Labour should increase inheritance tax to 50 per cent

The last budget was meant to be a one off tax and borrowing hike from Labour.

What happened, why are Labour etc still asking for more with this kind of thing?

We are not staying to watch the bankruptcy.

Isn’t that Communism?

It depends what your own personal version of the greater good is and how that aligns with the public sector's version.

It's evident to me that the greater good for Great Britain has been set aside by the public sector and the outcome is a deterioration into a dangerously fractured and sectarian society which is increasingly lawless and very unpleasant to live in. The public sector attitude to the victims of child rape gangs being the most deplorable and disgusting example which is impossible to live with for me. The end.

My two sons don't want to live here. UK employers train staff in how privileged white men are and how they must step back for everyone else. They have decided to step away completely. I'm following them out.

If you believe there's a policy tweak available that will generate sufficient cash to reinstate the social contract then keep searching however you are looking for the wrong thing. Keep taking money from people for this society they fundamentally don't consider to be fair to them and you will simply make them hate it more.

Well said

the benefit money is unearned

Probably the best idea then is to sell up later, downsize and go on loads of holidays! (Or move to a different country) the boy will make his own money anyway 😊

Another reason it's not a good idea is that any gain between the "gift" and ultimate sale is liable to capital gains tax as it's no longer the "main residence" for main residence CGT relief as the "owner", i.e. the child isn't living there!

I've had a fair few cases where solicitors have done such a gift/transfer for IHT purposes without realising/advising on the CGT implications. The children don't like suddenly finding themselves with CGT to pay!!

Yes that's right, take more money from people who probably worked hard their lives to save so the government can add it to the millions spent on putting people who snuck in into the country in hotels. Are you unlikely to inherit op? 😁

I earned it, I paid tax, ni, interest tax, cgt on it why does the Government come to get another bite of my hard earned cash.

I should be allowed to leave all of it to who I want.

Would you feel the same if you had 2 or 3 siblings who’d inherit equal shares? Maybe not.
Perhaps a new law could raise it to 50% solely for only children.

You're still missing the point. If you live in a cheap area and own a home, then your child is allowed to keep your entire home. If you live in a more expensive area then even at current property prices and IHT rules, then unless you have a lot of extra money the family home has to be sold. Where couples have broken up so there is only one parent present, remember this is happening at £500k NOT £1m.

For several reasons this is a bad idea, if you continue to live in the house then it achieves nothing as it is classed as a "gift with reservation of benefit" and counted for IHT.

The only way round this would be that you pay full market rent and survive for 7 years.

There is also the issue of deprivation of assets, if you end up needing care the council could class it as deliberate deprivation and either refuse to pay towards care or take legal action to reverse the gift.

Another issue is that if your DC went bankrupt / got divorced etc you could end up loosing the home, as you would have no rights to it.

So generally it would be strongly advised against by solicitors as it offers very little protection against tax and care costs but has the potential to be ruinous to you.

He was childless and leaving it to nieces/nephews so RNRB is not available

You can give it to your kids but if you're still living there as before it will still be included in the value of your estate and so subject to IHT.

Have you added the residential nil rate band and claimed for that, it gives you an extra £175K of relief on property.

Are you allowed to just give your kids ownership of your house when your getting old? I have 1 son, already thinking about how I can gift him my house before I die so the greedy work shy cant get their hands on it! (Im only 45) but threads like this make you think about these things.

”Redistribute wealth?” Why should I give my family’s wealth to you?
Amass your own.

You can voluntarily opt to pay more when the time comes, so do feel free to do that.

The flaw with this is that it assumes the property is still owned by the person at death. To reduce IHT you have to keep the property even if the elderly person moves into a home. This just increases the number of homes left empty.

And no, I'm not bitter and nasty 🙄, don't claim benefits, work hard, have savings and a in line for inheritance at some point.

A 10% IHT across the board then a tapering increase for larger estates seems sensible. It's unearned money for the individuals receiving it, and a great deal of inheritance is down to the huge property value increases that most on here have such issues with.

People that actually want this are just bitter and nasty that their parents have nothing to pass on to them, because if they had they would know just how unreasonable this would be.

I would also say those same bitter and nasty people have no concept of what it actually takes to have a little something to pass on their children, and have a very entitled mindset, those assets have already been taxed.

Your benefit money is still safe, go claim it from somewhere else not from hardworking people, with modest assets that have already been taxed through the nose on.