Time to tackle the rentier economy.

growstuff

Why you’ve had use of the money while your alive. It’s not yours to control when your dead

No it’s whoever I bequeath it to to spend/invest as they see fit, not the Government of the day. As often pointed out by several posters on the political threads the government hasn’t got any money of its own, so it doesn’t need mine!

I could of course spend every last penny and let the State take care of me in my twilight years?

*democracy

GrannyGravy13

* Not the people that the government of the day decide!

Why not? Don't you believe in dmocracy?

GrannyGravy13

growstuff

The government doesn't inherit any money. The government has no money. It's wealth which is redistributed amongst the people living in the country.

Yes but it is wealth we have accrued and it should go to those we choose not the government of the day!!

Why? You've had use of the money while you're alive. It's not yours to control when you're dead.

* Not the people that the government of the day decide!

growstuff

The government doesn't inherit any money. The government has no money. It's wealth which is redistributed amongst the people living in the country.

Yes but it is wealth we have accrued and it should go to those we choose not the government of the day!!

Anyway, as savvy business people don’t you have it all tied up in trust funds for them?

MaizieD I shall not give you any ammunition on that front?

It's not you who are being taxed, GG13, it's your heirs. They are being taxed on money that they haven't 'earned'.

Anyway, as savvy business people don't you have it all tied up in trusts for them?

The government doesn't inherit any money. The government has no money. It's wealth which is redistributed amongst the people living in the country.

No, you don't get taxed when you die. Your children do. Why are they more deserving than children whose parents didn't have any money?

Sueki44

No one seems to have mentioned inheritance tax. We paid 40% on everything over £300+ when both sets of parents died. As the remainder was shared between 10-12 each time it wasn’t a fortune. This was on top of £78, ooo a year care home fees for parent with Alzheimer’s and vascular dementia. How come if you get cancer treatment is free but Alzheimer’s will often cost You your house and savings.

I agree it is terribly unfair that Alzheimer’s, Vascular Dementia and Dementia are treated totally differently to other terminal diseases.

I feel very strongly that what DH has accrued through hard work (and yes I know lots of people work hard for very little return) should be inherited by our children not the government of the day.

He (we) have paid all taxes on the business along with personal taxes on income, investments and pensions, and when we die we get taxed on that!!!!

I think that it’s human nature to want to leave something to your children...no matter how little. Many old people will live quite frugally to be able to do this.

Maybe people shouldn't expect to inherit anything. Many don't get anything.

Sueki44

No one seems to have mentioned inheritance tax. We paid 40% on everything over £300+ when both sets of parents died. As the remainder was shared between 10-12 each time it wasn’t a fortune. This was on top of £78, ooo a year care home fees for parent with Alzheimer’s and vascular dementia. How come if you get cancer treatment is free but Alzheimer’s will often cost You your house and savings.

It won't cost you anything. It will cost the people who won't inherit.

Fennel

*growstuff * - I didn't really know what rentier means, just guessed renter (wrong).
I've looked it up and it means annuitant ie receiving an annual income from an earlier investment.
Which could also include people like me who paid into a local govt. pension scheme while I was working, and now retired have a LG pension.
Until the investments that the Council made with my money stop giving returns.

Strictly speaking, yes, but in practice, no. You've paid for your pension. There are people who live of interest and rent for the whole of their lives, often because they've inherited it.

We have (or have had in the recent past) a situation where people can make more money from the appreciation on property prices than the vast majority of people can earn from going out to work. At one time it was possible to get mortgages with very little deposit. Inequality is compounded by inherited wealth and investment in property diverts money from investing in production.

No one seems to have mentioned inheritance tax. We paid 40% on everything over £300+ when both sets of parents died. As the remainder was shared between 10-12 each time it wasn’t a fortune. This was on top of £78, ooo a year care home fees for parent with Alzheimer’s and vascular dementia. How come if you get cancer treatment is free but Alzheimer’s will often cost You your house and savings.

pen50

I work for a charity which has seen its normal sources of income completely disappear in lockdown. But an appeal to keep us going has raised quite large sums from various members of the rentier class. So whilst I have sympathy with the idea of redistributing their wealth, I'm nevertheless deeply grateful for the fact that a couple of members of the idle rich were able to stick their hands down the back of the sofa and fish out hundreds of thousands for us, with little fuss or form filling. It's a tricky and conflicted state of affairs.

There will be a certain amount of tax relief - whether IT now or IHT later. I'm not intending to decry the generosity of the donors but we could do with a few more.

Everyone deserves a chance in life !

Whatever happens, there MUST be something done about the inequality in this country which definitely adds to the huge division that's so evident and that also has an knock-on effect on all those who are trying so hard to build a future.

It is also the biggest creator of crime, something which governments seem to ignore or turn a blind eye to. People need a head start and they're not receiving this assistance.

I guess we all have to spend a certain amount to live comfortably, by which I mean able to eat, heat and clothe ourselves, exercise and pay to travel for essentials like healthcare and work. Anything more is, I guess, discretionary. Looks like state benefits are too low and those earning much much higher amounts have enough left over to live more comfortable lives and save. I can't see much option but to increase benefits and income tax and that's never popular as the government believe it'll drive rich taxpayers out of the country.

MaizieD

^I would hate to see London implode it is the heart of the UK,^

A truly dreadful metaphor, IMO. The heart sends blood around the whole body containing the elements needed for the whole body to flourish, grow and repair itself. London does no such thing. It just sucks in the nation's resources and leaves the rest to struggle on as best they can.

maybe the Councils of these other cities should do whatever’s in their remit to regenerate and attract business.

Now, not only do we have the undeserving poor who do nothing to help themselves, we have undeserving cities, too

Please do not twist my words.

Many Councils do a good job of attracting businesses to their High Streets and Industrial Areas. If some can do it they all should at least try!

There are also numerous areas outside of London with sky high property prices Bath, Harrogate, York and Sandbanks (Dorset) to name a few.

I have long thought that commuting to work is a huge waste of time, energy and resources. If as a result of the pandemic mare people work at home or in their own local area, surely that can only be a good thing?

growstuff - I didn't really know what rentier means, just guessed renter (wrong).
I've looked it up and it means annuitant ie receiving an annual income from an earlier investment.
Which could also include people like me who paid into a local govt. pension scheme while I was working, and now retired have a LG pension.
Until the investments that the Council made with my money stop giving returns.

I would hate to see London implode it is the heart of the UK,

A truly dreadful metaphor, IMO. The heart sends blood around the whole body containing the elements needed for the whole body to flourish, grow and repair itself. London does no such thing. It just sucks in the nation's resources and leaves the rest to struggle on as best they can.

maybe the Councils of these other cities should do whatever’s in their remit to regenerate and attract business.

Now, not only do we have the undeserving poor who do nothing to help themselves, we have undeserving cities, too

Anyone who thinks curtailing the actions of the mega rich will magically produce social housing is in my opinion mistaken.

No, the one won't lead to the other.

But having a government that isn't owned and directed by the 'mega rich' would produce more social housing