fly high
Well-known member
But how do we know if they really want to grab more IHT they won't reduce the tax free part so dragging many more into paying it.
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[Politics] Inheritance Tax
- Thread starter nicko31
- Start date
BrightonCottager
Well-known member
I do beg your pardon. I misinterpreted the HMRC rules about the Residential Nil Rate Band being passed onto beneficiaries. It only applies to direct descendants. Quote from the website below:
'If you give away your home to your children (including adopted, foster or stepchildren) or grandchildren your threshold can increase to £500,000.'
www.gov.uk
'If you give away your home to your children (including adopted, foster or stepchildren) or grandchildren your threshold can increase to £500,000.'
How Inheritance Tax works: thresholds, rules and allowances
Inheritance Tax (IHT) is paid when a person's estate is worth more than £325,000 when they die - exemptions, passing on property. Sometimes known as death duties.
We don't. However, I was just correcting someone on what the system currently is, not speculating.
Terry Butcher Tribute Act
Well-known member
- Aug 18, 2013
- 3,685
Once again Labour not getting the hang of briefing in a policy, I suppose that stems from spending 4 years in opposition doing nothing beyond slating Tories.
It shouldn't be difficult to get across that this isn't going to impact your average working class family.
It shouldn't be difficult to get across that this isn't going to impact your average working class family.
Some things can be said over and over - but if folk don't want to listen or take it in, it's an uphill struggle to get it across.
And anyway - no-one knows yet what the changes will be, so Labour can't get anything across really.
They have repeatedly said this isn’t going to affect the average working person. Whether you choose to listen is a different matter.
Terry Butcher Tribute Act
Well-known member
- Aug 18, 2013
- 3,685
They don't control the red tops so need to find others ways to get their message out their that isn't buried in your average Guardian opinion column. Out of touch, imho.
Beach Hut
Brighton Bhuna Boy
Indeed they have, just as they said they were pro-pensioners prior to shafting them big-time over winter fuel allowance
How do you suggest though? As you say - they can't control the news in 90% of the papers, the BBC are fairly impartial - so that doesn't leave them much. Social Media - but that's got a mixed reach. What's your suggestion?
Terry Butcher Tribute Act
Well-known member
- Aug 18, 2013
- 3,685
BBC might be impartial but doesn't mean you can't use it to explain details of a policy. Or for that matted, GMB, Sky News, Youtube, Twitter, Tik Tok, Facebook.
At the moment they are just gifting Tories open goals.
….and most of the rest will be planning how to best avoid it
Is it PotG?
Thrifty non-licker
This “lazy tax grab” will drag average families into paying the levy while the ultra-rich manipulate loopholes to avoid it.
The increased income to the Govt will be negligible and hopefully alienate many of the tactical voters who voted yellow last time.
The increased income to the Govt will be negligible and hopefully alienate many of the tactical voters who voted yellow last time.
Machiavelli
Well-known member
I agree with you. There is an in-built structural bias towards the Tories and against all other parties in our media. It's a shame that so many others struggle to understand this.
severnside gull
Well-known member
What utter tosh. Labour can “brief” all it wants (although notably and admirably it shows little sign of doing so) it’s the MSM that spread disinformation regardless
4% of estates are currently subject to IHT. Exactly how much of a shift in the thresholds are you anticipating for it to actually affect the 'average' household?
Machiavelli
Well-known member
Here's some helpful and accurate information for those interested in what IHT is collected on currently, how much it raises, how much it is projected to raise on current trajectories, and the potential changes to it:
www.theguardian.com
What is inheritance tax and why might Reeves target it in her budget?
Some are predicting sweeping changes to the levy payable on the part of estates over £325,000
www.theguardian.com
nicko31
Well-known member
- Thread starter
- #418
Def. do something about no IHT on pension pots. This hasn't even been taxed in the first place, farcical....Here's some helpful and accurate information for those interested in what IHT is collected on currently, how much it raises, how much it is projected to raise on current trajectories, and the potential changes to it:
What is inheritance tax and why might Reeves target it in her budget?
Some are predicting sweeping changes to the levy payable on the part of estates over £325,000
Shropshire Seagull
Well-known member
But pension pots have always been encouraged by governments to help relieve dependency on the state pension.
How else can pension incentives be made if the tax carrot is removed?
Would be short-termism of the highest order.
Keynesium economic theory discourages savings as this takes money out of the economy and pension pots are a form of long term savings.
fly high
Well-known member
I was amazed when Mum was paid my brother's pension each month, tax free. Pot is peanuts as was his estate & will take nearly 2 years before it pays off his funeral costs & we didn't spend a fortune, no cars, simple cremation etc. Guess the pot wouldn't come into the category to be taxed anyway but thought the monthly payments would be taxed.