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Inheritance tax increases expected in Budget
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More snuff tax increases coming
Probably won’t affect most on here. Potentially exempt transfers, with planning, make the tax avoidable, it’s commonly known as a fools tax. But is it fair ?
Each time generational wealth gets passed down HMRC collect. |
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"More snuff tax increases coming
Probably won’t affect most on here. Potentially exempt transfers, with planning, make the tax avoidable, it’s commonly known as a fools tax. But is it fair ?
Each time generational wealth gets passed down HMRC collect. "
Yes, it looks like people are going to get hit with CGT and IHT increases. Not content with freezing the elderly, Labour are reduced to robbing the dead. It's come to this? |
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"I think rather than raising the rate they need to crack down on the loop holes. Pretty much nobody pays inheritance tax."
I think the official figure is 4% paying IHT but it sounds suspiciously low given that the threshold is frozen and rising value of main assets (houses). |
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"I think rather than raising the rate they need to crack down on the loop holes. Pretty much nobody pays inheritance tax.
I think the official figure is 4% paying IHT but it sounds suspiciously low given that the threshold is frozen and rising value of main assets (houses)."
In 2023, there were 3,061,553 millionaires in the UK, which is 5.8% of the adult population (credit Swiss). And £9trn of property wealth. of which 70% controlled by over 65’s (ons)
Looks like a cash cow for the new government |
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"I think rather than raising the rate they need to crack down on the loop holes. Pretty much nobody pays inheritance tax."
Why should people have to pay it. Just because someone’s been prudent (taxable savings or savings from taxable income) or previously inherited it’s all been taxed at least once already |
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"I think rather than raising the rate they need to crack down on the loop holes. Pretty much nobody pays inheritance tax.
I think the official figure is 4% paying IHT but it sounds suspiciously low given that the threshold is frozen and rising value of main assets (houses).
In 2023, there were 3,061,553 millionaires in the UK, which is 5.8% of the adult population (credit Swiss). And £9trn of property wealth. of which 70% controlled by over 65’s (ons)
Looks like a cash cow for the new government "
I'd estimate there are far more millionaires than that across the UK - although it might depend how you assess it. Houses at +£500k are commonplace, then other £assets and pension funds push many 'ordinary' folk over £1 mil. True I suppose you have to divide by 2 for couples. |
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"I think rather than raising the rate they need to crack down on the loop holes. Pretty much nobody pays inheritance tax.
Why should people have to pay it. Just because someone’s been prudent (taxable savings or savings from taxable income) or previously inherited it’s all been taxed at least once already "
I agree.
I understand the idea of taxing income and earnings, but not wealth, unrealised gains, or estate earnings that have already been taxed. |
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End of the day, the NHS, pension triple lock, unemployment benefits and the numerous public funded services are just not going to sustain at the current rates. So the government will try to increase the tax one way or another. It's just a matter of who becomes the victim to the new tax grab. The other option is to reduce the spending or get rid of any of the welfare. That would be a vote loser. So here we are. |
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"I think rather than raising the rate they need to crack down on the loop holes. Pretty much nobody pays inheritance tax.
Why should people have to pay it. Just because someone’s been prudent (taxable savings or savings from taxable income) or previously inherited it’s all been taxed at least once already "
Because trillions of unearned wealth and huge amounts of the countryside passed through the generations dating right back to 1066 is why you have massive inequality in Britain |
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"I think rather than raising the rate they need to crack down on the loop holes. Pretty much nobody pays inheritance tax.
Why should people have to pay it. Just because someone’s been prudent (taxable savings or savings from taxable income) or previously inherited it’s all been taxed at least once already
Because trillions of unearned wealth and huge amounts of the countryside passed through the generations dating right back to 1066 is why you have massive inequality in Britain "
Current inequality is due to inheritances dating back to 1066?
“Inequality”, to the extent that it exists today, is a lot more recent than that, and has very little to do with inheritance.
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"I think rather than raising the rate they need to crack down on the loop holes. Pretty much nobody pays inheritance tax.
Why should people have to pay it. Just because someone’s been prudent (taxable savings or savings from taxable income) or previously inherited it’s all been taxed at least once already
Because trillions of unearned wealth and huge amounts of the countryside passed through the generations dating right back to 1066 is why you have massive inequality in Britain "
But by and large, we have equality of opportunity. Free education, free resources. If people squander that opportunity and the resulting chances for betterment, whose fault is it? |
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"I think rather than raising the rate they need to crack down on the loop holes. Pretty much nobody pays inheritance tax.
Why should people have to pay it. Just because someone’s been prudent (taxable savings or savings from taxable income) or previously inherited it’s all been taxed at least once already
Because trillions of unearned wealth and huge amounts of the countryside passed through the generations dating right back to 1066 is why you have massive inequality in Britain
But by and large, we have equality of opportunity. Free education, free resources. If people squander that opportunity and the resulting chances for betterment, whose fault is it?"
Agreed.
The speed at which people can make money is remarkable, and some of the most “unequal” people in the country start with nothing.
I worked with a guy who started from scratch and is a multi-billionaire. |
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"Some speculation that the chancellor will extend the freeze on the tax thresholds. Currently frozen until 2028 buy Jeremy hunt but maybe that will carry on for more years."
Potentially this budget will be a substantial tax grab
Income tax threshold freeze
Capital gains tax increases
Inheritance tax thresholds reduced.
Employer national insurance
Rumours of FTB stamp duty changes
Cap on pension contribution tax relief and tax free cash exit
Agricultural and entrepreneurial reliefs going (hunt March 2024)
A possible ‘extra’ rental income tax on private rentals
Substantial council tax increases on second / holiday homes
Plus the usual targets, fuel, alcohol etc
School fee vat
Hit on Non doms off the table apparently
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"I think rather than raising the rate they need to crack down on the loop holes. Pretty much nobody pays inheritance tax.
Why should people have to pay it. Just because someone’s been prudent (taxable savings or savings from taxable income) or previously inherited it’s all been taxed at least once already
Because trillions of unearned wealth and huge amounts of the countryside passed through the generations dating right back to 1066 is why you have massive inequality in Britain
But by and large, we have equality of opportunity. Free education, free resources. If people squander that opportunity and the resulting chances for betterment, whose fault is it?
Agreed.
The speed at which people can make money is remarkable, and some of the most “unequal” people in the country start with nothing.
I worked with a guy who started from scratch and is a multi-billionaire. "
Here in Plymouth the Range boss Chris Dawson is another example of that. Left Plymstock school with nothing, still can’t read and has no email address for this reason. Created jobs for 13,000 people. |
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"I think rather than raising the rate they need to crack down on the loop holes. Pretty much nobody pays inheritance tax.
Why should people have to pay it. Just because someone’s been prudent (taxable savings or savings from taxable income) or previously inherited it’s all been taxed at least once already
Because trillions of unearned wealth and huge amounts of the countryside passed through the generations dating right back to 1066 is why you have massive inequality in Britain
But by and large, we have equality of opportunity. Free education, free resources. If people squander that opportunity and the resulting chances for betterment, whose fault is it?"
free education? Oh yes, just like free healthcare…… no, it’s not free. We pay for it in tax! |
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"More snuff tax increases coming
Probably won’t affect most on here. Potentially exempt transfers, with planning, make the tax avoidable, it’s commonly known as a fools tax. But is it fair ?
Each time generational wealth gets passed down HMRC collect.
Yes, it looks like people are going to get hit with CGT and IHT increases. Not content with freezing the elderly, Labour are reduced to robbing the dead. It's come to this?"
I don't think the dead will mind  |
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"I think rather than raising the rate they need to crack down on the loop holes. Pretty much nobody pays inheritance tax.
Why should people have to pay it. Just because someone’s been prudent (taxable savings or savings from taxable income) or previously inherited it’s all been taxed at least once already
Because trillions of unearned wealth and huge amounts of the countryside passed through the generations dating right back to 1066 is why you have massive inequality in Britain
Current inequality is due to inheritances dating back to 1066?
“Inequality”, to the extent that it exists today, is a lot more recent than that, and has very little to do with inheritance.
"
1067?  |
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"More snuff tax increases coming
Probably won’t affect most on here. Potentially exempt transfers, with planning, make the tax avoidable, it’s commonly known as a fools tax. But is it fair ?
Each time generational wealth gets passed down HMRC collect.
Yes, it looks like people are going to get hit with CGT and IHT increases. Not content with freezing the elderly, Labour are reduced to robbing the dead. It's come to this?
I don't think the dead will mind "
Well in that case we should grind 'em up for fertilizer - probably the most useful thing any of them did. |
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"I think rather than raising the rate they need to crack down on the loop holes. Pretty much nobody pays inheritance tax.
Why should people have to pay it. Just because someone’s been prudent (taxable savings or savings from taxable income) or previously inherited it’s all been taxed at least once already
Because trillions of unearned wealth and huge amounts of the countryside passed through the generations dating right back to 1066 is why you have massive inequality in Britain
Current inequality is due to inheritances dating back to 1066?
“Inequality”, to the extent that it exists today, is a lot more recent than that, and has very little to do with inheritance.
1067? "
I’m sure you know your history
70% of the land in Britain is still owned by 1% of the population, largely descended from William the Conqueror's army. Norman descendants are still doing very fine in today's Britain
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Todays piece in the guardian
“Britain is a wealthy country, but the gap between our richest and poorest 10% is now, the US excepted, the highest in the developed world.
Accelerating since the financial crisis, wealth inequality casts a shadow over all our lives, affecting health, housing, education, productivity, enterprise, the media and even the vitality of our democracy.”
What is not conveyed in the gini measurement is that it’s so skewed because of the extreme wealth of the 1%. Those people through complicated tax arrangements and trusts don’t pay inheritance tax. |
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"Todays piece in the guardian
“Britain is a wealthy country, but the gap between our richest and poorest 10% is now, the US excepted, the highest in the developed world.
Accelerating since the financial crisis, wealth inequality casts a shadow over all our lives, affecting health, housing, education, productivity, enterprise, the media and even the vitality of our democracy.”
What is not conveyed in the gini measurement is that it’s so skewed because of the extreme wealth of the 1%. Those people through complicated tax arrangements and trusts don’t pay inheritance tax. "
The ultra wealthy are impossible to tax effectively. They can shift their fortunes overnight |
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"Todays piece in the guardian
“Britain is a wealthy country, but the gap between our richest and poorest 10% is now, the US excepted, the highest in the developed world.
Accelerating since the financial crisis, wealth inequality casts a shadow over all our lives, affecting health, housing, education, productivity, enterprise, the media and even the vitality of our democracy.”
What is not conveyed in the gini measurement is that it’s so skewed because of the extreme wealth of the 1%. Those people through complicated tax arrangements and trusts don’t pay inheritance tax.
The ultra wealthy are impossible to tax effectively. They can shift their fortunes overnight "
Which is why the middle wealth is going to be hit. The savers, the inheritors of savers and prudent investors. |
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"I think rather than raising the rate they need to crack down on the loop holes. Pretty much nobody pays inheritance tax.
Why should people have to pay it. Just because someone’s been prudent (taxable savings or savings from taxable income) or previously inherited it’s all been taxed at least once already
Because trillions of unearned wealth and huge amounts of the countryside passed through the generations dating right back to 1066 is why you have massive inequality in Britain
Current inequality is due to inheritances dating back to 1066?
“Inequality”, to the extent that it exists today, is a lot more recent than that, and has very little to do with inheritance.
1067?
I’m sure you know your history
70% of the land in Britain is still owned by 1% of the population, largely descended from William the Conqueror's army. Norman descendants are still doing very fine in today's Britain
"
They don’t pay capital gains or inheritance tax
The young Duke of Westminster inherited a £13bn property portfolio tax free via some old complicated trust. |
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"Todays piece in the guardian
“Britain is a wealthy country, but the gap between our richest and poorest 10% is now, the US excepted, the highest in the developed world.
Accelerating since the financial crisis, wealth inequality casts a shadow over all our lives, affecting health, housing, education, productivity, enterprise, the media and even the vitality of our democracy.”
What is not conveyed in the gini measurement is that it’s so skewed because of the extreme wealth of the 1%. Those people through complicated tax arrangements and trusts don’t pay inheritance tax.
The ultra wealthy are impossible to tax effectively. They can shift their fortunes overnight
Which is why the middle wealth is going to be hit. The savers, the inheritors of savers and prudent investors. "
Exactly. |
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"can't understand why so many are clucking over a tax that affects only 4% of families or in effect 1% of individuals. it's mind boggling.  "
2 things.
Firstly there is the principle, taxing assets that have already been heavily taxed.
Secondly, it won’t work, it will generate no income |
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"can't understand why so many are clucking over a tax that affects only 4% of families or in effect 1% of individuals. it's mind boggling.
2 things.
Firstly there is the principle, taxing assets that have already been heavily taxed.
Secondly, it won’t work, it will generate no income "
On your second point, a follow on problem occurs when the expected raised revenue does not materialise but has already been promised to other things. Then those other things have to be cancelled or tax is increased on everyone outside of the 1% |
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"can't understand why so many are clucking over a tax that affects only 4% of families or in effect 1% of individuals. it's mind boggling.
2 things.
Firstly there is the principle, taxing assets that have already been heavily taxed.
Secondly, it won’t work, it will generate no income
On your second point, a follow on problem occurs when the expected raised revenue does not materialise but has already been promised to other things. Then those other things have to be cancelled or tax is increased on everyone outside of the 1%"
Correct.
And other budgeted numbers are just as flimsy or have unaccounted-for costs |
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"can't understand why so many are clucking over a tax that affects only 4% of families or in effect 1% of individuals. it's mind boggling.
2 things.
Firstly there is the principle, taxing assets that have already been heavily taxed.
Secondly, it won’t work, it will generate no income
On your second point, a follow on problem occurs when the expected raised revenue does not materialise but has already been promised to other things. Then those other things have to be cancelled or tax is increased on everyone outside of the 1%"
Many retirees fund their grandchildren’s futures, private education (saving the state money), house deposits (51% first time buyers deposits funded by bank of mum dad/grandad, and are the 10th largest lender) |
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"can't understand why so many are clucking over a tax that affects only 4% of families or in effect 1% of individuals. it's mind boggling.
2 things.
Firstly there is the principle, taxing assets that have already been heavily taxed.
Secondly, it won’t work, it will generate no income
On your second point, a follow on problem occurs when the expected raised revenue does not materialise but has already been promised to other things. Then those other things have to be cancelled or tax is increased on everyone outside of the 1%
Correct.
And other budgeted numbers are just as flimsy or have unaccounted-for costs "
A week away from the budget leaks and their contradictions sounding very indecisive. Reeves is in a hole and everyone now knows it. |
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"can't understand why so many are clucking over a tax that affects only 4% of families or in effect 1% of individuals. it's mind boggling. "
Possibly because it’s only part of the story, theft of pensioners fuel allowance, taxing employers (many struggling small businesses) with higher national insurance
While the likes of second home right to buy flipper Rayner holidaying in donor Alli’s £18M New York second home. |
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"can't understand why so many are clucking over a tax that affects only 4% of families or in effect 1% of individuals. it's mind boggling.
Possibly because it’s only part of the story, theft of pensioners fuel allowance, taxing employers (many struggling small businesses) with higher national insurance
While the likes of second home right to buy flipper Rayner holidaying in donor Alli’s £18M New York second home."
and your manifesto to get the country out of the shit is? ...... |
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 |
By *irldnCouple 9 weeks ago
Brighton |
"can't understand why so many are clucking over a tax that affects only 4% of families or in effect 1% of individuals. it's mind boggling.
Possibly because it’s only part of the story, theft of pensioners fuel allowance, taxing employers (many struggling small businesses) with higher national insurance
While the likes of second home right to buy flipper Rayner holidaying in donor Alli’s £18M New York second home.
and your manifesto to get the country out of the shit is? ......"
Squeeze 45% tax payers like you until your pips pop out 
Add VAT to private healthcare? |
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"can't understand why so many are clucking over a tax that affects only 4% of families or in effect 1% of individuals. it's mind boggling.
2 things.
Firstly there is the principle, taxing assets that have already been heavily taxed.
Secondly, it won’t work, it will generate no income
On your second point, a follow on problem occurs when the expected raised revenue does not materialise but has already been promised to other things. Then those other things have to be cancelled or tax is increased on everyone outside of the 1%
Many retirees fund their grandchildren’s futures, private education (saving the state money), house deposits (51% first time buyers deposits funded by bank of mum dad/grandad, and are the 10th largest lender) "
And ever thus inequality will exist . |
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"can't understand why so many are clucking over a tax that affects only 4% of families or in effect 1% of individuals. it's mind boggling.
Possibly because it’s only part of the story, theft of pensioners fuel allowance, taxing employers (many struggling small businesses) with higher national insurance
While the likes of second home right to buy flipper Rayner holidaying in donor Alli’s £18M New York second home.
and your manifesto to get the country out of the shit is? ......"
They can never answer that question. |
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"can't understand why so many are clucking over a tax that affects only 4% of families or in effect 1% of individuals. it's mind boggling.
Possibly because it’s only part of the story, theft of pensioners fuel allowance, taxing employers (many struggling small businesses) with higher national insurance
While the likes of second home right to buy flipper Rayner holidaying in donor Alli’s £18M New York second home.
and your manifesto to get the country out of the shit is? ......
They can never answer that question."
True. Can’t fit a 300 page manifesto into a comments box. |
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By *abioMan 9 weeks ago
Newcastle and Gateshead |
"I think rather than raising the rate they need to crack down on the loop holes. Pretty much nobody pays inheritance tax.
I think the official figure is 4% paying IHT but it sounds suspiciously low given that the threshold is frozen and rising value of main assets (houses)."
Actually I ask the question to people in a thread about this a few weeks ago…
Last year… only 2% of estates paid any inheritance tax on it…
You have to remember a few things here…
A) anything left to a spouse is exempt anyway
B) average uk house price at the moment is about 290k (even if you look at it more regionally the average in England is 300k)
So the threshold of 320k means most people are not paying anything on a house ( you could call the house price thing London/south east skewed) |
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"can't understand why so many are clucking over a tax that affects only 4% of families or in effect 1% of individuals. it's mind boggling.
2 things.
Firstly there is the principle, taxing assets that have already been heavily taxed.
Secondly, it won’t work, it will generate no income
On your second point, a follow on problem occurs when the expected raised revenue does not materialise but has already been promised to other things. Then those other things have to be cancelled or tax is increased on everyone outside of the 1%
Correct.
And other budgeted numbers are just as flimsy or have unaccounted-for costs "
Some are saying this budget will be one of the biggest tax grabs in history. Do hope this is over hype so that when it's not quite as bad, we feel relieved. |
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"can't understand why so many are clucking over a tax that affects only 4% of families or in effect 1% of individuals. it's mind boggling.
2 things.
Firstly there is the principle, taxing assets that have already been heavily taxed.
Secondly, it won’t work, it will generate no income
On your second point, a follow on problem occurs when the expected raised revenue does not materialise but has already been promised to other things. Then those other things have to be cancelled or tax is increased on everyone outside of the 1%
Correct.
And other budgeted numbers are just as flimsy or have unaccounted-for costs
Some are saying this budget will be one of the biggest tax grabs in history. Do hope this is over hype so that when it's not quite as bad, we feel relieved."
I hope it is. Maybe we'll stop hearing 'the Tories have given us the biggest tax burden in history'. |
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By *irldnCouple 9 weeks ago
Brighton |
"can't understand why so many are clucking over a tax that affects only 4% of families or in effect 1% of individuals. it's mind boggling.
2 things.
Firstly there is the principle, taxing assets that have already been heavily taxed.
Secondly, it won’t work, it will generate no income
On your second point, a follow on problem occurs when the expected raised revenue does not materialise but has already been promised to other things. Then those other things have to be cancelled or tax is increased on everyone outside of the 1%
Correct.
And other budgeted numbers are just as flimsy or have unaccounted-for costs
Some are saying this budget will be one of the biggest tax grabs in history. Do hope this is over hype so that when it's not quite as bad, we feel relieved.
I hope it is. Maybe we'll stop hearing 'the Tories have given us the biggest tax burden in history'."
I don’t. Regardless of the colour of the PMs rosette, I want a thriving economy, fair levels of tax that is not punitive against success or sensible planning, AND decent public services run well with appropriate levels of funding.  |
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NHS on its knees after 14 years of conservative failure
Same for bankrupt councils of ALL parties
Schools crumbling
Conservatives promised to build 41 hospitals over the last three years
Reality ? They built none
Zero
Zilch
"More snuff tax increases coming
Probably won’t affect most on here. Potentially exempt transfers, with planning, make the tax avoidable, it’s commonly known as a fools tax. But is it fair ?
Each time generational wealth gets passed down HMRC collect.
Yes, it looks like people are going to get hit with CGT and IHT increases. Not content with freezing the elderly, Labour are reduced to robbing the dead. It's come to this?"
|
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"NHS on its knees after 14 years of conservative failure
Same for bankrupt councils of ALL parties
Schools crumbling
Conservatives promised to build 41 hospitals over the last three years
Reality ? They built none
Zero
Zilch
"
All this, but dwarfed by £1.7trn additional (trebled) national debt |
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By *ackal1Couple 9 weeks ago
Manchester |
Just my thoughts
I believe fairness in all this would be a welcome starting point.
So yes, feel free to tax inheritance as the threshold is reasonably high and in some cases a housing boom means some money has not always been earned or been taxed before.
I do however feel strongly if it’s good enough for the middle earners to pay fair tax then equally stop the abusive avoidance by offshore trusts where the real money has been kept for generations.
A recent bit of research by a serious countryside activist ( he’s on u-tube) showed that shockingly it’s now over 80% of this country’s land is owned by 1% of the population. ( nod to the above 70% but it’s now higher)
A great deal of that land ownership is registered abroad. To add insult to industry it’s alleged a lot of those landowners receive farming / land/ environment subsidies from the government which are paid to the offshore trusts or other foreign based owners so again avoiding UK tax. Wealth on top of wealth for centuries.
So I agree, it’s reasonable to ‘fairly’ tax the better off but at least have a go at the ultra wealthy who don’t pay any.
Removing the fuel allowance was good in principle but the threshold was stupidly set far too low!
The government need to own up and re-set it.
Oh and taxing MPs gifts would be a good addition. In fact no , just ban all gifts, just as civil servants are not allowed gifts.
We want a fairer society so start at the top. |
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" To add insult to industry it’s alleged a lot of those landowners receive farming / land/ environment subsidies from the government which are paid to the offshore trusts or other foreign based owners so again avoiding UK tax. Wealth on top of wealth for centuries.
"
Doesn’t billionaire brexiteer Sir James Dyson take several million a year subsidies for his farming businesses - and also pays no tax |
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"can't understand why so many are clucking over a tax that affects only 4% of families or in effect 1% of individuals. it's mind boggling.
Possibly because it’s only part of the story, theft of pensioners fuel allowance, taxing employers (many struggling small businesses) with higher national insurance
While the likes of second home right to buy flipper Rayner holidaying in donor Alli’s £18M New York second home.
and your manifesto to get the country out of the shit is? ......
They can never answer that question.
True. Can’t fit a 300 page manifesto into a comments box. "
Oh I’m sure no one expects 300 pages, but just something that we can all say “ my god why hasn’t any of the last two governments thought of those policies “ |
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By *ackal1Couple 9 weeks ago
Manchester |
" To add insult to industry it’s alleged a lot of those landowners receive farming / land/ environment subsidies from the government which are paid to the offshore trusts or other foreign based owners so again avoiding UK tax. Wealth on top of wealth for centuries.
Doesn’t billionaire brexiteer Sir James Dyson take several million a year subsidies for his farming businesses - and also pays no tax "
I don’t know about Dyson to be honest but I know it’s been alleged. The Bamford family earns hundreds of millions each year but it goes offshore. The EU were after his type of tax avoidance which is why he was so pro Brexit. Look at the owner of the Daily Mail. His personal income goes offshore. There are many others with similar incomes all doing the same.
I don’t want these people to pay punitive tax as that’s just stupid and non productive. They should however pay the same rate as the top PAYE earners in the U.K. Why not?
These trusts are used to buy anything they need or want in the U.K. they just avoid U.K. tax.
So before we start taking money of low wealth pensioners, large scale legal tax avoidance should be addressed.
The Daily mail will attack people on benefits taking a few hundred a week while its owners receive millions each year in subsidies through tax give aways. . |
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" To add insult to industry it’s alleged a lot of those landowners receive farming / land/ environment subsidies from the government which are paid to the offshore trusts or other foreign based owners so again avoiding UK tax. Wealth on top of wealth for centuries.
Doesn’t billionaire brexiteer Sir James Dyson take several million a year subsidies for his farming businesses - and also pays no tax
I don’t know about Dyson to be honest but I know it’s been alleged. The Bamford family earns hundreds of millions each year but it goes offshore. The EU were after his type of tax avoidance which is why he was so pro Brexit. Look at the owner of the Daily Mail. His personal income goes offshore. There are many others with similar incomes all doing the same.
I don’t want these people to pay punitive tax as that’s just stupid and non productive. They should however pay the same rate as the top PAYE earners in the U.K. Why not?
These trusts are used to buy anything they need or want in the U.K. they just avoid U.K. tax.
So before we start taking money of low wealth pensioners, large scale legal tax avoidance should be addressed.
The Daily mail will attack people on benefits taking a few hundred a week while its owners receive millions each year in subsidies through tax give aways. . "
“the UK tax gap in 2022 to 2023 is estimated to be 4.8% of total theoretical tax liabilities, or £39.8 billion in absolute terms, which means HMRC collected 95.2% of all tax due”
.20 Jun 2024. HMRC
Tightening hmrc compliance would generate enough to plug the black hole. |
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By *ackal1Couple 9 weeks ago
Manchester |
" To add insult to industry it’s alleged a lot of those landowners receive farming / land/ environment subsidies from the government which are paid to the offshore trusts or other foreign based owners so again avoiding UK tax. Wealth on top of wealth for centuries.
Doesn’t billionaire brexiteer Sir James Dyson take several million a year subsidies for his farming businesses - and also pays no tax
I don’t know about Dyson to be honest but I know it’s been alleged. The Bamford family earns hundreds of millions each year but it goes offshore. The EU were after his type of tax avoidance which is why he was so pro Brexit. Look at the owner of the Daily Mail. His personal income goes offshore. There are many others with similar incomes all doing the same.
I don’t want these people to pay punitive tax as that’s just stupid and non productive. They should however pay the same rate as the top PAYE earners in the U.K. Why not?
These trusts are used to buy anything they need or want in the U.K. they just avoid U.K. tax.
So before we start taking money of low wealth pensioners, large scale legal tax avoidance should be addressed.
The Daily mail will attack people on benefits taking a few hundred a week while its owners receive millions each year in subsidies through tax give aways. .
“the UK tax gap in 2022 to 2023 is estimated to be 4.8% of total theoretical tax liabilities, or £39.8 billion in absolute terms, which means HMRC collected 95.2% of all tax due”
.20 Jun 2024. HMRC
Tightening hmrc compliance would generate enough to plug the black hole. "
Interesting stats and I have no reason to disagree with your facts. I do feel however stopping avoidance would fill the hole many times over! Not the best sentence on a swinging site!  .
There is a building in the British Virgin isles which is maybe the size of a small town hall. It’s known locally as the post office but that’s definitely not its purpose.
It’s the registered offshore address of over 24,000 UK companies. The excuses are it’s used for international payments or currency reasons . I don’t think so.
There’s a lot of poverty in the Virgin isles so they don’t benefit from our governments influence or having so many companies registered there. Unlike Ireland.
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" To add insult to industry it’s alleged a lot of those landowners receive farming / land/ environment subsidies from the government which are paid to the offshore trusts or other foreign based owners so again avoiding UK tax. Wealth on top of wealth for centuries.
Doesn’t billionaire brexiteer Sir James Dyson take several million a year subsidies for his farming businesses - and also pays no tax
I don’t know about Dyson to be honest but I know it’s been alleged. The Bamford family earns hundreds of millions each year but it goes offshore. The EU were after his type of tax avoidance which is why he was so pro Brexit. Look at the owner of the Daily Mail. His personal income goes offshore. There are many others with similar incomes all doing the same.
I don’t want these people to pay punitive tax as that’s just stupid and non productive. They should however pay the same rate as the top PAYE earners in the U.K. Why not?
These trusts are used to buy anything they need or want in the U.K. they just avoid U.K. tax.
So before we start taking money of low wealth pensioners, large scale legal tax avoidance should be addressed.
The Daily mail will attack people on benefits taking a few hundred a week while its owners receive millions each year in subsidies through tax give aways. .
“the UK tax gap in 2022 to 2023 is estimated to be 4.8% of total theoretical tax liabilities, or £39.8 billion in absolute terms, which means HMRC collected 95.2% of all tax due”
.20 Jun 2024. HMRC
Tightening hmrc compliance would generate enough to plug the black hole. "
Interesting that people seem to accept the size and existence of the “black hole” despite labour refusing to show their workings.
Anyway, uncollected taxes are obvious waste, but the number is quite small compared to the cost of long term unemployed people.
The cost of working-aged health-related benefits was 36bn per annum before the pandemic, is 48bn now, and is forecast to rise to 63bn in the next 4 years.
These are astonishing figures. Winter fuel allowance policy saves less than 1bn, by comparison.
It has to be possible to make huge inroads into those numbers. Labour’s first initiative? Give weight-loss drugs to obese people to get them back to work. Clumsy … |
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By *irldnCouple 9 weeks ago
Brighton |
"4% of families pay IHT ... that equates to 1% of individuals being liable for IHT according to the ONS
"
Assume as a 45% tax payer, you are building up a decent estate. So I bet you are looking forward to your family paying IHT? |
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By *otMe66Man 9 weeks ago
Terra Firma |
We the great British public, scorn success instead of celebrating it, unlike in the US where achievements and success are actually admired.
The feeling is palpable in terms of a nation trying to drag everyone down.
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"4% of families pay IHT ... that equates to 1% of individuals being liable for IHT according to the ONS
Assume as a 45% tax payer, you are building up a decent estate. So I bet you are looking forward to your family paying IHT?"
i have no family ... thanks for reminding me  |
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By *irldnCouple 9 weeks ago
Brighton |
"4% of families pay IHT ... that equates to 1% of individuals being liable for IHT according to the ONS
Assume as a 45% tax payer, you are building up a decent estate. So I bet you are looking forward to your family paying IHT?
i have no family ... thanks for reminding me "
Ah ok explains your views on private school VAT and IHT, doesn’t affect you. |
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"4% of families pay IHT ... that equates to 1% of individuals being liable for IHT according to the ONS
Assume as a 45% tax payer, you are building up a decent estate. So I bet you are looking forward to your family paying IHT?
i have no family ... thanks for reminding me
Ah ok explains your views on private school VAT and IHT, doesn’t affect you."
I hold a mirror of that statement to you ... and thanks for using surmised personal remarks to remind me that I have lost everyone in my family .... now including those that had already made their way through the education system and out the other side .... your remarks are as flippant as they are incorrect |
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By *irldnCouple 9 weeks ago
Brighton |
"4% of families pay IHT ... that equates to 1% of individuals being liable for IHT according to the ONS
Assume as a 45% tax payer, you are building up a decent estate. So I bet you are looking forward to your family paying IHT?
i have no family ... thanks for reminding me
Ah ok explains your views on private school VAT and IHT, doesn’t affect you.
I hold a mirror of that statement to you ... and thanks for using surmised personal remarks to remind me that I have lost everyone in my family .... now including those that had already made their way through the education system and out the other side .... your remarks are as flippant as they are incorrect"
When you say “lost everyone in my family” that implies something quite tragic. If that is the case then you have my honest and sincerest condolences. Nobody other than you could possibly know your personal situation so be assured no malice intended.
With that in mind, my comments were not flippant. You have been vocal on some issues and it is now somewhat clearer why. |
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