No he isn’t. He won’t be held to account.Reeves is expected to make it explicit that she believes her predecessor deliberately did not act to address the looming spending shortfall. “Jeremy Hunt is going to have a lot of explaining to do,” said one source.
Rachel Reeves expected to reveal £20bn shortfall in public finances
Chancellor may raise some taxes in the autumn due to what Labour describes as its ‘shocking inheritance’ from Torieswww.theguardian.com
Well, why not just call it a score draw?
Seriously?
Not 100% obviously.Seriously?
Sorry, didn’t mean to quote this. Fat finger again and I haven’t even had a drink!Well, I'm about to pay some IHT, and will find out how much in a few months -- it won't be huge -- but am about to receive a far larger pile of cash, and will no longer be living month-to-month as I have been throughout my working life. My parents grew up in the war, but they benefited from decades of peace thereafter, huge upward mobility and an economy that worked for all until the 1970s, and then house price inflation thereafter. My partner and I have worked far harder for less and less security than my parents did.
I'm hoping Reeves closes loopholes with IHT in her first budget as they're pretty transparent. One is the widely discussed one regarding agricultural land which is being exploited. Another is investing in start-ups which is exempt. And here's another that are being promoted by accountants based in tax havens:
Super-rich being advised how to avoid Labour tax clampdown, undercover investigation suggests
Revealed: Wealthy being pitched offshore products said to shelter fortunes from inheritance tax and capital gains tax
No chance that was happening , too many thought it was all free and didn't need to be paid back, then you have those that didn't get furlough/support saying why should they pay it back
but the ones who have died may well have scrimped and scraped so that they could leave something to help their children not have to?..
Yes - but I was responding to the specific comment that the person who had died was being penalised. You can't penalise someone who isn't there!
As has been pointed out numerous times now, of the 4% who's offspring will actually pay inheritance tax, what percentage do you think scrimped and saved to get the £1M during their working life and what percentage do you think inherited a significant proportion (if not all) of it
If you have earned it, and paid tax on it as you earned it, why can't you gift what's left to your wife? Or your kids? When you die, or before. Taxing the gift is wrong. I say that as a Labour party member.
Why. What are you going to do?
Save for unexpected early death and/or holding onto assets for too long - most wealthy navigate away from paying any excessive IHT sum through downsizing property, then gifting of their assets (in particular accumulated equity), placing other taxable assets into structures and using insurance policies to cover any potential residual tax bill.
Bollocks.Reeves is expected to make it explicit that she believes her predecessor deliberately did not act to address the looming spending shortfall. “Jeremy Hunt is going to have a lot of explaining to do,” said one source.
Rachel Reeves expected to reveal £20bn shortfall in public finances
Chancellor may raise some taxes in the autumn due to what Labour describes as its ‘shocking inheritance’ from Tories
Don’t know about percentages but according to The Guardian there are 69,000 self made millionaires in the UK and I honestly think that there couldn’t be that many from old money? Just an entrenched view that it’s the Lords and Dukes - in modern times it’s the grafters that earn the moneyAs has been pointed out numerous times now, of the 4% who's offspring will actually pay inheritance tax, what percentage do you think scrimped and saved to get the £1M during their working life and what percentage do you think inherited a significant proportion (if not all) of it
If thresholds come down…my aver.
It’s not entitled for my children to expect what your parents worked for, (me as parent in this example), to be left to you without being taxed.