If you can manage financially - would you pay more tax, for better public services?

They can start by making car drivers pay tax per mile. Cars and lorries are the reason for the bad state of our roads. Road tax, presently is emissions tax, should not be a universal amount, it should be dependent on road use and vehicle weight, including tractors

Inheritance tax should be enforced but the limit before tax should be raised a bit, enough to cover a nominal amount of savings plus a moderate home

Chocolatelovinggran

Gin, the current rate for Inheritance Tax will include me, as a single woman, and my modest semi in Kent. I am not making any statements about the need/ morality of this tax, but want to be clear that the threshold is not " pretty high". In parts of the South East, and areas of Dorset, the Cotswolds ( I could go on ) nearly everyone who owns a house will be eligible.

There are some allowances if the bulk of the estate left is in one property.

Magsymoo

The problem in this country is that people want first class public services, NHS, education, Social Care etc but don’t want to pay for them. We have been brainwashed by much of the media for many years to believe that tax is a bad thing to be avoided or evaded as much as possible. Hence the hated figure of the “taxman”.
Paying tax allows us to be a civilised country - to each according to his needs, from each according to his means.

Well said!

Iam64

Grandma70s

Most European countries have higher tax rates than the U.K. - and better services. In Denmark it’s nearly 56%.

This

If you add NI to income tax the taxation rate is very similar, healthcare costs are similar at around 10% of GDP, more during Covid.

Joseann

^Stamp Duty should go way up, Inheritance should be zero^.
I agree with most of your list Norah, but not that stamp duty should go way up. Particularly not for the many downsizers, maybe on this thread, whose sale of a large property would free up housing for families. They should be exempt.
And I agree with Chocolatelovinggran that the Inheritance Tax threshold is distorted by the expensive location in which you might live.

Buyers pay stamp duty, not sellers, sale of a large un-mortgaged property will free up money to buy a smaller, presumably more reasonable property. First time buyers have a big exemption. Perhaps I'm missing something?

Yes, inheritance tax is distorted by a lot of factors.

We paid a significant amount of stamp duty when we downsized. We will probably move again, and pay stamp duty again. It’s a very big addition to the cost of moving.

Germanshepherdsmum

We paid a significant amount of stamp duty when we downsized. We will probably move again, and pay stamp duty again. It’s a very big addition to the cost of moving.

It is.

Generally I'm not a fan of moving house, just to move house. I know many like to move house. Houses for courses and all.

It would certainly be helpful if along with one exemption for first time buyers - one exemption for over 70s could also apply?

Norah

Joseann

Stamp Duty should go way up, Inheritance should be zero.
I agree with most of your list Norah, but not that stamp duty should go way up. Particularly not for the many downsizers, maybe on this thread, whose sale of a large property would free up housing for families. They should be exempt.
And I agree with Chocolatelovinggran that the Inheritance Tax threshold is distorted by the expensive location in which you might live.

Buyers pay stamp duty, not sellers, sale of a large un-mortgaged property will free up money to buy a smaller, presumably more reasonable property. First time buyers have a big exemption. Perhaps I'm missing something?

Yes, inheritance tax is distorted by a lot of factors.

Yes, Norah, I worded that a bit clumsily. Sellers don't pay stamp duty, I realise, but they do in turn become buyers who do. Downsizing isn't necessarily downspending. Our 4 bed in London sold for nearly £1million and we moved to a 2.5 bed on the coast which wasn't far off in terms of price. So smaller doesn't always mean cheaper.

I'm embarrassed to say, I'm a serial mover, probably 12 times, so quite alot for the coffers there from high-ish value properties. It would be nice if once, in my old age, I became exempt. 🏠

It certainly doesn’t, Joseann. When we move again it will be in order to dispense with stairs, but another home will cost at least as much as our present one is worth because the area is expensive (and I confess to being fussy and liking places with character, as we have now).

Joseann

Norah

Joseann

Stamp Duty should go way up, Inheritance should be zero.
I agree with most of your list Norah, but not that stamp duty should go way up. Particularly not for the many downsizers, maybe on this thread, whose sale of a large property would free up housing for families. They should be exempt.
And I agree with Chocolatelovinggran that the Inheritance Tax threshold is distorted by the expensive location in which you might live.

Buyers pay stamp duty, not sellers, sale of a large un-mortgaged property will free up money to buy a smaller, presumably more reasonable property. First time buyers have a big exemption. Perhaps I'm missing something?

Yes, inheritance tax is distorted by a lot of factors.

Yes, Norah, I worded that a bit clumsily. Sellers don't pay stamp duty, I realise, but they do in turn become buyers who do. Downsizing isn't necessarily downspending. Our 4 bed in London sold for nearly £1million and we moved to a 2.5 bed on the coast which wasn't far off in terms of price. So smaller doesn't always mean cheaper.

I admit to being unable to work out ways for taxes to be fair, and admit to never having moved. I only make suggestions that seem sensible to me. I certainly understand why my ideas don't appeal to all.

However it happens, better taxation methods need to occur.

Most countries in Europe have higher tax rates than we do and better services because of this. They also score far higher on the happiest countries list than we do.

Absolutely.

wendyann23

Most countries in Europe have higher tax rates than we do and better services because of this. They also score far higher on the happiest countries list than we do.

Denmark was mentioned, similar system to UK, similar taxation, similar healthcare spending too, around 10% of GDP.

The difference is a much higher GDP per head of population, Norway is much higher again, the UK is lagging badly behind, other countries simply have better performing economies

Fewer migrants, old people and benefits claimants? Genuine question, I have no idea but am interested in the higher GDP per capita.

Wasn't it North sea oil with Norway? A big quota & a much smaller population than us. It wIll be winding down now though.I'm another who would pay more tax for better public services, in principle and in UK's present situation.

Denmark much smaller population, high taxation, manage economy better giving better growth, oil and gas which is mostly exported not home consumed.
Norway, very high taxation, oil and gas, plus hydro electricity and a lot of mineral extraction, GDP per head is around double the UK

Tax certainly needs to increase if we are to get the public services we all want and need. But where from is the pertinent question. A good starting place would be closing the loopholes and dealing with the tax havens which are mostly linked in some way with the UK eg Guernsey, Cayman Isles. Russian oligarchs buying up and sitting on London property distorting the property market for us all should be dealt with. It’s not all about taxing working people. Make Starbucks and the rest of the US giants pay their fair share.

Chocolatelovinggran. Sorry, I was looking at Inheritance Tax from my own point of view and as a married person the spouse can have their partners allowance which adds up to a tidy sum. We live in Bucks so not a cheap area for housing.

Gin

Chocolatelovinggran. Sorry, I was looking at Inheritance Tax from my own point of view and as a married person the spouse can have their partners allowance which adds up to a tidy sum. We live in Bucks so not a cheap area for housing.

There is no justification whatever for giving a couple nearly £1m free of inheritance tax that is far too high.

Katie590

Gin

Chocolatelovinggran. Sorry, I was looking at Inheritance Tax from my own point of view and as a married person the spouse can have their partners allowance which adds up to a tidy sum. We live in Bucks so not a cheap area for housing.

There is no justification whatever for giving a couple nearly £1m free of inheritance tax that is far too high.

As our late Queen (allegedly) said opinions may differ

U.K. has the fourth highest IHT in the world!

£1,000,000 doesn’t go as far as it used to especially here in the South East.

Nice amount of unearned income though to the recipient.

Whitewavemark2

Nice amount of unearned income though to the recipient.

As are lottery wins, premium bond wins or any prize

Any money inherited has already been taxed numerous times.

Well they’d better not start taxing my bingo wins (or wings 😂) GrannyGravy!

GrannyGravy13

Whitewavemark2

Nice amount of unearned income though to the recipient.

As are lottery wins, premium bond wins or any prize

Any money inherited has already been taxed numerous times.

This ^

Inheritance tax is unfair, unjustified, and taxes have already been paid tens of ways on the inherited sum. Perhaps set the lower limit 5x higher.