Same old Tories...

[sten_super]

IHT is double-taxation and, as has been pointed out, this surely is fundamentally wrong. The Tories must realise this, so why don't they have the balls to get rid?

What makes it even more galling is that it is a relatively low earner... according to the BBC it was 0.5% of total tax revenues in 2006.

 

[El Presidente]

But I've paid income tax on the money used to build up my estate, sales tax on the money I then used to buy the property and then my kid has to pay tax on this again? Thats my issue.

Fair enough, the alternative is that you can pay more income and sales tax whilst you are alive, and no IHT when you die, that's the choice. You will still pay the same amount of tax overall.

Both Labour and Tories have always spent a lot of money, Labour has poured millions into the NHS, which has mainly gone on consultants pensions and gold club membership, the Tories spent it on huge amounts of unemployment benefit. N

 

[El Presidente]

What makes it even more galling is that it is a relatively low earner... according to the BBC it was 0.5% of total tax revenues in 2006.

So therefore why are we having this BINFEST

 

[Skint Gull]

Forgive me if I show some ignorance in this but this is how I see it:

Man buys house for 200000

Man dies when house is worth 300000

Mans 3 children get given 100000 near enough tax free, EACH

Mans children each now have 100000 extra each towards their house pushing house prices up further




All this while your council house renter has no assetts to leave to his children, who now can't get onto the housing ladder because their friends who inherited/will inherit 100000 from their parents can afford to buy an over inflated house price.

If I look at this personally I can say inheritance tax will almost certainly affect me on it's current standing but my brother and I would still get £140000 tax free and then pay 40% on everything after.

This is the one tax that tries to keep things on an even keel and as far as i'm concerned, if you are looking at it from a national perspective, this tax is essential.

 

[tedebear]

Fair enough, the alternative is that you can pay more income and sales tax whilst you are alive, and no IHT when you die, that's the choice. You will still pay the same amount of tax overall.

Both Labour and Tories have always spent a lot of money, Labour has poured millions into the NHS, which has mainly gone on consultants pensions and gold club membership, the Tories spent it on huge amounts of unemployment benefit. N

I don't see that changing the mix of tax solves anything at the moment. Infact I think the biggest issue at the moment is getting tax monies spent more efficiently and effectively. I'd love to be part of some crack audit squad to go into the NHS or the Home Office and actually see how "well" our tax money is being used. I personally think both of them are woefully inefficient and churn unneccessarily through the money at the moment possibly due to underinvestment by previous governments in infrastructure although I don't have any concrete evidence but just my personal hunch.

 

[Pavilionaire]

Rubbish Skint Gull. It's a low tax earner but brings the tax system into disrepute. It is also a pain in the arse for accountants and solicitors to administer, so in addition to the tax you have to factor in professional fees costs for the poor bastard forking out.

 

[tedebear]

Forgive me if I show some ignorance in this but this is how I see it:

Man buys house for 200000

this tax is essential.

So it wouldn't matter to you one little bit that man worked his bollocks off day and night to make the £220k to buy his house, paying tax on that income already. Moving himself out of a council house (make way for someone else) and into his own home?

(Hypothetical situation but could be reality)

 

[readingstockport]

So it wouldn't matter to you one little bit that man worked his bollocks off day and night to make the £220k to buy his house, paying tax on that income already. Moving himself out of a council house (make way for someone else) and into his own home?

(Hypothetical situation but could be reality)

Show me anyone who has recently moved out of a council house to buy and I'll show you a liar. Most people moving from social housing into the house buying sphere do so by buying their council property and then selling it on for a vast profit removing it forever from the social housing pool.

Can I ask something on a slightly different topic here.

Why is it ok for people who have lived in council housing to be given a right to buy but not those who have rented in privately owned accomodation owned by a landlord? Genuine question, I know of some who have been renting privately for 20 years and have already effectively paid the mortgage on the property they rent but they have no rights to buy at all.

 

[London Calling]

It seems fair enough to me to pay tax because the market has gone up. And also because the train line has improved. How much public money is going into the improved train service? It seems only right that if people are seeing their wealth grow because of that public spending, then they should be taxed on it. Not unduly taxed, but fairly taxed.

..............the public spending that has already been collected from, and will be collected from tax payers.............

When taxing property came in, it was in the days when very few people owned property, it really was a tax on the supper rich. Even recent amendments were based on a low property owning public. Now owning property is the norm and the goal of most people in the UK. This is really one of those taxes they should go and be replaced by income tax or a new green tax.

 

[tedebear]

Why is it ok for people who have lived in council housing to be given a right to buy but not those who have rented in privately owned accomodation owned by a landlord? Genuine question, I know of some who have been renting privately for 20 years and have already effectively paid the mortgage on the property they rent but they have no rights to buy at all.

I'm agog that someone would choose to rent for 20 years? I mean a few years ok - sometimes it has to be done - but 20 years of paying someone elses mortgage?

 

[readingstockport]

Tede, there are people who simply do not have the kind of job that allows them to save a deposit or a jpb that pays enough for them to actually get a mortgage loan. They can afford manage to pay 700 or so per month in rent but because they earn so little they have no choice but to rent as no mortgage company will touch them.

Classic sub-primers in fact.

 

[Tooting Gull]

I'm agog that someone would choose to rent for 20 years? I mean a few years ok - sometimes it has to be done - but 20 years of paying someone elses mortgage?

Having lived in London for a good while, I can completely see how that might happen, especially if you didn't buy at a certain moment in time.

You earn a salary that would probably just pay a mortgage, but you might not actually get one for the house price and the deposit you'd need. It's been a scandal for years.

I'll tell you something - if the Tories do something to seriously help first-time buyers, all first-time buyers not just for people in public sector professions (mainly for twenty-somethings) and are serious about reducing inheritance tax (mainly affects people older than that), they will start to win a lot of votes where they need to, which is in the south-east.

 

[Tony Meolas Loan Spell]

I just wish we could have two DECENT political parties. That way by having a decent opposition then it would keep the current party on their toes. the Lib Dems dont count coz they have David Bellend lest anyone forget.

At the moment Labour do what the f*** they like coz they know the Tories are shite. Just like the Tories did in the 80s when Labour were a pile of shit.

Works both ways.

 

[sten_super]

I'm agog that someone would choose to rent for 20 years? I mean a few years ok - sometimes it has to be done - but 20 years of paying someone elses mortgage?

The thing is that renting costs are lower now than mortgage repayments on the same property. We pay just under £800 a month for a property that is worth about £300000. It's going to happen more and more, and I'm in 2 minds about whether it's a bad thing or not; it's certainly what needs to happen if there is to be any prolonged slowdown in prices in the housing market.

I think it will depend what happens in the rental market; I suspect that the current low rents are due to the fact that people bought houses on mortgages which are far below their current values; if prices stabilise, then rental prices are likely to fall closer in line with market rates, and demand for rental properties will fall again.

 

[London Calling]

Show me anyone who has recently moved out of a council house to buy and I'll show you a liar. Most people moving from social housing into the house buying sphere do so by buying their council property and then selling it on for a vast profit removing it forever from the social housing pool.

Can I ask something on a slightly different topic here.

Why is it ok for people who have lived in council housing to be given a right to buy but not those who have rented in privately owned accomodation owned by a landlord? Genuine question, I know of some who have been renting privately for 20 years and have already effectively paid the mortgage on the property they rent but they have no rights to buy at all.

Agree, looked at by Labour a few years ago but they got cold feet over it, basically feared a roasting in the media.

 

[London Calling]

I'm agog that someone would choose to rent for 20 years? I mean a few years ok - sometimes it has to be done - but 20 years of paying someone elses mortgage?

This was once the norm, my parents rented a property in Brighton from 1947 until 2005, until my mum died.

 

[tedebear]

Tede, there are people who simply do not have the kind of job that allows them to save a deposit or a jpb that pays enough for them to actually get a mortgage loan. They can afford manage to pay 700 or so per month in rent but because they earn so little they have no choice but to rent as no mortgage company will touch them.

Classic sub-primers in fact.

If you want it hard enough the majority (not all) of people can do it. My brother in law and his girlfriend have moved in with his parents to save money for a deposit. People could also move to a property where they paid less rent - and save the difference each month?

I agree not all can do it - but over twenty years surely you could save something? £50 a month over 20 years is £12k!

 

[clippedgull]

Whatever the Tories say they will do is pointless as they have ZERO chance of getting into power, certainly in the next election.

Also both main parties bang on about helping families with children.

What about the single people?

Child Benefit should be means tested for a start.

 

[The Large One]

Child Benefit should be means tested for a start.

That was suggested under the Tories, and quite rightly abandoned. The money saved by not paying better off families would be eaten up in an instant with the cost of setting up and running a means testing system.

 

[readingstockport]

12 k won't pay a deposit on a sodding shoe box in the south tede. And not everyone has parents they can move in with for all sorts of reasons.