs Axe that predicted millions more unemployed if ever a minimum wage were introduced. Of course, it didn't happen "
What a pity that Hilton wasn't saying this in the run-up to the Election.
A program on last week (C5?) about benefits, and much of it about housing benefit.
I showed a single mother in London living in a flat with a rent of £1,000 a month and she was having ALL the rent paid by housing benefit.
That is £12,000 a year in benefits JUST for the flat, let alone all the other benefits she gets.
Many people work hard, save up, buy a house, spend all their life doing it up, and also pay tax all their life. We should look after them as well.
My daughter and her boyfriend both go out to work for long hours and are desperately trying to buy a house, but it is hard nowadays.
But this woman (and I am sure there are many others) had a baby while not married and is now being "looked after" with thousands of pounds of benefits paid for by everyone's tax.
But that is how all socialists think isn't it, hit the "working person" hard and then give away the money to anyone and everyone.
Labour and the Socialist Workers party wont be happy till we are in the same situation as Greece.
p.s. My dad left school in the 1930s at 14 with no qualifications and studied hard at evening class and got himself a good job after the WW2. He bought a house in London in 1966 for about £6,000 and when the last of my parents died in 2012 the house was worth about £700,000.
HE was working class, and unlike the woman above who is bleeding the benefits system dry, he paid into it all his life.
I showed a single mother in London living in a flat with a rent of £1,000 a month and she was having ALL the rent paid by housing benefit.
That is £12,000 a year in benefits JUST for the flat, let alone all the other benefits she gets.
Many people work hard, save up, buy a house, spend all their life doing it up, and also pay tax all their life. We should look after them as well.
My daughter and her boyfriend both go out to work for long hours and are desperately trying to buy a house, but it is hard nowadays.
But this woman (and I am sure there are many others) had a baby while not married and is now being "looked after" with thousands of pounds of benefits paid for by everyone's tax.
But that is how all socialists think isn't it, hit the "working person" hard and then give away the money to anyone and everyone.
Labour and the Socialist Workers party wont be happy till we are in the same situation as Greece.
p.s. My dad left school in the 1930s at 14 with no qualifications and studied hard at evening class and got himself a good job after the WW2. He bought a house in London in 1966 for about £6,000 and when the last of my parents died in 2012 the house was worth about £700,000.
HE was working class, and unlike the woman above who is bleeding the benefits system dry, he paid into it all his life.
The UK should look to the rest of Europe where it is much more difficult to receive benefits. If the unmarried mother was in say, Switzerland, before any financial support was handed out, her case would have to be adjudicated by a panel, in attendance would be the father of the child(he who made her pregnant) and her parents. All their finances would have to be declared and only if it was agreed that between them they could not give full support would any money be allotted, AND she would be left in little doubt that any money she received would be coming to her from her neighbours and fellow citizens.
\\\ Providing for our offspring is surely a basic purpose of all living things.\\
Maybe.......maybe not.
It depends upon one's philosophy I suppose.
"Providing for your offspring" means to me, sqad, feeding them as children, clothing them and giving them the best education that you can afford. When they leave home, then they should look after themselves and provide for their offspring in the same way. Your responsibility is to provide a comfortable environment both financially and aesthetically for your spouse and or partner.
I have never quite grasped the theory or indeed practice of "providing " for one's grandchildren who in all likelihood, haven't striven to achieve for anything.
Maybe.......maybe not.
It depends upon one's philosophy I suppose.
"Providing for your offspring" means to me, sqad, feeding them as children, clothing them and giving them the best education that you can afford. When they leave home, then they should look after themselves and provide for their offspring in the same way. Your responsibility is to provide a comfortable environment both financially and aesthetically for your spouse and or partner.
I have never quite grasped the theory or indeed practice of "providing " for one's grandchildren who in all likelihood, haven't striven to achieve for anything.
Prudie....If Osborne reduces CTC's for 3.9 million people, as he rumoured to do next week, how can that not make poor people even poorer ?
As regards IHT, this appeared in today's Independent ::::
"The Institute for Fiscal Studies has said the measure would save estates a maximum of £140,000 and would “go disproportionately to those towards the top of the income distribution”.
It quoted a leaked Treasury document as saying “there are not strong economic arguments for introducing an inheritance tax exemption specifically related to main residences”.
The IFS is a widely respected organisation....shouldn't we take notice of what it says ?
As regards IHT, this appeared in today's Independent ::::
"The Institute for Fiscal Studies has said the measure would save estates a maximum of £140,000 and would “go disproportionately to those towards the top of the income distribution”.
It quoted a leaked Treasury document as saying “there are not strong economic arguments for introducing an inheritance tax exemption specifically related to main residences”.
The IFS is a widely respected organisation....shouldn't we take notice of what it says ?
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