Current Affairs The Conservative Party

[peteblue]

I know all to well how much care costs are, I watched nearly every penny my Nan had getting spent on care homes, but that seems a different issue.

It’s the same issue. The councils and government take everything they can above about £23k until it runs down to about £14k…so really what is the point in older people putting money away for kids and grandkids… they might as well jump on a cruise ship and travel the world until they die and that benefits no one…..

 

[peteblue]

I know all to well how much care costs are, I watched nearly every penny my Nan had getting spent on care homes, but that seems a different issue.

Sorry, I got caught up in the discussion. The pain it gives to individuals and families involved is horrendous. There has to be a better way both for care and the family. What we have is not even remotely the better way…

 

[JimmyJeffers]

I agree. Osbourne said he would raise the inheritance tax threshold and didn’t , a disgrace. It’s now been frozen since the last Labour government and it’s a scandal, but of course every one mentions oligarchs and super rich, but they don’t pay it, it’s just ordinary folk who put money aside for their kids who pay…..

Im ok with an inheritance tax. The problem is the richer and more devious /greedy are able to hide away their assets. This is what needs tackled, then it can be reduced.

 

[Rita_Poon]

Taking off those that've never had anything taken is a lot harder to do that taking from those already predisposed to having things taken from them.

It's an attitude aspect. Well, at least from the bullies that only know punching down...

 

[peteblue]

Im ok with an inheritance tax. The problem is the richer and more devious /greedy are able to hide away their assets. This is what needs tackled, then it can be reduced.

Indeed they can. But unless the limit is raised to a sensible level it’s a shambles. There was talk of reducing the rate of tax on inheritance, but again that just helps the super rich. The level needs to rise to take people out of it. I’ve spent 20 years giving our money away, legitimately. I have no intention of leaving anything to the government. When we go everything will already have been passed on as we have paid more than enough tax. But really, should people have to do this. A mate of mine had his father die two years ago. He was immediately presented with an inheritance tax bill of over £450k. My mate was a lorry driver and really couldn’t navigate his way through all this even with support. The pressure built and he now has Parkinson’s disease and can just about order a round of drinks. He will not benefit as it will go to his four kids, so who exactly is being punished here. Sorry if I’m going on but one day you will all be going through this…..

 

[Rita_Poon]

Indeed they can. But unless the limit is raised to a sensible level it’s a shambles. There was talk of reducing the rate of tax on inheritance, but again that just helps the super rich. The level needs to rise to take people out of it. I’ve spent 20 years giving our money away, legitimately. I have no intention of leaving anything to the government. When we go everything will already have been passed on as we have paid more than enough tax. But really, should people have to do this. A mate of mine had his father die two years ago. He was immediately presented with an inheritance tax bill of over £450k. My mate was a lorry driver and really couldn’t navigate his way through all this even with support. The pressure built and he now has Parkinson’s disease and can just about order a round of drinks. He will not benefit as it will go to his four kids, so who exactly is being punished here. Sorry if I’m going on but one day you will all be going through this…..

I've had to unsure that, because of a couple of things.
lucky you
with support like that, saints be praised for you.
I'm sure this is very serious, but sadly it reads like a setup.
back to bold...I'm not sure pressure is the key to cognitive degeneration, and I've included the round of drinks because it initially seemed an odd metric. ... .....

 

[Amw79]

Indeed they can. But unless the limit is raised to a sensible level it’s a shambles. There was talk of reducing the rate of tax on inheritance, but again that just helps the super rich. The level needs to rise to take people out of it. I’ve spent 20 years giving our money away, legitimately. I have no intention of leaving anything to the government. When we go everything will already have been passed on as we have paid more than enough tax. But really, should people have to do this. A mate of mine had his father die two years ago. He was immediately presented with an inheritance tax bill of over £450k. My mate was a lorry driver and really couldn’t navigate his way through all this even with support. The pressure built and he now has Parkinson’s disease and can just about order a round of drinks. He will not benefit as it will go to his four kids, so who exactly is being punished here. Sorry if I’m going on but one day you will all be going through this…..

I’m not that keen on inheritance tax as a principle, and my knowledge is a bit shaky on it.

But to pay that much tax, with a threshold of 500k, and a 40% rate, that would make your mates dad’s estate in the region of £1.6m, is that right?

A hefty bill, for sure, but an uncommon inheritance too I’d wager.

A quick google reckons that 4% of people pay any sort of inheritance tax, and I’d say paying 425k’s worth puts your mate in a fraction of a fraction of that 4%.

As I say, not massively sold on the concept, but is definitely a problem faced by the few, not the many.

Given that, I’m pretty amazed the Tories haven’t taken action on it to be fair.

 

[NilSatisOptimum]

If I die and my wife survives for another 10 or 15 years that’s another £500k to £750k that goes missing…it soon adds up….

Tory mantra that people should provide for themselves, if you don't want the state to tax and supply care work harder to provide the care you need in older age it's that simple.
And no inheritance tax is paid when leaving to civil partner spouse and over 10 to 15 year amounts can be gftted away to bring in below inheritance tax threshold. It's an absolute myth you need super expensive tax lawyer to avoid inheritance tax. Fair few other simple measures can put in place.

 

[Xizor]

I've had to unsure that, because of a couple of things.

A £450k bill, using 'fag packet maths', means the estate was about £2m (this relies on various entitlements still being unused, which may not have been the case, but would equally mean the beneficiary had received prior windfalls). I'd have just paid the 450k bill out of that, but then I'm not a Tory ghoul ideologically opposed to helping others because I could buy an extra house instead.

Would also help relieve some of that stress, which was only caused by efforts trying to keep their grubby hands on what they owed! It's easy to come up with sob stories about huge tax bills when you leave out the amount of income actually being taxed.

Radical pipe dream I know, but as 'inheritance' is one of the main drivers of maintaining social inequality, it really needs binning off entirely. 100% tax rate on estates. Kids in wealthy families already profit from stable environments and far more opportunities as they grow up, and then are in line for a huge cash injection later in life too? Just plough all that money into the state for the rest of us and let these wealthy families lose their entrenched status and have to get by on merit like everyone else.

 

[NilSatisOptimum]

Myself an arbitrary flat tax rate everyone pays on any assets inherited after death. Call it widow mite Tax, pay homage to our Christian values (lol) Do away with the very easy gifting life insurances in trust and charitable payments.

 

[edge]

In London and the south they are. I agree with your sentiment, but divided amongst three or four kids plus grandchildren it’s not a great deal. Like many on here, I inherited nothing, zilch, as my parents were skint, but I hate the fact that having worked for 45 years, paid masses of taxes, these barstewards want to take it away from those I worked for. It doesn’t affect me, I gain nothing, but it just means that I will pull every sneaky trick I can to ensure this thieving government doesn’t get it. I have four kids, one is now a full time carer to my wife and earns bugger all. I want to ensure he gets set up after we pass away as a form of thank you. He will, but, I’ve been planning this for the last 20 odd years, not everyone can do this….

Doesn't affect me Pete, but Doesn't sit right with me this tax at all.
You have worked paid your taxes and want to give your kids a lift,
Could easily affect quite ordinary people down south.

 

[JimmyJeffers]

But to pay that much tax, with a threshold of 500k, and a 40% rate, that would make your mates dad’s estate in the region of £1.6m, is that right?

I think some people live in a different financial reality.

 

[Blue 1]

A £450k bill, using 'fag packet maths', means the estate was about £2m (this relies on various entitlements still being unused, which may not have been the case, but would equally mean the beneficiary had received prior windfalls). I'd have just paid the 450k bill out of that, but then I'm not a Tory ghoul ideologically opposed to helping others because I could buy an extra house instead.

Would also help relieve some of that stress, which was only caused by efforts trying to keep their grubby hands on what they owed! It's easy to come up with sob stories about huge tax bills when you leave out the amount of income actually being taxed.

Radical pipe dream I know, but as 'inheritance' is one of the main drivers of maintaining social inequality, it really needs binning off entirely. 100% tax rate on estates. Kids in wealthy families already profit from stable environments and far more opportunities as they grow up, and then are in line for a huge cash injection later in life too? Just plough all that money into the state for the rest of us and let these wealthy families lose their entrenched status and have to get by on merit like everyone else.

The Tories would probably use it to give more tax breaks to the richest.

 

[Dixieslaces]

Ordinary kids arent given houses worth 500k Pete.

Im just saying.

I think in general due to house price inflation houses and "estates" as such are worth much more then in many years currently. A recent passing in our family presented quite a shock when the house was put on market at over 490k bought in 1946 for less than 2k, however the relative husband had passed away 20 years earlier and when all was settled, they found through a good solicitor, that they could used the husbands allowance and they paid zero tax on an estate worth over 600k!

In no way am I saying that the Tories deserve any credit but if you are looking at property values then the massive increase over last 10 years or so has had a huge affect on those falling into these limits, especially when its not just property but the value of the whole estate as such.

The tories are overseeing the most obvious wealth re-distribution in my lifetime and they need to be brought to task over it, rich getting richer, poor getting poorer everyday! Absolute scumbags the lot of them but them and labour are two cheeks of the same arse!

 

[Dixieslaces]

Depends. If one of you goes into care as you get older, or in my wife’s case has Alzheimer’s then all care costs have to be paid, and they can be £50k per year. If I die and my wife survives for another 10 or 15 years that’s another £500k to £750k that goes missing…it soon adds up….

There are ways around these bills though if you use the system to your advantage and get your wills and estates in order, bearing in mind that the government at the time can place orders on your property to pay for care leaving you with nothing but a change of deeds etc can lessen this burden and make it so they only touch 50% of the estate, even this is a travesty when, as you say you have put in all your life etc