Do you want to discuss boring politics? (232 Viewers)

[David O'Day]

Good old Tories want to scrap inheritance tax and lower the rise of benefits, which would hit 9 million people and cost single mothers £218 a year.

Jeremy Hunt weighing up inheritance tax cut in autumn statement

Chancellor considering move after fall in inflation and being told he will have more money to spend

www.theguardian.com

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they know they have lost the last election so are not even hiding the fact they will get everything they can out of it for them and their mates

 

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[chiefdave]

Good old Tories want to scrap inheritance tax and lower the rise of benefits, which would hit 9 million people and cost single mothers £218 a year.

How many people are leaving more than the current threshold without taking into account their house? No point increasing the inheritance tax threshold if they’re going to take your biggest asset off you to pay for care costs

 

[shmmeee]

How many people are leaving more than the current threshold without taking into account their house? No point increasing the inheritance tax threshold if they’re going to take your biggest asset off you to pay for care costs

Its not for us plebs.

 

[fernandopartridge]

I feel like inheritance tax is pure baiting for the next Labour government who will inevitably and correctly look at restoring it. The £500k allowance for inheritibg a parent's home is significantly higher than the average house price (currently £291k). In any case, it is morally and economically correct that unearned wealth tax should increase over earned wealth imo.

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[Sky_Blue_Dreamer]

I feel like inheritance tax is pure baiting for the next Labour government who will inevitably and correctly look at restoring it. The £500k allowance for inheritibg a parent's home is significantly higher than the average house price (currently £291k). In any case, it is morally and economically correct that unearned wealth tax should increase over earned wealth imo.

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To be honest I'd use it as a stepping stone.

Say "fine, IHT is abolished. In future the treasury will just treat is as income for the beneficiary."

 

[Deleted member 5849]

I feel like inheritance tax is pure baiting for the next Labour government who will inevitably and correctly look at restoring it. The £500k allowance for inheritibg a parent's home is significantly higher than the average house price (currently £291k). In any case, it is morally and economically correct that unearned wealth tax should increase over earned wealth imo.

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Indeed. Inheritance really is luck over who your family is. Nothing aspirational about it whatsoever.

 

[Como]

Christmas is nearly upon us should now be the time to tax gifts, after all the value of the gifts you get is also luck in many ways.

 

[shmmeee]

Christmas is nearly upon us should now be the time to tax gifts, after all the value of the gifts you get is also luck in many ways.

Gifts are taxed.

 

[David O'Day]

Christmas is nearly upon us should now be the time to tax gifts, after all the value of the gifts you get is also luck in many ways.

Taxed at the point of sale fella

 

[wingy]

Gifts are taxed.

How about gifts to yourself?

 

[wingy]

You know like clothes or electric bikes or a telly?

 

[David O'Day]

You know like clothes or electric bikes or a telly?

still taxed at the point of purchase

 

[Grendel]

Gifts are taxed.

Not from an IHT perspective if you survive 7 years

 

[shmmeee]

Not from an IHT perspective if you survive 7 years

And inheritance isn’t taxed if you leave less than the threshold. But gifts are taxable generally, with exemptions. Just like inheritance is, so the “oh ho! Shall we tax Christmas then?” Stuff doesn’t work. Just like inheritance reasonable amounts and various circumstances are exempt.

 

[Grendel]

And inheritance isn’t taxed if you leave less than the threshold. But gifts are taxable generally, with exemptions. Just like inheritance is, so the “oh ho! Shall we tax Christmas then?” Stuff doesn’t work. Just like inheritance reasonable amounts and various circumstances are exempt.

I don’t understand your point - a couple could legitimately and legally give £120,000 over a 20 year period free of tax

IHT in most cases is easily avoidable or certainly minimised completely legally

 

[TomRad85]

IHT in most cases is easily avoidable or certainly minimised completely legally

As it should be

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[Sky Blue Pete]

Why?

 

[CCFCSteve]

The problem with IHT is it’s probably avoided by a majority of the proper rich anyway. I’ve got no issue with the allowance being increased a bit although it probably shouldn’t be a tax priority, especially at the moment. Ordinary people near the allowance level should just blow the cash and enjoy themselves*. It’s their money so may as well do that rather than have it double taxed.

*they should do that anyway really. I’ve said to my mum and step dad I’d rather they spend it on themselves and enjoy their lives than pass it down

edit - also far better off giving it to a worthwhile charity than letting it go into any governments black hole and most likely wasted

 

[shmmeee]

I don’t understand your point - a couple could legitimately and legally give £120,000 over a 20 year period free of tax

IHT in most cases is easily avoidable or certainly minimised completely legally

the point is tax isn’t binary. The tax system is usually pretty good at exempting everyday stuff. The IHT stuff will never touch 97% of people, yet gets people’s backs up based on their own circumstances. That was all. Whether something is or isn’t taxed doesn’t mean much the question is are the thresholds and exemptions fair. Talk of abolishing it is far right libertarian nonsense.

 

[Grendel]

the point is tax isn’t binary. The tax system is usually pretty good at exempting everyday stuff. The IHT stuff will never touch 97% of people, yet gets people’s backs up based on their own circumstances. That was all. Whether something is or isn’t taxed doesn’t mean much the question is are the thresholds and exemptions fair. Talk of abolishing it is far right libertarian nonsense.

I wouldn’t describe countries such as Norway, Canada and New Zealand as far right libertarian societies

 

[shmmeee]

I wouldn’t describe countries such as Norway, Canada and New Zealand as far right libertarian societies

I’d describe their IHT law as such. I think it’s needed in the UK more than most to counteract centuries of ingrained wealth and power that’s quite specific to us TBH.

 

[Grendel]

I’d describe their IHT law as such. I think it’s needed in the UK more than most to counteract centuries of ingrained wealth and power that’s quite specific to us TBH.

I am going to sound like our Hungarian friend here @Kizz in that this is purely anecdotal but I suspect most caught in the IHT trap are not the wealthy at all but people with properties that have accumulated in value and are relatively modest

If me and my spouse died in a crash tomorrow our estate would be valued at £2 million plus and none of it would be taxable

 

[Sky_Blue_Dreamer]

The problem with IHT is it’s probably avoided by a majority of the proper rich anyway. I’ve got no issue with the allowance being increased a bit although it probably shouldn’t be a tax priority, especially at the moment. Ordinary people near the allowance level should just blow the cash and enjoy themselves*. It’s their money so may as well do that rather than have it double taxed.

*they should do that anyway really. I’ve said to my mum and step dad I’d rather they spend it on themselves and enjoy their lives than pass it down

edit - also far better off giving it to a worthwhile charity than letting it go into any governments black hole and most likely wasted

I agree the big problem is that it's avoided by those who it is supposed to be aimed at, hence why I'd have no problem it being scrapped for a better system that is able to access those that are very wealthy.

Hence why I'd prefer one which targeted beneficiaries rather than estates, as that also takes into account how much the person receiving it has. Treating it as income would in theory allow a simplified tax system, but undoubtedly the issue would be that those it is targeted at would still find some way around it.

 

[fernandopartridge]

I saw Argentina has elected some libertarian right winger (libertarian usually just means the right for him and people like him to loot the country's remaining wealth).

He's bound to make some populist moves quite quickly. Falklands in time for the next election?

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[wingy]

What's the inflation rate 100%.i think.
Folks will be easy pickings.

 

[Deleted member 5849]

I saw Argentina has elected some libertarian right winger (libertarian usually just means the right for him and people like him to loot the country's remaining wealth).

He's bound to make some populist moves quite quickly. Falklands in time for the next election?

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He appears to be Bernard Manning, too!

 

[Grendel]

He appears to be Bernard Manning, too!

View attachment 32461

The wheel tappers and Malvinas social club

 

[clint van damme]

I saw Argentina has elected some libertarian right winger (libertarian usually just means the right for him and people like him to loot the country's remaining wealth).

He's bound to make some populist moves quite quickly. Falklands in time for the next election?

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Think he's the most barking populist of the lot, (except maybe Duterte).
Some of his policies are left field (or should that be rightfield), to say the least.
Expect him to put a bid in for liz Truss and Braverman in January.

 

[skybluetony176]

One myth that we can put to bed from the covid enquiry is that Boris is actually a very intelligent guy. He’s as thick as pig shit, incapable of understanding the most basic of information and not even able to process the evidence of his own eyes and what was happening in Europe and especially Italy. When the country needed leadership we were hamstrung with Boris.

 

[CCFCSteve]

I saw Argentina has elected some libertarian right winger (libertarian usually just means the right for him and people like him to loot the country's remaining wealth).

He's bound to make some populist moves quite quickly. Falklands in time for the next election?

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There ain’t no wealth. The country’s economy has been a shitshow for decades by all accounts. Running massive deficits, printing more money to cover deficits and therefore causing runaway inflation/ debasement of currency…and in turn raising interest rates to crazy levels to try to suppress inflation. All this leading to poverty levels of 40%.

I’d imagine the population is desperate and they need massive structural change to sort the mess out by the sounds of it….not sure whether this nutter will deliver it though (not sure he can do much worse by looks of it)

Edit - and people wonder why increasing numbers of people, especially in countries with ridiculous inflation, look at options like bitcoin

 

[David O'Day]

Rishi talking about supply side economics while forgetting there's no real demand in a cost of living crisis

Now I wonder who will make a living for these "supply side" reforms? The thing is they aren't even going to be real supply side reforms just trickle down tax cut nonsense.

 

[PVA]

Rishi is (rightly)being thrown under the bus by Vallance today at the inquiry.

Earlier today he said Sage were not asked about the Eat Out scheme and knew nothing of it.

And just now...

"Asked whether the scheme increased the number of deaths, Vallance replies: "It's highly likely to have done"."

 

[CCFCSteve]

Rishi is (rightly)being thrown under the bus by Vallance today at the inquiry.

Earlier today he said Sage were not asked about the Eat Out scheme and knew nothing of it.

And just now...

"Asked whether the scheme increased the number of deaths, Vallance replies: "It's highly likely to have done"."

Of course something like eat out increased the spread but ultimately did it lead to more deaths as it accelerated the spread to the point where the nhs couldn’t cope or just accelerate the number of cases of people who would’ve caught it anyway ?

Was he comparing having an eat out scheme with everyone remaining locked down ?

I hope they’re asking these questions otherwise it’s just a waste of time

 

[CCFCSteve]

One myth that we can put to bed from the covid enquiry is that Boris is actually a very intelligent guy. He’s as thick as pig shit, incapable of understanding the most basic of information and not even able to process the evidence of his own eyes and what was happening in Europe and especially Italy. When the country needed leadership we were hamstrung with Boris.

It was the time when we also desperately needed an intelligent and focussed health secretary to absorb the science and be able to communicate it clearly and concisely to a PM with a minute attention span

The Johnson/Hancock double act really was as bad as it could get in a health emergency

 

[clint van damme]

It was the time when we also desperately needed an intelligent and focussed health secretary to absorb the science and be able to communicate it clearly and concisely to a PM with a minute attention span

The Johnson/Hancock double act really was as bad as it could get in a health emergency

Having listened to a fair bit of it plus a lengthy analysis I'm not sure it's as damning of Johnson as some are making out.

I think Hancock and Sunak come out far worse.
None of this alters the fact that Johnson is a useless, lazy twat.