I do wish Keir Starmer would stop talking about ‘working people’!

MissAdventure

I'm sure the government could rectify that.

I’m sure they will!🤣🤣🤣

MaizieD

*Just to repeat ... the amount which has been taxed won't be taxed again, but if money (an asset) produces a profit from the way it's used, it will be taxed.*

Well said, growstuff.

Do you think if we said this often enough it might sink in?

I have my doubts.

escaped

So if the value of my house in London last year produced a profit of £40,000, yet that of my friend in Hull produced £6,000, why should those who inherit my gaff be penalised? That money is going to increase exponentially year on year too, so the wealthy just get wealthier through no choice of their own?

Did you mean "why should*n't*"?

I see absolutely no reason why those who inherit your house shouldn't be taxed on something they have done nothing to earn.

My post has vanished into the ether, but it expressed similar sentiments to growstuff’s.

What is the moral case for thinking that someone should gain untaxed profit simply for living somewhere that gets more investment?

Also, why should people contribute goods and services to the economy and profit for their employers through work, pay tax and NI on their earnings, and then pay rent to someone whose house ‘earns’ more than the average wage, and the landlord not be taxed on the profit the house makes just for existing?

It doesn’t stack up.

Then equally, those who inherit council houses and sell them for a profit should pay back the subsidy that enabled their parent(s) to buy them at far less than market value, witness A.Rayner.

Angela Rayner didn't inherit a council house from her parents.

PS. Is there any chance of keeping a thread on track and avoiding smearing the Labour Party?

I can't believe people are worrying about their money after they've died.

You'd think they'd be pleased to have a rest from it!

AR bought her own council house in line with Thatcher’s destructive policy that was designed to buy votes. She was not an MP at the time.

We can’t blame people for doing what is right for them at the time. I think the policy of RTB is wrong, but I don’t blame people who took advantage of it. It was free money, and perfectly legally obtained.

The right of succession to a council home may be given to an adult that lives with the tenancy holder.
Once!!!!

MissAdventure

I can't believe people are worrying about their money after they've died.

You'd think they'd be pleased to have a rest from it!

😂
Turning in one's grave springs to mind!
Or
No rest for the wicked!

escaped

MissAdventure

I can't believe people are worrying about their money after they've died.

You'd think they'd be pleased to have a rest from it!

😂
Turning in one's grave springs to mind!
Or
No rest for the wicked!

Worrying that their hard-earned cash is being splurged on frivolities by their heirs.
Or wasted by the Government!

I will say what I have said on other threads. That was then, this is now.

AR bought her house under the regulations relating to council house sales at the time. Those rules are not written in stone and need to be changed, and this she intends to do. I see no conflict between what she did then and what she is wants to do now.

My DD's first home was an ex-council flat, bought quite early on when not many private buyers wanted to buy ex-council property. She lived there 12 years before moving on to an ex council house.

The owner of her first flat did not do as well from his purchase as he hoped as he suffered from the swings and roundabouts of the open market. When he bought his flat in 1989 it was valued at £68,000. He had lived there a long time so only paid £19,000 for it. There was a house price crisis in 1990 and the housing market crashed. By the time he came to sell the flat to DD in 1993, she bought it for £32,000, which was its market value then. He made a profit and was able to afford his retirement bungalow by the sea, but was not left with the financial cushion he had hoped for.

I think if you suspected the hard earned cash you left behind was going to be blown by your heirs, you might be inclined to leave it to worthy causes and charities instead. At least you would have the choice where it went and the knowledge that it would be well used. I'd hate any government to waste it.

A hefty amount from my father's estate went to the flippin' Donkey Sanctuary. I check up on the equines regularly! 🫏 🫏 I think KS would approve, given his background.

I didn’t tell my children how to spend their pocket money, and I don’t care how they spend any inheritance. For one thing I’ll be dead, and for another it will be their money.

I might haunt them if they donate to the Tory party, but it would be a light haunting, and just at weekends- I brought them up to think for themselves so I can’t blame them for doing so.

MissAdventure

I can't believe people are worrying about their money after they've died.

You'd think they'd be pleased to have a rest from it!

😂 I agree. I’m not at all concerned about what happens to my wealth after I’ve died. I certainly won’t be getting het up about it!
A certain amount will go in HT, so be it. I make the most of the annual allowances. My DCs will get whatever is left and that’s a bonus for them. They should be financially looking after their own families by then.

Doodledog

I didn’t tell my children how to spend their pocket money, and I don’t care how they spend any inheritance. For one thing I’ll be dead, and for another it will be their money.

I might haunt them if they donate to the Tory party, but it would be a light haunting, and just at weekends- I brought them up to think for themselves so I can’t blame them for doing so.

And that's just it Doodledog, you know your children, you brought them up, you trust their judgment. And I assume they aren't liars.
Governments, especially this latest one, on the other hand .....

Oh well, it'll just gt taxed when our profligate heirs spend it, merely at a lower rate. 😁

You can't win...

No, they aren’t liars, but what’s that got to do with it?

One or the other might grow into a supporter of something I don’t like - brass bands or crocodile preservation or something. If they spend their inheritance on those things I won’t be there to fret about it, and I don’t suppose I’d disinherit them if they declared their hands in my lifetime.

escaped

So if the value of my house in London last year produced a profit of £40,000, yet that of my friend in Hull produced £6,000, why should those who inherit my gaff be penalised? That money is going to increase exponentially year on year too, so the wealthy just get wealthier through no choice of their own?

I can't see how a net gain of £34,000 is being penalised.

They should be financially looking after their own families by then.

Of course. Married, 1.7 children, ½ a dog, ¼ hamster, mortgage nearly paid off,.

If only life was so perfect for all of the next generation.

If only life was so perfect for all of the next generation.
I wish-and the next generation after that.