Inheritance tax

How on earth are the LP going to calculate what parents have given their children??

What will be counted?

University Fees

Driving Lessons

Car

Help with deposit/house renovation

Prams/cots/ etc for Grandchildren.

We are taxed all our flipping lives, please let us pass on to our loved ones what we have accrued.

Or should we just spend the lot and then let the state look after us??

Absolutely dreadful and very unfair! Government theft in my opinion. If my husband and I try to save for our later years and wish to pass it on to our children it is our prerogative to do so!

I gave my family the " leg-up " a few years ago while I was still alive rather than them struggling when I was sitting on so much at the time. Why should they have to wait before you snuff it ?
I was more than prepared to settle myself in an independent but supported property for the rest of my years. It's their turn now ! What did I need in a large rambling high-maintenance Victorian house ? It would have been sold for " care for the future " anyway.

I'm not down on my uppers yet and have everything I want.

I really don’t know the answer to a fairer society other than perhaps through taxation . Taking those on low incomes out of taxation altogether and increasing the tax for the highest earners . And sadly yes probably capping the amount anyone can inherit before being taxed at the relevant rate . Not popular here on GN is suspect .

It is horrible gillybob. The great divide !!

I don’t agree quizqueen no one wants to take anything away from anyone, but society is becoming more and more unequal with the rich getting so much richer and the poor being unable to get out of the poverty trap . It’s as though we are heading backwards .

I reckon we have given our children millions over the years

Blimey

I was thinking that maybe the new proposals could perhaps go a tiny way to even out the gap between rich and poor ? I have never inherited a penny for anywhere , nor will I ever . My children will not inherit anything worth having either . Those who are fortunate enough to have money and/or valuable property to pass on are giving their future generations a massive “leg up” . Not begrudging in the slightest, just saying it endures money stays in the same families.

Socalism has always equalled jealously. Instead of striving to have what others have, they just want to take it away from them.

Yes, I was just wondering that Vonners. I have helped out my children but do not know how much I have given them.

I reckon we have given our children millions over the years but how they will add it up I have no idea.

Wondering how they would calculate monetary gifts given during my lifetime?
Do banks keep track of everything for 60ish years?

I’ve paid into the system all my working life but I still have to pay income tax on any income I receive - I don’t quite understand why capital I receive should be tax free.

I doubt this would affect me as sadly I will have very little to leave my children.

I can see both sides if I’m honest .

Can't see any problem - and our children would be adversely affected by this measure.

He can take a running jump !

Inheritance tax used to be the bane of my life having paid out hundreds in the past-----for what ? People who had already paid into the system all their working lives then squeezed again until their pips squeaked, after they were dead.

I could have bought a mansion with what the tax-man took over the years.

Should have added - before inheritance tax is charged