What tax do you most hate

[Taxta]

I’m torn between stamp duty and inheritance tax.

So effectively bringing in CTG on residential property?

I agree that tax revenue should be spent wisely and that taxation should be scrutinised, of course. But this thread specifically invites posters to state which taxes they 'hate' -that's what I take issue with.

The 'highest' taxpayers will take out on average of £1.20 for every £1 they put in. 😂

Surely you realise that what you're saying makes zero mathematical sense.

If you can't see why, then tell me what are your boundaries for 'highest'?😂

What do we do with the state pension if people have "paid in" via NI?

I took issue with the rather sanctimonious suggestion that you like helping the needy, when you basically get back what you pay in, whilst others, who are getting a far worse deal, are being selfish for not feeling privileged to be helping others.

Great idea

People’s NI goes to current pensioners, there is no pot

Yes . It would be a big win for FTB and many younger families to move up who often have little or limited equity

when benefits were introduced there weren't 25% of working age population not working. And they weren't getting paid for anxiety and depression.

yes, sure, same as Rental Bill.

People just wouldn't sell

this poster doesn't.

They read a lot of Green SM

The extra income tax we have to pay in Scotland for all the SNP fripperies

Honestly, paying taxes being a priviledge is new MN high😂

I know. But they've paid for something for others that they logically expect in return

It would also avoid penalising younger families who tend to move house more frequently than say the over 50s.

Also Stamp Duty takes no account of capital gains in the property, just the price and frequency of transactions.

Oh well I think tax is a good thing as I like having schools, hospitals, bins collected, police and courts and all the rest of it and they aren’t going to be paid for with fairy dust.

And I can’t understand the hatred for inheritance tax on principle. Only a very small proportion of people are actually affected. The idea of taking it away so some people can benefit from unearned millions in inheritance while the rest of us support public services through PAYE and VAT… it seems absolutely bonkers to me.

I don’t agree with you - the vast majority of people selling are doing so to buy another -.so they won’t then get stamp duty on their ongoing purchase and of the remainder which are more commonly the 3ds - death, debt and divorce , chances are they have to sell anyway , so I don’t think 3% tax on the profit will stop that , people selling second homes and landlords etc are already paying cgt if they sell

Indeed - which is another reason I personally think it’s a better idea - I bet a lot would find it a better solution in a fairly static market too - clearly the people most affected woukd be those with an eye on their inheritance or divorcing and then renting - but there are always winners and losers in any situation

I would sell. The reason I’m not keen on downsizing is the amount of stamp duty I would pay on new property. Seems fairer to me to pay tax on the increase when I sell rather than paying upfront.

@nearlylovemyusername

when benefits were introduced there weren't 25% of working age population not working

Because of demographics and obviously when the state pension increases as it has more of those 60 something who fell into the pensioner category now are classed as workers.

Demographics have completely changed, there are more over 65s than under 15s

"Logically expect" is very not the same as "going to get"!!

But there are plenty of people paying for things now that others got free, university, dentistry, a younger state pension age etc.

Its either higher taxes or immigration

If your life needs saving in an emergency situation it won’t be private healthcare, it’s the NHS that’ll sort it. Private healthcare just does the straightforward stuff that will profit them and leaves the NHS to deal with the increasingly complex needs of older people

They already massively contribute to it. Yet they're the ones less likely to use state education, more likely to have private healthcare, less likely to use subsidised public transport, etc.

And it's not a savings scheme. It's just another form of tax and some of it is to finance the NHS and other state benefits, not just state pension.