Jeremy Corbyn wants to impose lifetime gift limits on children of £125,000

[ForTheLoveOfDoughnuts]

So we pay tax on what we earn. What we buy. And now this.. what's the point of working hard to help out our kids, for this to even be considered. Or AIBU?

I don't think YABU, but then, I wouldn't vote for Corbyn anyway. This presumably means you can't help to fund university any more?

And how, Jeremy, would this be monitored, exactly? Over an entire lifetime?

Is that including property or just cash gifts?

How many people will this affect?

Is it a way of closing an inheritance tax loophole?

Its a proposal, by George Monbiot about Land ownership reforms and ways to reduce wealth inequality.

It would also replace inheritance tax.
However it isn't official.labour party policy and the way it woud work in practice is not clear.

It could be very good so yes YABU.

My dc came out of my womb so I’ll be the one to decide what I spend on them, I’m sure this man gets more ridiculous with each passing day

Are you basing this on the article in the DT today? Because, despite the contentious slant, all it said was that the Labour Party would consider this proposal as part of their policy development.

Presumably if you can afford to gift your kid £125k in cash you are already pretty wealthy so yes YABU.

Although if your main property is included the proposal is unworkable, in which case I agree to an extent.

The wealthy will always find a way around it. I’ve an idea how already.

I agree OP.

We should be taxed when we are paid a salary and when we purchase something. That's it.

Inheritance tax, tax on pensions and tax on savings seems very excessive.

And I don't think there should be a limit on how much we can give our children.

I think it's a good idea.

Too many people avoid IHT and get out of paying for their care by "gifting" property to their kids.

Eh?

I'm not usually one for getting involved in the political debates, here or anywhere, but no bugger is monitoring what I give my children.

The man hasn’t a clue. Between this and taxing people with gardens, he has no hope of getting in, thankfully

Would need to know more detail but if it's to close the inheritance tax loop hole it's a good thing.
Unearned wealth from family is a massive cause of social inequality.

Inheritance tax is not a tax on you though is it, its a tax on those who recieve it. Inheritance tax only effects 9 percent of estates. Its also counts as a tax on previously untaxed gains in property wealth.

Again this is not "Jeremy Corbyn plans" but a report that makes proposals the labkur party will consider.

Btw I think the tax limit on cash gifts per year is about 4k at the minute

Well the buggers do already! The inheritance tax regime already bites on lifetime gifts.
I hope me Corbyn will make exemption for gifts to children with disabilities who are dependent on parental financial support. It would be grotesquely inhumane not to.

What does everyone think inheritance tax is?!

And a land value tax is not a tax on people's gardens.

Simple sloganeering rubbish.

"We should be taxed when we are paid a salary and when we purchase something. That's it."

No. There are ultra-rich people and vast swathes of land owned by a small minority of people. We shouldn't be limited to just income tax and VAT.

Tax dodgers will find a way round it so I can't get wound up about it

"And a land value tax is not a tax on people's gardens.

Simple sloganeering rubbish."

Exactly.

Is this another 'fact' like the garden tax? Where Corbyn was going to tax people with big gardens? That was made up by the newspapers so I won't be losing sleep over this either!

If it comes in I will certainly try and get round it. As will every parent of means who has a child who will not become independent of them.
If that makes me a scumbag, fair enough. When you’ve lain awake night after night worrying what will happen to your kid when you can’t take care of him I’ll listen to you, til then you can do one.

That's a load of rubbish @LakieLady as ou'll find those who are more likely to do that are people who would be looked after by their children and family anyway, not the state.

Barbara, 86, who owns two properties, is cash wealthy and can afford financial advisors is hardly the oap to end up in a council run care home, is she?

Also this would not be workable. Because cash still exists, as does marriage. All it would take is for Barbara to marry 'Dave', her child's partner, and for 'Dave' to then marry Barbara's daughter/son, and oh look. Inheritance tax, gift limits, whatever else, 100% avoided.

The documents/checks to even prove where income has come from when purchasing a home is so lax our solictor didn't even realise he'd forgotten them until two days after completion 🙄 as he'd just ticked the box to say he'd seen them already at the start of the process. And "I put cash savings, pocket money and £20 I found down the fairground under my mattress for the past 25yrs and just put it in the bank now" was a totally acceptable answer.

As I said, its a proposal and there are no actual workings of it yet.

I'd imagine those who have children who will never become independent will be given exceptions.