| Labour hates hard working people 13:54 - Nov 1 with 9319 views | onceablue |
What is the point in working hard all your life to obtain a decent standard of living.
All I wanted to do was work hard so we can make sure the kids are ok and the Labour goverment decide now even pensions are include in inheritance tax.
So everything I have worked hard for the government will take 40% of it back when I die when I have already paid tax on it
If the NHS is in such a bad state why didnt they put a penny or 2 on income tax and state this money is specifically for that purpose. They didn’t do it because they don’t want any Labour voters being affected by their Budget.
Everyone wants a decent NHS as we will all end up using it
Basically Labour demand all the people that don’t vote for them carry the majority of the Burden of the Country
This budget will destroy any growth for the Country even the OBR have down rated Labour growth predictions.
They have hit Employers hard which will mean eventually employees suffer which mean people will stop spending money and any growth will be impossible
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| Labour hates hard working people on 20:32 - Nov 1 with 1034 views | mutters |
| Labour hates hard working people on 18:05 - Nov 1 by LeoMuff |
Come on £325k is a considerable and life changing sum, seems perfectly fair to pay tax on sums bigger than that |
Whilst I completely appreciate that it is a large amount of money, I struggle to understand why the government should effectively be able to double dip into people's money. They've been taxed on it numerous times during their lives already and to take 40% seems over the top and unfair. I am not talking about the super rich who should be taxed more throughout their lives, but more the average person who's house is now valued over 300k.
A lower rate would be more palatable and imo would encourage less avoidance by people and maybe even generate more money for the government. |  |
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| Labour hates hard working people on 20:38 - Nov 1 with 1012 views | redrickstuhaart |
| Labour hates hard working people on 20:32 - Nov 1 by mutters |
Whilst I completely appreciate that it is a large amount of money, I struggle to understand why the government should effectively be able to double dip into people's money. They've been taxed on it numerous times during their lives already and to take 40% seems over the top and unfair. I am not talking about the super rich who should be taxed more throughout their lives, but more the average person who's house is now valued over 300k.
A lower rate would be more palatable and imo would encourage less avoidance by people and maybe even generate more money for the government. |
I get the instinctive reaction. However you do get tax relief on pension contributions, so it is not actual double dipping most of the time. Even if it is, it is not you who are paying twice, it is someone else who has done nothing to earn it other than to exist.
And what are the alternatives? Increases in income tax ? Perhaps, but this is focussed and will pretty much only affect people who are very wealthy in any event. The vast majority of people do not have pensions which survive their death. This impacts people who put assets into pension wrappers to avoid tax and to live on income / proceeds but do not actually use all of the capital. | | | |
| Labour hates hard working people on 20:51 - Nov 1 with 984 views | Swansea_Blue |
| Labour hates hard working people on 18:44 - Nov 1 by gtsb1966 |
Labour aren't Labour anymore. They're a softer version of the Tories and this comes from a lifelong Labour voter. I'm willing to hold fire with my criticism until they've served a full term but I'm not holding my breath. |
You may be right, as I don’t know what you were hoping to see.
But, they’ve just announced £1000BN of public investment, promised £490M per week to the NHS next year without screwing over anyone who’s altruistic enough to engage with Europe, increased taxation substantially on income from assets (which is going to hit the mostly well off to rich), and increased wages for the lowest paid 3 million people.
It might not be what you wanted (me neither really - councils and devolved regions need big boosts in public finances), but it’s hardly Tory and it’s a step in the right direction. |  |
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| Labour hates hard working people on 22:32 - Nov 1 with 905 views | mutters |
| Labour hates hard working people on 20:38 - Nov 1 by redrickstuhaart |
I get the instinctive reaction. However you do get tax relief on pension contributions, so it is not actual double dipping most of the time. Even if it is, it is not you who are paying twice, it is someone else who has done nothing to earn it other than to exist.
And what are the alternatives? Increases in income tax ? Perhaps, but this is focussed and will pretty much only affect people who are very wealthy in any event. The vast majority of people do not have pensions which survive their death. This impacts people who put assets into pension wrappers to avoid tax and to live on income / proceeds but do not actually use all of the capital. |
Pensions and other savings/wealth are two different things.
When it comes to wealth outside of pensions then yes the government are double dipping as they've taxed people on their earnings already and so are now applying a death tax on that money.
When it comes to pensions then agreed you do get tax relief but it's a saving vehicle that successive governments promote to aid people in retirement as they know the basic state pension is just not enough to survive. They offer a tax relief to encourage people to save for the future.
In reality what the government should do is get their house in order and tax the super rich and companies in a fairer way that normally people are not penalised for saving and building wealth, which more often than not is just a consequence of living a life. At the moment the average house price is 288k, which is very close to the IHT threshold of 325k. As it's frozen more and more people are unfairly slipping into IHT territory without even considering pensions. | |
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| Labour hates hard working people on 22:37 - Nov 1 with 888 views | redrickstuhaart |
| Labour hates hard working people on 22:32 - Nov 1 by mutters |
Pensions and other savings/wealth are two different things.
When it comes to wealth outside of pensions then yes the government are double dipping as they've taxed people on their earnings already and so are now applying a death tax on that money.
When it comes to pensions then agreed you do get tax relief but it's a saving vehicle that successive governments promote to aid people in retirement as they know the basic state pension is just not enough to survive. They offer a tax relief to encourage people to save for the future.
In reality what the government should do is get their house in order and tax the super rich and companies in a fairer way that normally people are not penalised for saving and building wealth, which more often than not is just a consequence of living a life. At the moment the average house price is 288k, which is very close to the IHT threshold of 325k. As it's frozen more and more people are unfairly slipping into IHT territory without even considering pensions. |
How many non rich people have substantial pensions in the form of property and assets in wrappers (rather than through annuities or other pension schemes which wont be affected) and an estate valued in excess of £1m and therefore vulnerable to iht? [Post edited 2 Nov 2024 0:31]
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| Labour hates hard working people on 00:12 - Nov 2 with 795 views | TheBlueGnu |
| Labour hates hard working people on 14:11 - Nov 1 by Jrm_72 |
Not a football thread...
To quote Bob Mills - 'I didn't come here for a lecture on communism' 🤣 |
To quote Mick Mills - "That UEFA Cup was really heavy to hold" | |
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| Labour hates hard working people on 09:17 - Nov 2 with 651 views | longtimefan |
| Labour hates hard working people on 16:40 - Nov 1 by nodge_blue |
Well either way, its an extension of what already existed and you could say was an anolomy. Imagine dying at 75 exactly. A cliff edge tqx |
Not sure you are correct in suggesting IHT was charged after 75. My understanding was that that someone inheriting a pension after that point is charged income tax on withdrawals. If inherited from someone younger no income tax was paid. Depending on income then the tax paid could be much lower than the 40% IHT. I’m not a financial expert though so I may be talking rubbish. | | | |
| Labour hates hard working people on 09:18 - Nov 2 with 649 views | DJR |
Phil will be pleased to know there are some many people on TWTD with wealth of over £1 million because he should be able to monetise it.
This is what I posted earlier in this thread.
It is possible for the last surviving member of a married couple to leave £1 million to their descendants free of inheritance tax, if family home worth £350,000 is included. In other words, the tax free allowance for a surviving spouse is £650,000 plus the value of the family home to the extent it doesn't exceed £350,000. [Post edited 2 Nov 2024 9:20]
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| Labour hates hard working people on 09:21 - Nov 2 with 637 views | longtimefan |
| Labour hates hard working people on 18:26 - Nov 1 by factual_blue |
If your estate has to pay inheritance tax. you've managed it badly.
Also, you're dead, so why worry about it? |
If the rules can change at short notice then any sort of planning can prove ineffective though. Before the budget Pensions were a perfectly good way of limiting IHT exposure. | | | |
| Labour hates hard working people on 09:52 - Nov 2 with 607 views | redrickstuhaart |
| Labour hates hard working people on 09:21 - Nov 2 by longtimefan |
If the rules can change at short notice then any sort of planning can prove ineffective though. Before the budget Pensions were a perfectly good way of limiting IHT exposure. |
So what?
If you have enough for this to be a significant issue for you, you have more than enough to cope with it. | | | |
| Labour hates hard working people on 10:15 - Nov 2 with 573 views | BlibbiBlob1976 |
| Labour hates hard working people on 20:32 - Nov 1 by mutters |
Whilst I completely appreciate that it is a large amount of money, I struggle to understand why the government should effectively be able to double dip into people's money. They've been taxed on it numerous times during their lives already and to take 40% seems over the top and unfair. I am not talking about the super rich who should be taxed more throughout their lives, but more the average person who's house is now valued over 300k.
A lower rate would be more palatable and imo would encourage less avoidance by people and maybe even generate more money for the government. |
£325k is barely the average property value in Suffolk!? | | | |
| Labour hates hard working people on 10:48 - Nov 2 with 529 views | BlibbiBlob1976 |
| Labour hates hard working people on 16:09 - Nov 1 by BlueBadger |
That most people, unlike the OP, aren't self absorbed tosspots who can't think about anything beyond their front door? |
I think people would be less inclined to complain about tax burden if they had any belief that the money would be spent efficiently. Unfortunately, the bloated public sector and its huge inefficiencies means more tax is by no means an assurance of better public services. This seems destined to get even worse under this current gov. | | | |
| Labour hates hard working people on 10:58 - Nov 2 with 508 views | leitrimblue |
| Labour hates hard working people on 10:15 - Nov 2 by BlibbiBlob1976 |
£325k is barely the average property value in Suffolk!? |
You can buy a few houses in Haverhill for that |  | | |
| Labour hates hard working people on 11:00 - Nov 2 with 503 views | redrickstuhaart |
| Labour hates hard working people on 10:48 - Nov 2 by BlibbiBlob1976 |
I think people would be less inclined to complain about tax burden if they had any belief that the money would be spent efficiently. Unfortunately, the bloated public sector and its huge inefficiencies means more tax is by no means an assurance of better public services. This seems destined to get even worse under this current gov. |
In what way is the public sector bloated? It has been cut deliberately and cynically for 14 years.
Give some specifics. | | | |
| Labour hates hard working people on 11:01 - Nov 2 with 499 views | Trequartista |
| Labour hates hard working people on 16:59 - Nov 1 by WeWereZombies |
You don't think that posting a 'general' topic in 'football' is abuse ? |
It seems to be General on my device, but maybe its been changed since posting, I hadn't noticed at the time.
Technically it's an abuse of the forum i suppose, but as I understand it, that button is pressed for abuse of another member of the forum. |  |
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| Labour hates hard working people on 11:03 - Nov 2 with 488 views | Vegtablue |
| Labour hates hard working people on 10:15 - Nov 2 by BlibbiBlob1976 |
£325k is barely the average property value in Suffolk!? |
There's a £175k main residence allowance in addition to the standard £325k allowance, so you're allowed to leave your £500k family home to your surviving children / grandchildren tax-free. And if your spouse passed away beforehand without dispensing of any assets, i.e. leaving everything to you (this is £limitless in respect to IHT), their unused tax-free allowance is added to yours when you die, which is how DJR reaches the £1m figure.
The additional £175k allowance is only applicable to the main residence however, it cannot cover other assets, so if the above scenario is true but the family home is worth £400k, for example, the IHT-free portion of the estate would become £725k (£325k + £75k main residence allowance + £325k carried forward from spouse's allowance, with the leftover £225k main residence allowance unused and unable to be applied elsewhere). Partners who don't formally marry / enter civil partnerships are unable to leave their assets to their surviving partner tax-free, so an unmarried person may leave £325k-£500k to their survival children, step-children or grandchildren tax-free, dependent on the value of their main residence.
*The additional main residence tax-free allowance only applies if you're leaving your home to your children or grandchildren (inc. step- / adopted), for clarity. [Post edited 2 Nov 2024 11:12]
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