What do you think of Burnham's plans re inheritance tax?

[JoyousOpalLemur]

He has said in the past that he wants to abolish inheritance tax and replaced it with a social care levy on inherited assets, which will incorporate unused pensions.

I don't totally understand this if I'm honest - I think it means everyone will be dragged into the inheritance tax threshold, but it seems like a fairer tax than what currently exists, and it's there for a purpose (to fund social care).

What do you think?

https://www.independent.co.uk/money/burnham-prime-minister-money-taxes-mortgages-bonds-stamp-duty-b3001078.html

Fare? It’s not fare, it’s fair!

Perhaps they don’t like the fact that someone who has saved all their life may be in a care home and in the next room is someone who’s had a great life, spent their money, who hasn’t planned ahead and will pay nothing towards their care

It's 10% for everyone..it seems really fair and unlike labour

We were looking at a move to Dubai to avoid this, tax plan and give everything to our kids.... We might not now. This seems completely fair and reasonable

I think Cameron’s idea was better though the amount needed to be graduated. Instead of everyone needed to pay it only those going into care would pay it

I think anything that worries me is that it could be 10% on estates and inheritance tax

Isn’t that the idea? If he ends the spousal exemption he’ll be more unpopular than Reeves

Don’t even know how that would work if it’s on first death Hello because nobody would have the money to pay

Sounds like being punished because you’ve been prudent to save! The feckless pay nothing

It would be taken out of the assets before some receives their inheritance. So, a tenner to pay if your assets are £100.

Everyone pays this and they everyone gets care paid for

Most won’t need nursing home care or residential care!

Oh

But plenty need care in the home & the NHS is struggling due to social care.

But this happens with everything, my previous neighbour did RTB years ago on their council house, there are families at my school who receive benefits which I don’t get, my state pension age is 68. I don’t not save or work because of these things!

People already pay for care in the home themselves. Taking chunks of inheritance is not the answer. He’ll have to find a better solution, because he’ll be very unpopular with this one!

Plus a lot will come out of the house value which the vast majority haven’t “saved” just a fluke of timing.

@Allseeingallknowing care in the home does not take into account house value does it?

I think it will be popular amongst many people as clearly we have to do something.

I do think it will be unpopular amongst some older voters as they aren’t used to means testing or paying more.

Not to those who previously wouldn’t pay anything on a modest estate !

Nobody likes paying more but plenty want the services.

But those who don’t shouldn’t have a large chunk of inheritance taken away!

Those who don’t what?

Why are people who are dead going to worry about inheritance?

People pay for dc they don’t have, healthcare they don’t use & pensions they may not receive. Again it’s not new to pay for something that you may not receive personally, why is it a problem only when it’s social care?

Plus most won’t have paid enough for their state pension & healthcare costs.

It is not a case of being prudent or feckless. Why make out it is?
A lot of people are neither of those.