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Thread: Have you voted?

  1. #121
    Moderator noel's Avatar
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    Quote Originally Posted by noel View Post
    ...you'd be better promising free care for the elderly and an abolition of inheritance tax.
    Quote Originally Posted by Witton Park View Post
    I actually think that under-estimates the elderly.

    The biggest worry elderly relatives and friends of mine have, and something I'll have to face if I get there is the prospect of losing your home and savings to pay for social care...
    Am I allowed to tease you for being old enough to forget what I just said?

    But seriously, and to address IT specifically: there was a lady on the radio the other day saying you could easily recoup it by just making the recipients pay tax on large gifts. That way people who already have lots of money pay more for receiving large gifts (based on their tax brackets) and those who have less pay less. This would also encourage smaller donations to more people.

    It seemed an interesting proposal, because the outcome is largely the same. But whereas currently people object to the government taxing people for dying, they might not so much object if the tax were paid by the living.

  2. #122
    Master Witton Park's Avatar
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    Quote Originally Posted by noel View Post
    Am I allowed to tease you for being old enough to forget what I just said?

    But seriously, and to address IT specifically: there was a lady on the radio the other day saying you could easily recoup it by just making the recipients pay tax on large gifts. That way people who already have lots of money pay more for receiving large gifts (based on their tax brackets) and those who have less pay less. This would also encourage smaller donations to more people.

    It seemed an interesting proposal, because the outcome is largely the same. But whereas currently people object to the government taxing people for dying, they might not so much object if the tax were paid by the living.
    sorry Noel -

    I don't think a gift tax is easily policeable.

    I also don't like the fact that our tax code is now so big. We need to get rid of some taxes (PAYE and National Insurance merged for example) and not create new ones.

    Either extending the scope a little of IT, or replacing it with an estate tax is more favourable from my perspective.
    Richard Taylor
    "William Tell could take an apple off your head. Taylor could take out a processed pea."
    Sid Waddell

  3. #123
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    Quote Originally Posted by Witton Park View Post

    In my 2007 "mock manifesto" I proposed a review of Inheritance Tax. It's currently nothing to £375k and then a whopping 40% on anything above.

    The vast majority of estates pay nothing.
    The threshold is actually £325k, but there is an additional £150k (£175 from Apr 2020)against the value of your main residence if passing to direct descendants. These are per person, so a married couple will from next year be able to pass on an estate valued at a million with no tax. As you say 'the vast majority of estates pay nothing'.

    You are quite correct though in saying that for many this is a moot point, as the value of your house will go in funding care fees.

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