And so it starts

[BillyStubbsTears]

The Tories tell us that the most important thing in the country's interests is to get down the deficit.

So what are they going to do in Wenesday's Budget?

That's right. Increase the Inheritance Tax threshold to £1m for a couple.

The Institute for Fiscal Studies says it will disproportionately benefit the richest in society.

Dead right.

Effectively, it gives families with a net worth greater than £1m a £62,000 tax cut, whilst giving not one penny to families with a net worth below £650,000. It's estimated that it will benefit just the richest 5% of the population.

Interesting choice of priorities eh?

[Filo]

But we're all in it together though


We've got what we deserved as a Country, the Tory's have brainwashed the electorate and now we have to suffer the consequences

[jucyberry]

Oh we are all in it all right, if you can say watching the pigs snout deep in their gilded troughs.

[BillyStubbsTears]

Apologies. My mental arithmetic ain't working this morning.

It's not a £62,500 tax giveaway to millionaires. It's £140,000.

[BobG]

Osborn and Cameron are rapidly catching up with that woman as the most loathed persons I have ever heard of. Even Kitson is better than this pair.

BobG

PS If your estate is worth, say, £800K. do you end up a bit better off? Or does nothing change unitl you reach the magic million? Is it the value of the house alone that counts? Or is it the value of the total estate?

[BillyStubbsTears]

Bob

You currently pay 40% on the whole estate value above £325k. For a couple, that doubles up to £650k. They are going to increase the allowances to £500k/£1m. Sot he inheritors  a couple with an estate worth £800k will be £60k better off.

This is the Tories off the leash. Inheritance tax is one of the most progressive, redistributive taxes on the books. Having no IT basically rewards those who have been lucky in the property casino. Predominantly in the SE and London. They haven't made their wealth through "hard work" necessarily. They've made it by being lucky enough to be in the right place at the right time. Reducing IT concentrates wealth in those areas. Having high IT allows a Govt to redistribute the proceeds of the property casino. So, for example, places like Doncaster can get some of the national wealth.

How typical of these bas**rds to prioritise this tax cut as their first move. One which will massively benefit the 5% of the population who are already the wealthiest in the country.

[GazLaz]

Inheritance tax is a farce anyway.

[BillyStubbsTears]

How so Gaz?

[GazLaz]

People earn and save money only for the government to take a lump off them because they have had the privilege of dying. I know it's the beneficiary that pays the tax in reality but I still don't think it's right.

[BillyStubbsTears]

Gaz
It comes down to your view of society. We have to pay some level of tax. The question then is whether you do it in a way that distributes wealth or concentrates it in the hands of those who have it.

This lot clearly believe in concentrating it. So they increase the most perniciousness regressive tax (VAT) which disproportionately hits the poorest, and reduce two taxes which mainly hits the wealthy (IT and top income tax rate).

It's really that simple. You make your decision about what sort of society you want and you make your decisions about how to raise tax as a consequence. We clearly know now what their view of their ideal society is.

[jucyberry]

If this government put as much energy into chasing down the tax avoiders stashing millions off shore and those who seem to refuse anything near the level of tax their multi million pound/dollar companies should be paying instead of defaming the disabled and low paid we would begin to seea more equal society.

If they got rid of Trident and HS2 the money saved would be breathtaking. Oh but we need to be armed, they cry...Why do we? In a nuclear war are we really supposed to believe it would keep us safe? We are too emeshed with America to ever be safe.. As the song goes, clowns to the left jokers to the right and as far as I can see idiots in the middle.

If the unthinkable ever happend I would want me and mine to be nothing but shadows burned into the floor, I cannot think of anything worse than to be an unlucky 'survivor'.Because as I see it, having our own bomb wouldn't mean jack shit one way or another to our safety.

But no, as always they go for the easy targets, the weak, the poor and the defenseless. In a long line of shameful actions killing off the ILF must rank up there as one of the most despicable.......So far.

I dread to think what nasty little surprises are going to crop up on Wednesday. I'm frightened and I'm not ashamed to admit it.

I'm scared for my daughter and others like her who are going to be put through an unnecessary ringer to the detriment of her mental health and well being,

I'm scared for my son and his family and the thousands of others trying their best yet not even treading water. Slogging their guts out for little money, chins only just above the water line because of the very things this lot are going to decrease.. Tax credits and housing benefit.

What happens then. As the last five years have made it a crime to be ill or unemployed, as it has always been a crime to be a single parent so this next five years will bring a new kind of social criminal in the eyes of the state.. The working poor.

But hey, at least we at the bottom are never going to have to worry about inheritence tax and the lack or otherwise of it.

[IC1967]

It's a good job I'm still around to counter this leftie propaganda. My piss is really boiling.

Let's just pause a moment and think about inheritance tax. Lefties want you to pay tax on how much your house is worth when you die. They completely ignore the fact that you've already paid tax on the money you used to buy your house.

They don't want you to leave it to your children. They want you to pay tax on it again so the government can spend it and waste it.

Well not on my watch.

Only a leftie would want you to to pay tax twice and leave your children worse off. What a set of losers.

IC1967 (I will continue to be the voice of reason).

[wilts rover]

It's a good job I'm still around to counter this leftie propaganda. My piss is really boiling.

Let's just pause a moment and think about inheritance tax. Lefties want you to pay tax on how much your house is worth when you die. They completely ignore the fact that you've already paid tax on the money you used to buy your house.

They don't want you to leave it to your children. They want you to pay tax on it again so the government can spend it and waste it.

Well not on my watch.

Only a leftie would want you to to pay tax twice and leave your children worse off. What a set of losers.

IC1967 (I will continue to be the voice of reason).

Mick

As the voice of reason - would you care to explain how anyone who is deceased pays tax?

That's how the person who has just died manages to pay the tax, as written out in your example. Not how the person who has just inherited a large property they have not paid any tax whatsoever on does, as in our inheritence laws.