| "Virtually impossible" to "under consideration" on 13:19 - Nov 17 with 4969 views | Herbivore |
At the same time as they are planning to cut benefits for those who are unable to work. This is about as classic Tory as you can get really, rob from the poor to pay the rich. |  |
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| "Virtually impossible" to "under consideration" on 13:19 - Nov 17 with 4966 views | The_Flashing_Smile |
Tax cuts? With an election coming up? Who'd have thunk it! |  |
| Trust the process. Trust Phil. |
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| "Virtually impossible" to "under consideration" on 13:32 - Nov 17 with 4909 views | baxterbasics |
If they want to cut taxes in a way that might attract some 'ordinary working' voters back the way to do it is raise the effing thresholds! That's one thing the Cameron/Osborne regime got right. Been frozen way too long now though. #fiscaldrag |  |
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| "Virtually impossible" to "under consideration" on 13:40 - Nov 17 with 4861 views | Dubtractor |
| "Virtually impossible" to "under consideration" on 13:32 - Nov 17 by baxterbasics |
If they want to cut taxes in a way that might attract some 'ordinary working' voters back the way to do it is raise the effing thresholds! That's one thing the Cameron/Osborne regime got right. Been frozen way too long now though. #fiscaldrag |
Yep. Makes a difference to the whole workforce potentially, rather than a handful of rich people. |  |
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| "Virtually impossible" to "under consideration" on 13:44 - Nov 17 with 4852 views | Herbivore |
| "Virtually impossible" to "under consideration" on 13:32 - Nov 17 by baxterbasics |
If they want to cut taxes in a way that might attract some 'ordinary working' voters back the way to do it is raise the effing thresholds! That's one thing the Cameron/Osborne regime got right. Been frozen way too long now though. #fiscaldrag |
Not sure if you've been asleep for the last decade, mate, but the Tories aren't much interested in doing things that would benefit most people. | |
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| "Virtually impossible" to "under consideration" on 14:02 - Nov 17 with 4754 views | GeoffSentence |
| "Virtually impossible" to "under consideration" on 13:32 - Nov 17 by baxterbasics |
If they want to cut taxes in a way that might attract some 'ordinary working' voters back the way to do it is raise the effing thresholds! That's one thing the Cameron/Osborne regime got right. Been frozen way too long now though. #fiscaldrag |
"That's one thing the Cameron/Osborne regime got right. "
And that was a Liberal Democrat policy.
First thing in their manifesto.
https://www.markpack.org.uk/files/2015/01/Liberal-Democrat-manifesto-2010.pdf
It wasn't a Conservative policy, though they did have increasing the inheritance tax threshold in their manifesto back then. |  |
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| "Virtually impossible" to "under consideration" on 16:18 - Nov 17 with 4574 views | BlueBadger |
| "Virtually impossible" to "under consideration" on 13:32 - Nov 17 by baxterbasics |
If they want to cut taxes in a way that might attract some 'ordinary working' voters back the way to do it is raise the effing thresholds! That's one thing the Cameron/Osborne regime got right. Been frozen way too long now though. #fiscaldrag |
It's almost as if the people you've supporting all your life are interested in only enriching themselves and their mates. |  |
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| "Virtually impossible" to "under consideration" on 20:16 - Nov 17 with 4457 views | Nthsuffolkblue |
| "Virtually impossible" to "under consideration" on 16:18 - Nov 17 by BlueBadger |
It's almost as if the people you've supporting all your life are interested in only enriching themselves and their mates. |
Generally cutting taxation is a Tory policy and goes hand-in-hand with increased borrowing and cutting spending. To cut taxation on the very richest is even worse. Rob from the poorest to pay the richest. |  |
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| "Virtually impossible" to "under consideration" on 20:28 - Nov 17 with 4431 views | DarkHorse |
Fookin disgraceful. |  | | |
| "Virtually impossible" to "under consideration" on 06:29 - Nov 18 with 4290 views | jonbull88 |
Tbf with house prices nowadays a lot more people have and will pay inheritance tax. |  | | |
| "Virtually impossible" to "under consideration" on 07:26 - Nov 18 with 4238 views | You_Bloo_Right |
| "Virtually impossible" to "under consideration" on 06:29 - Nov 18 by jonbull88 |
Tbf with house prices nowadays a lot more people have and will pay inheritance tax. |
Fairness doesn't come into it.
My numbers may be a tad out of date (a couple of years at most) but I'm sure someone will check.
UK PAYE tax payers - approx 32m (of whom basic rate payers 28m and higher rate payers 4m)
UK deaths per year - approx 700,000
UK estates liable to Inheritance tax per year - approx 28,000. Even a projected 50% increase takes this to 42,000, or 0.0013% of those paying PAYE.
Assuming it is the main house that is passed on, Inheritance tax is payable on estates valued at £500,000 or more. In July of this year the average UK house price was £290,000.
"Fair". Pah |  |
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| "Virtually impossible" to "under consideration" on 09:24 - Nov 18 with 4159 views | DJR |
| "Virtually impossible" to "under consideration" on 06:29 - Nov 18 by jonbull88 |
Tbf with house prices nowadays a lot more people have and will pay inheritance tax. |
But the exemption if the family home is left to descendants is potentially £1 million.
People in that situation do not strike me as being top of the list when it comes to tax cuts. [Post edited 18 Nov 2023 9:26]
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| "Virtually impossible" to "under consideration" on 09:25 - Nov 18 with 4152 views | DJR |
| "Virtually impossible" to "under consideration" on 07:26 - Nov 18 by You_Bloo_Right |
Fairness doesn't come into it.
My numbers may be a tad out of date (a couple of years at most) but I'm sure someone will check.
UK PAYE tax payers - approx 32m (of whom basic rate payers 28m and higher rate payers 4m)
UK deaths per year - approx 700,000
UK estates liable to Inheritance tax per year - approx 28,000. Even a projected 50% increase takes this to 42,000, or 0.0013% of those paying PAYE.
Assuming it is the main house that is passed on, Inheritance tax is payable on estates valued at £500,000 or more. In July of this year the average UK house price was £290,000.
"Fair". Pah |
The exemption in such a case is potentially £1 million | | | |
| "Virtually impossible" to "under consideration" on 09:31 - Nov 18 with 4125 views | Nthsuffolkblue |
| "Virtually impossible" to "under consideration" on 06:29 - Nov 18 by jonbull88 |
Tbf with house prices nowadays a lot more people have and will pay inheritance tax. |
This is what the Government are hoping that people will fear.
It is still a fairly exclusive set of properties that worth £900k plus.
If someone is a millionaire, is it that unreasonable that some of their assets are taxed at the point of inheritance? Surely it is more reasonable than those who own a £200k property spend a fair chunk of that on care.
It is also noteworthy that many estates of much over £1M will still avoid Inheritance Tax altogether by placing assets into Trust Funds. In many respects, it is only really an issue for owners of very valuable or 4 or more properties. | |
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| "Virtually impossible" to "under consideration" on 10:04 - Nov 18 with 4085 views | Plums |
| "Virtually impossible" to "under consideration" on 09:31 - Nov 18 by Nthsuffolkblue |
This is what the Government are hoping that people will fear.
It is still a fairly exclusive set of properties that worth £900k plus.
If someone is a millionaire, is it that unreasonable that some of their assets are taxed at the point of inheritance? Surely it is more reasonable than those who own a £200k property spend a fair chunk of that on care.
It is also noteworthy that many estates of much over £1M will still avoid Inheritance Tax altogether by placing assets into Trust Funds. In many respects, it is only really an issue for owners of very valuable or 4 or more properties. |
Let's not forget that large swathes of the country have been brainwashed to such a degree, they won't even know that they won't pay inheritance tax so will see this cut as a good thing.
See also the famed, shameful 'Rwanda policyl' where the angry masses haven't spotted it only applies to 200 people initially and will result in a number of vulnerable refugees already in Rwanda coming here. |  |
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| "Virtually impossible" to "under consideration" on 10:15 - Nov 18 with 4065 views | Swansea_Blue |
| "Virtually impossible" to "under consideration" on 09:31 - Nov 18 by Nthsuffolkblue |
This is what the Government are hoping that people will fear.
It is still a fairly exclusive set of properties that worth £900k plus.
If someone is a millionaire, is it that unreasonable that some of their assets are taxed at the point of inheritance? Surely it is more reasonable than those who own a £200k property spend a fair chunk of that on care.
It is also noteworthy that many estates of much over £1M will still avoid Inheritance Tax altogether by placing assets into Trust Funds. In many respects, it is only really an issue for owners of very valuable or 4 or more properties. |
I think Plums has probably got to the core of it. The practicalities of this are neither here nor there. As you say, there are ways to protect your estate whatever the value so the announcement is practically meaningless, and probably just electioneering theatre. |  |
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| "Virtually impossible" to "under consideration" on 16:25 - Nov 18 with 3933 views | NeedhamChris |
I didn't realise for a while that life insurance is also included in final estate, this acts as a reminder to put that in trust! | |
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| "Virtually impossible" to "under consideration" on 18:21 - Nov 18 with 3815 views | Nthsuffolkblue |
| "Virtually impossible" to "under consideration" on 16:25 - Nov 18 by NeedhamChris |
I didn't realise for a while that life insurance is also included in final estate, this acts as a reminder to put that in trust! |
Do many people have life insurance other than to cover debts which obviously isn't going to be taxed? | |
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| "Virtually impossible" to "under consideration" on 17:56 - Nov 19 with 3606 views | NeedhamChris |
| "Virtually impossible" to "under consideration" on 18:21 - Nov 18 by Nthsuffolkblue |
Do many people have life insurance other than to cover debts which obviously isn't going to be taxed? |
I don't know.... but with a young child and the means I don't see why not. 1m life insurance isn't much more than the monthly season ticket payment | |
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| "Virtually impossible" to "under consideration" on 18:03 - Nov 19 with 3577 views | Nthsuffolkblue |
| "Virtually impossible" to "under consideration" on 17:56 - Nov 19 by NeedhamChris |
I don't know.... but with a young child and the means I don't see why not. 1m life insurance isn't much more than the monthly season ticket payment |
I would have thought that if you have that sort of spare money, you would be better paying it into an investment fund. | |
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| "Virtually impossible" to "under consideration" on 18:10 - Nov 19 with 3554 views | NeedhamChris |
| "Virtually impossible" to "under consideration" on 18:03 - Nov 19 by Nthsuffolkblue |
I would have thought that if you have that sort of spare money, you would be better paying it into an investment fund. |
Depends - see your point but it's not a 'death before 70' kind of scenario. More of a short-term to make sure if something happens before he's 18 then they'll be okay.
With that in mind I hope it's very much a waste of money! | |
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| "Virtually impossible" to "under consideration" on 09:06 - Nov 20 with 3368 views | soupytwist |
| "Virtually impossible" to "under consideration" on 06:29 - Nov 18 by jonbull88 |
Tbf with house prices nowadays a lot more people have and will pay inheritance tax. |
The figures I've seen quoted by a variety of sources are that 4% of deaths currently incur inheritance tax. That's projected to rise to 7% in coming years.
That's a decent-sized tax cut for a very small number of people. |  | | |
| "Virtually impossible" to "under consideration" on 10:46 - Nov 20 with 3301 views | baxterbasics |
| "Virtually impossible" to "under consideration" on 13:32 - Nov 17 by baxterbasics |
If they want to cut taxes in a way that might attract some 'ordinary working' voters back the way to do it is raise the effing thresholds! That's one thing the Cameron/Osborne regime got right. Been frozen way too long now though. #fiscaldrag |
Seems the Guardian are paying attention to my post:
https://www.theguardian.com/business/ng-interactive/2023/oct/02/uk-income-tax-ho | |
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| "Virtually impossible" to "under consideration" on 11:17 - Nov 20 with 3257 views | Swansea_Blue |
| "Virtually impossible" to "under consideration" on 16:25 - Nov 18 by NeedhamChris |
I didn't realise for a while that life insurance is also included in final estate, this acts as a reminder to put that in trust! |
Everything is. Depending on who you work for, you sometimes get large payouts (£100k+) on from employer death in service schemes as well. It takes no time to wrack up an estate of £500k for an individual or £1m for a couple. Remember that a lot of this is involving people at or near the end of their careers, so a couple of professional people working all their lives and a nice house in leaf suburbia or a townhouse in a desirable city will have will have no problem hitting the thresholds. Undoubtedly there are a lot of people who aren't so luck of course.
There's a huge geographical bias in all of this too. The average price of a terrace in London is over £800k now, whereas in Burnley.... | |
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| "Virtually impossible" to "under consideration" on 11:47 - Nov 20 with 3178 views | Herbivore |
| "Virtually impossible" to "under consideration" on 11:17 - Nov 20 by Swansea_Blue |
Everything is. Depending on who you work for, you sometimes get large payouts (£100k+) on from employer death in service schemes as well. It takes no time to wrack up an estate of £500k for an individual or £1m for a couple. Remember that a lot of this is involving people at or near the end of their careers, so a couple of professional people working all their lives and a nice house in leaf suburbia or a townhouse in a desirable city will have will have no problem hitting the thresholds. Undoubtedly there are a lot of people who aren't so luck of course.
There's a huge geographical bias in all of this too. The average price of a terrace in London is over £800k now, whereas in Burnley.... |
Although only 4% of people end up paying any inheritance tax so not sure just how easy it is for people to build up and pass on an estate worth half a million plus. | |
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