What tax do you most hate

[Taxta]

I’m torn between stamp duty and inheritance tax.

@coulditbeme2323 care in the home which is far more common doesn’t take into account house value.

So something you have been paying a third or more of your wages and salary for over twenty five years should go to those less fortunate and not to your own children who will possibly be made homeless. Give it to someone like my brother who has never really worked throughout his life until he reached 78. That is just a plain, ridiculous idea. Imagine the riots!

In my friend’s scenario, she would have preferred the home to be under IHT threshold as that would have given her the breathing space to deal with everything and move into and retain the family home. The advance taxes, interest on taxes, made this unaffordable. There was no money in the estate to buffer this.

Stamp duty. I rent, but am looking to get back into the housing market. However, I have to constantly factor that tax in, because I don’t have another property to sell or enough savings.

Then you sell the house and take a £1m inheritance.

Starmer loyalist urges prime minister to go further on tax

Don't you worry guys - tax rises are coming.

Unlike MPs on the soft left of the party, Sandher defended Reeves’ fiscal rules and accepted it was vital to maintain credibility. But he suggested that taxes on wealth could fill the gap. “How courageous we are going forward, I think, is the question. And it’s a question for future budgets,” he said, pointing out the government had already targeted dividends, private jets and windfall energy profits.

They also increased taxes on interest, put pension into IHT estate, taxed pension contributions from 2029, taxed property in higher council tax bands.

Most people have to sell inherited homes because there is often more than 1 child inheriting

Like so many others, I think SDLT is crazy as it stops life progressing and stunts the economic activity there could be with every house sale.

I think Inheritance Tax is a wonderful thing. It shocks me that people genuinely and sincerely think it is evil. Many taxes are taxes on taxed income, not just Inheritance Tax! (think VAT, road tax, TV License, SDLT, whatever.)

I think that those with assets to pass on to the next generation should buy life insurance to cover the inheritance tax bill for when those who will inherit are young and vulnerable and need the comfort and stability of the family home. Much less so when those inheriting already have their independent lives established. These lucky folks are getting a windfall and should absolutely share it with society in my opinion. (Yes, I know they've lost a loved one, but others lose much loved ones and inherit nothing, so they are indeed comparatively lucky.)

I'm someone who has paid lots of SDLT, will never inherit a penny, but will likely have an estate to pass on when the time comes. So those are my biases.

@nearlylovemyusername of course they are. Every gov will have to raise taxes as we are broke.

stamp duty. It should not be payable on your primary residence.
id support inheritance tax being increased

I think Inheritance Tax is a wonderful thing. It shocks me that people genuinely and sincerely think it is evil. Many taxes are taxes on taxed income, not just Inheritance Tax! (think VAT, road tax, TV License, SDLT, whatever.)

I don’t get it particularly as so much is unearned

These are your biases.

Providing for own children is the strongest motivation to do well for most of people.
So you work your entire life, save, make good choices. You pay 40p tax on every pound earned (in some cases it's 62%). You pay STDL to buy your home, you pay 42% tax on interest on your savings, 38% on dividends etc. Then out of those 60p you have left, your children will pay 40% of IHT, so they are only left 36p from every pound you earned.

And you know what - some of us can't pass it to our kids early enough to avoid IHT due to personal circumstances, so it's better to stop working at all, close business if you have one, blow it all on holidays abroad. I shared enough in my lifetime, my kids absolutely do not need to share.

Yes, you are right. However, a discount of up to 80% was available for the lowest income adults.
I do still think it’s fair that everyone pays, rather than according to property banding.

Inheritance and income.

Income because it's taking my hard work. Inheritance because it's taking my hard work that I want to give to my kids.

Income tax, the level is far too low, it is ridiculous that we are raising the minimum wage as life is not affordable, supplementing income with UC and still taxing income. Just raise the personal allowance to the level of the minimum slightly lowered wage, and probably raise the 45% tax band to 50%.
I would like to see the figures on that.

Also student loans not a tax but they are essentially a tax that goes to a private company, they should just be an education tax - lets stop pretending they are a loan, just put in an additional income tax for anyone who attends university, but remove it on NHS or state teaching wages.

@Fortheloveofgodwhy lower & middle earners pay less tax vs other similar countries. Our higher band is in line

but remove it on NHS or state teaching wages.

Thats sounds like a great idea 🤔

@nearlylovemyusername why isn’t up to 1m enough for your dc?

Why do you want to bleed us high earners even more?

The usual everyone else should pay more tax except me I suspect!

It not a personal attack despite what you seem to think?

Contrary to your assumption I am a high earner. The extra 5% over 125k isn't going to massively alter my lifestyle. But to someone on minimum or low wage saving 20% on 5k a year is a huge difference.

I don’t want to “bleed” you. I want you-and me-to contribute to society.

Why are high earners so obsessed with taxing the working classes until they literally cannot afford to live? Raising the personal allowance to £18k would massively stimulate the economy.

Then you raise it to 18k for everybody

Cut their taxes fine..but don't raise ours.