Yesterday, Sunak announced that the economy is pointing in the right direction.

Katie59, I am a long divorced woman and my children will be paying IHT on monies above £500 k.
My modest three bedroomed semi in the South East is worth that alone.
It's not a tax for the few anymore. I'm not complaining, simply stating a fact.

Iam64 so what has the mayor done about child poverty? He has not prioritised it if he can spend £6.5 million on redrawing maps.

The mayor is committed to helping child poverty in such a wealthy city but points out, it’s really a task for the government

Germanshepherdsmum

That’s true but CGT (and additional stamp duty) would apply to a second home as well as a btl. Letting is too much hassle for me to consider and is set to get more so.

Yes but my guess is that many second homes become the owners retirement home and no CGT gets paid, or is there a rule that stops that.?

Wwm2. My impression of Sadiq Khan is not favourable.
I would much rather child poverty was addressed in London than colouring in Overground lines on maps at the cost of £6.5 million.

That’s true but CGT (and additional stamp duty) would apply to a second home as well as a btl. Letting is too much hassle for me to consider and is set to get more so.

IHT only applies to the few estates that are over £1m per couple, ( is it 4% actually pay IHT)

Germanshepherdsmum

Don’t forget stamp duty Katie, and CGT if you sell a property which isn’t your principal private dwelling. And then IHT when you die.

Stamp duty yes if you buy, I was refering to our own homes, personally I think buy to let is a bad deal you get taxed on income then taxed again on capital gain. Unless you manage it personally agents fees and VAT on any improvements, that’s not counting any hassle with tenants.

Don’t forget stamp duty Katie, and CGT if you sell a property which isn’t your principal private dwelling. And then IHT when you die.

Maisie

My point is that mortgage paid is money out of the taxation system, very little of the housing value is taxed. Everyone has to have furniture, household stuff and although there is some associated employment it’s tiny per year for the average householder. When most of us have spare cash the first investment we make is to buy a house thereby avoiding any taxation of that money, savings other investments and pensions are all taxed at some point.

In Murphys 30% illustration it assumes that all spending is liable to taxation whereas a great deal is not taxed

If the money circulation system worked as described there would be a surplus not a deficit there has to be a major error that has to be filled by more borrowing. Perhaps you could say where the money in the circulation goes missing

Katie59

It’s interesting that Murphy highlights “Tax Abuse” pointing to tax relief on pension contributions

In his diagrams he also highlights “Savings” of which a very large part is housing which is virtually untaxed at any point. Because housing is a very large part of personal expenditure it must be a big drain on the “money circulation”

Well, at least you read it, KAtie59!

But only you could put such an odd spin on it. Housing is most definitely not 'savings'. In fact, unless they have paid off their mortgages, housing for most people contributes to their debt.
Housing contributes to the circulation of money in the economy as people purchase furniture and household goods and spend money on improvements and maintenance. House purchases and sales contribute by providing work for associated trades and professions, estate agents, solicitors, removal firms, tradesmen and the retailers which supply household goods....

Savings are bank deposit accounts and investments, either in government savings instruments, such as NSI accounts, premium bonds and government bonds, or in company shares, ISAs and pension funds.. Nothing at all to do with housing.

Our overground is super reliable much more so than the privatised companies that also run on the line .

It’s interesting that Murphy highlights “Tax Abuse” pointing to tax relief on pension contributions

In his diagrams he also highlights “Savings” of which a very large part is housing which is virtually untaxed at any point. Because housing is a very large part of personal expenditure it must be a big drain on the “money circulation”

ronib

The Sufragette Line, the Lioness Line etc It’s a transport system!! How I loved Mornington Crescent, Warren Street, Tottenham Court Road. The Northern Line is poetry.
As a family on the London Overground regularly, it is not reliable on the routes we use. In fact a fitting tribute to The Labour Mayor of London.

I take it that you don’t like him😄😄

The Sufragette Line, the Lioness Line etc It’s a transport system!! How I loved Mornington Crescent, Warren Street, Tottenham Court Road. The Northern Line is poetry.
As a family on the London Overground regularly, it is not reliable on the routes we use. In fact a fitting tribute to The Labour Mayor of London.

ronib I use the Overground all the time and it’s brilliant - 6 trains an hour , but it’s become a large system which has several different lines. It’s useful to have different names and colours just like the tube - you can see where they join up and how to get easily to your destination. I don’t care what names and colours they are any more than having place names or royalty names who cares it makes much more of a joined up system.

Freya5

Whitewavemark2

As someone said “the Tories could all sit around the same table in their subsidised restaurant” - that is if they could stand each other!

Im sure Labour acolytes will be just as happy sitting around their subsidised tables, in Houses of Parliament, drinking their subsidised red wine.

Yes, but think how many tables they would need for 560😄😄😄

Whitewavemark2

As someone said “the Tories could all sit around the same table in their subsidised restaurant” - that is if they could stand each other!

Im sure Labour acolytes will be just as happy sitting around their subsidised tables, in Houses of Parliament, drinking their subsidised red wine.

ronib it has been well received by those who use the underground - which is the majority of Londoners.

Comments like

“Brilliant”

Makes life much easier”

“About time”

“We so needed this”

Don’t seem to chime with your opinion. If it makes like easier for the commuters and uplifts and updates then I am all for it.

I wasn’t aware that there is an issue with trains not running on time in LT - I think that you are muddling it with the privatised rail system.

As someone said “the Tories could all sit around the same table in their subsidised restaurant” - that is if they could stand each other!

😄😄😄😄

I am horrified to see that the Mayor of London has agreed to spend on renaming six Overground lines with a cost of £6.5 million involved.
What a total waste of money. How many struggling people could that money have helped?
Where’s democracy and the voice of the people in spending out on gesture left wing policies?
More importantly how about making the trains run on time? Mussolini managed it ….

Is there anything he is getting right?

No.

Tory Govt looking at larger public spending cuts to fund tax cuts.

And yet we have

NHS hospital waiting list 7.6m
Public buildings crumbling
Teachers sacked
Hungry school children
Social care shambles
Legal system broken

Small state politics. The Tories wet dream.

Cossy I agree that the personal allowance needs to be lifted, it is a tax cut though.