Protecting your finances now Labour are in charge

I don’t worry about it but would really like to hang on to what we already have.

I checked yesterday and at the moment the cost of my home and assets does not take me over the IHT limit. I am in my 80's so don't think house prices will rise in value all that much in this day and age. Our parents lived in council homes and left us nothing when they died but we forged our own lives so I am sure whatever I leave our family after IHT I am sure they will be grateful.

I am not going to worry about it.

I am just leaving things as they are. I pay tax already. I have a house that will pay for me if I have to go into a care home and if I don't go in a care home then whatever IHT the government takes off me there will be quite a decent sum of money left on the house for our family to enjoy.

Our parents rented council houses all of their lives and when they died we got nothing so whatever our children get when I die they will be grateful for I am sure.

Grantanow

First, I think there's a lot of Tory and DM/DT scaremongering. Second, I'd be happy to pay more tax and see the very wealthy pay more tax if we could have better public services.

I fully concur with the sentiments of this post.

I am also grateful to the younger generations who through there tax and NI payments will finance my state pension through my retirement just as I financed that of my parents and grandparents.

Yes I know most of us continue to pay tax in retirement, and so we should to do out bit. We will all continue to use public services perhaps more so as we age. Quite a number of us will take more out (quite legitimately) as we get older than we put in.

First, I think there's a lot of Tory and DM/DT scaremongering. Second, I'd be happy to pay more tax and see the very wealthy pay more tax if we could have better public services.

What about the fact that things like healthcare and education are failing? When run by the state? What is wrong with saving in order to pay for these things privately? Why are people with envy so intent on blacklisting those who have been judicious to cover future expenses? I really cannot understand the mentality.

As for this rubbish about buy to let houses.............. the vitriol about people who own them is beyond belief. Firstly they are doing a service to the community and secondly, it was meant to be a pension income for the landlords. Does nobody think about this?

Siope

Bravo, Monica. Totally agree. My children don’t need a larger inheritance from us at the expense of decent services and infrastructure, and its thanks in no small part to those services that we and they are in the reasonably fortunate (extremely fortunate compared to many) position that we are.

Waiting to find out now whether I’m now a champagne socialist or espousing the politics of envy 😂

I agree too. I feel that the provision of good social services, healthcare, education etc., is invaluable. I will not be trying to fence in any assets I have in order not to pay for them.

I have never understood the desire to own more than one property. I find my one quite enough to keep me busy.
Luckily all my DC are self-sufficient and are not relying on handouts from me.
So I don't mind supporting better public services.

Bitcoin is forecast to rise again in August.

Totally!! I.m getting financial advice, cause they are after the “old codgers” as they called us before the election.
Only 3 out of 10 people voted for this horrendous dictatorship you think it’s bad now it’s gonna get worse!!!

I hear you! I’ve been thinking about shuffling some of our investments too. We’re looking into setting up a trust for the kids and maybe splurging on a new car. It’s definitely a good time to make some moves while we can. Treating ourselves feels like a win in this climate!

^I too would prefer my children and grandchildren enjoy better health and social services in the future than inherit monies from me, the former would be my legacy.
I will happily pay as required without fretting about protecting my estate from possible future inroads by the government of the day^

Hear, hear JaxJacky.

I have also worked in a professional role for my adult life; I have paid a lot of tax and contributed to an occupational pension, which I now benefit from and on which I pay tax.

If I have to pay more tax, in one way or another, to improve the country’s public services and infrastructure, so be it. The country will be a better place for my grandchildren!

Callistemon213

I prefer straightforward upfront taxes, not hidden or sneaky ones.

Other countries seem much better with their taxation systems than the UK. People know exactly where they stand.

There is very little difference in the way most European countries including the UK raise their money ifs.org.uk/sites/default/files/output_url_files/R160-How-do-other-countries-raise-more-in-tax-than-the-UK-1.pdf

I too would prefer my children and grandchildren enjoy better health and social services in the future than inherit monies from me, the former would be my legacy.
I will happily pay as required without fretting about protecting my estate from possible future inroads by the government of the day.

I prefer straightforward upfront taxes, not hidden or sneaky ones.

Other countries seem much better with their taxation systems than the UK. People know exactly where they stand.

I do not think our taxes are exorbitant. In the list of the 30 highest taxed countries the UK is rated at 29th. 23 of the countries rated above us are in Western Europe. The top 3 are Denmark (1), France(2) and Belgium(3) .
wisevoter.com/country-rankings/highest-taxed-countries/

I too have worked most of my life in pofessional job and willingly paid my taxes, and I conintue to do so on my pension and savings.

I am grateful to live in a, generally, peaceful country firmly under the rule of law, where the state provides the infrastructure for me to live my life in comparative peace and wher we have just had a peaceful transfer of power between two opposing parties and I more than willing to pay as much as necessary for that to continue.

Of course the system isn't perfect, What system is? But it seems to work a lot batter than many other countries.

Merion I shouldn't have said gain but profit. And of course, the frequency of selling and buying. So, subject to IT rather than CGT. An adventure in the nature of trade.

Hear hear!

GrannyGravy13

Siope if alcohol duty goes up so will the price of your champagne 🍾🥂

😂😂😂

Good thing I can’t drink like I used to.

👍🏻

I find it normal to wish to protect assets from excess taxation whilst still paying the exorbitant taxes that already exist plus any new taxes added by Labour.

Siope if alcohol duty goes up so will the price of your champagne 🍾🥂

Casdon, I have already said that I foresaw it and acted. We will all pay more as regards things such as council tax, fuel duty, vehicle excise duty (wait for those two to push up the cost of living), alcohol and tobacco duty if we drink or smoke. There are however other likely tax increases relating to assets against which one can protect oneself.

Bravo, Monica. Totally agree. My children don’t need a larger inheritance from us at the expense of decent services and infrastructure, and its thanks in no small part to those services that we and they are in the reasonably fortunate (extremely fortunate compared to many) position that we are.

Waiting to find out now whether I’m now a champagne socialist or espousing the politics of envy 😂

You will pay even more, as we all will if we have enough, as a result of a Labour Government being in power, which you, and all of us, could foresee. That’s life.