UK Politics

[steviewevie]

 

[mattiloy]

On 11/16/2024 at 6:35 PM, steviewevie said:

Good argument for increasing inheritance tax.

Middle class millennials set to gain most from ‘unprecedented’ wealth transfer | Inequality | The Guardian

 

All for a big old inheritance tax. But also get that people want to leave something behind. So maybe just everyone agrees on a reasonable ceiling in cash per child + partner. 50k? 100k? Then just take everything above that, exceptions for those who have dependents (kids or disabled adults), there the tax could be suspended until they no longer needed it.
 

Not that certain about the figures in the article mind. Without migrants the population would decline and the arse would fall out of the property market a la Japan in the 2000s. 20 year forecasts for population growth/net migration are vulnerable to political choices.

[steviewevie]

 

[steviewevie]

wax jacket twats

[Neil]

farmers: dickheads, protesting about paying half the tax of others, and with a great deal

 

Quote

Under the new rules, those 462 farms would be affected by the 20% inheritance tax on any value above £1m (not on the whole value). The normal rate of inheritance tax is 40%.

However, as Dan Neidle - founder of the independent Tax Policy Associates - points out, like for the rest of the population, there is no inheritance tax to be paid on the value of property up to £325,000, bringing the untaxed total to £1.325m.

If a farmer is married, his or her spouse would be able to pass on another £1.325m tax free, taking the total untaxed amount to £2.65m.

There were 117 farms valued above £2.5m in 2021-22, according to the HMRC figures, external.

In addition, there is a £175,000 tax-free allowance on a main residence when it is being passed on to children or grandchildren. This brings the total untaxed amount for a farming couple to up to £3m.

Under the new rules, those 462 farms would be affected by the 20% inheritance tax on any value above £1m (not on the whole value). The normal rate of inheritance tax is 40%.

However, as Dan Neidle - founder of the independent Tax Policy Associates - points out, like for the rest of the population, there is no inheritance tax to be paid on the value of property up to £325,000, bringing the untaxed total to £1.325m.

If a farmer is married, his or her spouse would be able to pass on another £1.325m tax free, taking the total untaxed amount to £2.65m.

There were 117 farms valued above £2.5m in 2021-22, according to the HMRC figures, external.

In addition, there is a £175,000 tax-free allowance on a main residence when it is being passed on to children or grandchildren. This brings the total untaxed amount for a farming couple to up to £3m.

from: https://www.bbc.co.uk/news/articles/c8rlk0d2vk2o