The future under Corbyn & McDonnell

whitewave I never knew that Baron Adonis had such a depth of intellect!!

In other words, it ain't over until the fat lady sings.

Chucky How can anybody leave the country, as the EU will be shut to people and other countries with a points system don't want the UK's old crows?

In any case, why should anybody be forced out of a country they love by a bunch of self-serving bullies?

but there is not a limitless amount of money,

I wish every voter had to take a course in basic economics...

All that austerity guff was nonsense 'economics' and has brought the country almost to its knees...

Conservative voter here and I don't give a damn what some people on here think about that. So save your breathe!

Anniebach, what a balanced view.

We have a very good Labour MP in Hull. She has served our City well but sadly a Momentum backed local councillor challenged her seat.

Momentum are a dangerous force within the Labour Party.

Very dangerous Missfoodlove and more powerful than many realise .

Interesting isn't it post about things which are not acceptable and blame the Tory government for it and you are accused of demonising people and being aggressive. If someone can explain to me how things have improved for the disabled the poor, the sick, and the young under this government I will listen. But they can't, because they haven't. I am not agressive I am assertive and passionate, and I will continue to post about all the things the Tory government has done, because there are people who need someone to speak up for them. I can understand Boris not being understanding or compassionate to poorer people, because his father has much the same opinion (they can't spell etc) but if you haven't that background, there's really no excuse. Vote how you like but keep the Tories out.

Here’s another thought.

Do you believe we have the right to leave something to our children when we die?

Labour doesn’t. There are plans afoot to set the Inheritance tax to come into play at £125,000

That means if your home is worth more than that it would be subject to high taxation.

Labour despise people who have made a good living for themselves through their own efforts and hard work.

The politics of envy indeed.

Exactly JenniferEccles, Labour penalise every hard-working person in this country, who have made a success of their lives, worked hard and generated their own wealth, without relying on the State for anything. £125,00 is a joke, it's a very low threshhold when dealing with property prices these days. And Labour are trying to tell our children that they won't be worse off under a Labour Government. They will when their parents die, and they're faced with a whopping inheritance tax bill!

JenniferEccles actually as I understand it the tax is actually a "Lifetime gift tax" and would be levied on the amount donated to children during your lifetime at the same rate as income tax. So if you have 3 children the amount you can gift without tax is £425,000. It would replace Inheritance tax. But if you can show that it is a single sum I am willing to be corrected. I do think if I am lucky enough to leave a substantial amount to my children paying tax on it is fair and reasonable, especially if it means my Grandchildren will have better education and healthcare.

Are you seriously suggesting that the Conservatives will be encouraging middle-aged people to look forward to the day their parents die? Mmm … nice people.

I have no problems at all with dead people paying taxes.

That does sound a bit odd trisher

I couldn't possibly gift my DC £125,000 each during my lifetime as any money we have is tied up in our house, apart from some which we intend to spend on holidays (we hope), necessary repairs/refurbishment etc.

As I am not an economist, can you tell me how the £425,000 is arrived at please?

I don't understand why it would be free of tax when we are alive, but taxed as an inheritance.
Does that include the amount paid to help a child through university, education?
Christmas and birthday gifts?

Is it only hard-working people who will be prevented from leaving their children money when they die? What about those who inherited money in the first place? Will they still be able to pass it on? Or is the "hard-working" epithet unnecessary?

Nice post growstuff

Not.

Not all countries tax dead people
In fact many of the more advanced countries whose systems are lauded on here, eg Norway and Sweden, do not.

Inheritance tax only affects 5% of estates every year.

BTW I just Googled Labour's alleged new proposals. They don't appear to be in the manifesto. however, I did find a proposal by the Conservatives to cut the period of exemption for gifts from seven years to five years.

All very confusing! So glad I'm not in the top 5%.

Do Norway and Sweden not have inheritance tax? I didn't know that.

What else would you call inheritance tax? I've never heard of anybody being charged while they were still alive, although I expect everybody makes mistakes.

I don’t want either to get in.

Inheritance tax only affects 5% of estates every year.
Well, yes, at the moment.
But a lot more dead people would be drawn into the tax threshold if it is lowered.

I say yes, but I haven't double checked that.
It could be fake news.

The sad thing is with Labours inheritance tax is that it will hit the people who have scrimped and saved to buy their own home as a legacy for their children. These are not the mega rich.

The rest hopefully have things in place to counter this punitive tax.

The super rich like the Wedgewood Benns et al will always find ways around paying IHT etc GrannGravy.

If the Conservatives win this week it will be an early Christmas present ?????
No doubt it will be the same for those who voted for Corbyn if he wins.
We could have a virtual party on GN ?

Callistemon sorry that's me having a maths crisis it should be £375,000 of course.
I think the idea of the new tax is that it would stop people disposing of massive amounts tax-free during their lifetime and also help alleviate the rise in house prices. The wording is
Replacing Inheritance Tax with a Lifetime Gifts Tax
In the long term we recommend that inheritance tax should be abolished, and replaced with a lifetime gifts tax levied on the recipient, as has recently been proposed by the Resolution Foundation148 and IPPR .149 Under this system, tax would be levied on the gifts received above a lifetime allowance of £125,000. When this lifetime limit is reached, any income from gifts would be taxed annually at the same rate as income derived from labour under the income tax schedule. The Resolution Foundation estimate that taxing gifts through the income tax system would raise £15 billion in 2020/21, £9.2 billion more than the current inheritance tax system, and would do so more progressively.
It is a long term measure so possible wouldn't even come into existance during the next parliament. The tax is on money received and not money given.

Throwing bread rolls at each other?

I’ll meet you in “the argy” Lemongrove we can party either way celebrate or commiserate ???