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?

This isn't about building ladders though @Iggly ... this 'suggestion' is about razing existing ones when what they should be doing is building more. Creating better opportunity and educating people earlier in how to raise the next generation.

What they should be doing is investing in correcting the flaws with at home education and parenting in certain categories of people.

What they should be doing is investing in upskilling already grown adults and pushing for life long learning available for all, not those that can afford a spare £9k a year, just for Uni. Or a spare £3k for a 12m college course.

What they should be doing is investing in parenting support and correct the past few short generations of utterly shitty parenting that then pass that legacy on to their children.

This country offers fair and free, generally decent education to all. All of us are given the same basic opportunities. All of us are entitled to that education and to use it to better ourselves and do A-levels and Degrees, to learn a trade or to learn skills through NVQ's and get a better standard of living.

Those that don't? It is almost always down to the parents and how they raise their children. And how they themselves were raised. That is the major part that needs to be fixed.

Why do we have to knock other people down and the life they have built and want to pass on to their children to do that? We don't.

Not really, as average inheritance is about 43k and average bomd deposits are 30.

*that should say after school education not "at home" 🙈

@Zipee you spout utter nonsense

For a start, even if that figure is accurate, that would be what has been delcared. Most assets and property of value are signed over before the cut off to avoid IT 🙄 So if that was taken in to account I think you may find the avg inheritance is much higher. So your argument isn't even valid tbh.

Look it up. I did. So not "spouting crap".

The median inherited is much lower.

Oh ane only 9 percent of estates ate subject to inheritence tax

It’s less than 9%. It was 4.2% three years ago.

Sorry, I'm wrong, apparently that was under Labour proposals for inheritance tax.

How on Earth do you monitor how much people gift their children.

I gave Dd money for her lunches, uniform, Oyster card birthday presents etc for years

Is it added up over the years or is it just a lump sum.

Even if it is only a proposal the fact that it is even up for discussion suggests that they haven’t a clue.

There are so many holes in it make it unworkable.

OTOH any one who is rich enough to be able to gift their children £125000 isn’t going to hang around in the country to find out what taxes Labour might decide to bring in.

HMRC can access bank accounts. They’d soon spot £125k being handed over.

Excellent post there from @Broombroomshaketheroom

Couldnt agree more

HMRC can access bank accounts. They’d soon spot £125k being handed over.

In a lump sum sure, but we've probably had £8000 so far this year from PiL for various reasons. Less than half of that went through our bank accounts as it was given in cash and spent in cash.

Is it added up over the years or is it just a lump sum

The proposal is that each individual has £125000 amount they can be gifted tax free. Once that's all used up, it's used up and you pay tax on anything over that. It doesn't matter whether it's used up in small amounts or one big one or whether it's from one source (i.e. parents) or many (from my reading of it). In my own circumstances due to deaths/infertility, I currently stand to inherit my paternal Grandmother's house & estate, my paternal Aunt's house & estate and my parents house & estate at some point. So the £125000 would be deducted from the first estate and then I'd pay tax on any money I received from the rest I think.

HMRC can access bank accounts. They’d soon spot £125k being handed over

But what if it was handed over a few hundred pounds here and there over a number of years

It would be an awful lot of a few hundreds.

Payments under 3k would be exempt.

Who read the actual study?

This thread has predictably gone the same way as most of Corbyn's proposal threads have gone.

Posters on here pride themselves with being life long lefties until and always happy to pay more tax until the they themseleves are possibly the target.

It's a microcosm of course and not representative across the population, but it is becoming representative of MN and punches a whole in the often used argument on here that all tory voters are "I'm alright jack", it was the same when Corby had anyone earning over 80K as a target for tax increases.

It's probably why there is a lot of astro turfing from Labour/Momentum bots are on here in the run up to election.

Absolute rubbish. I'll just give my son all the money is cash.....if I had 125000 to give!

This country offers fair and free, generally decent education to all. All of us are given the same basic opportunities. All of us are entitled to that education and to use it to better ourselves and do A-levels and Degrees, to learn a trade or to learn skills through NVQ's and get a better standard of living

If your life chances are shit in the first 5 years of your life, then it’s incredibly difficult to make the most of later opportunities that you name.

We do not live in a society where anyone can do well. That’s bollocks.

And that’s why things need to change and improve for the better.

You may delude yourself that if only people work that little bit harder, they’ll have the big house etc. And that they’re just “jealous” and the big bad taxman wants to take it away from you.

If you have a society where more people can succeed then everyone benefits.

If you have a society where only a small number of people do well at the expense of others then I’m afraid you end up with soaring poverty, food banks and people dying due to DWP policies.

Lurker, you don't think that on the day the Tories had their hustings that two or more anti Corbyn threads turned up is suspect?

Or that this proposal, by a think tank and thrn George Monbiot is being attributed to Corbyn by the right wing media is either?

Posters on here pride themselves with being life long lefties until and always happy to pay more tax until the they themseleves are possibly the target

I have a big house, I earn in the top 10% as does my husband. Our salaries combined take us into 6 digits.

I would happily pay more tax.

Why?

Because I was born in a poor household; with a mother who had severe mental health issues. She was in no fit state to help me and mums like her were demonised by society.

How the fuck was I, as a child, able to climb out of that hole???

With state help. That’s how.

Fucking hell people are dense.

We do not live in a society wherr anyone cam do well, that's painfully evidentl grom the social mobility statistics.

Of course those who have done well attribute it to their own efforts alone, which makes it easier to dismiss the need for wealth redistribution.

Payments under 3k would be exempt

So in less than 4 years giving someone just under £3000 per month would mean it wouldnt attract tax.

its 3k a year.

As it is now.

HMRC can access bank accounts if they believe that someones business income does not match their tax declaration. Under current rules they have to declare this is happening. What was suggested was that they can access without telling the individual. Even then, it would be lead by their believe there was a mis declaration.

What we are talking about here is that someone has earned money, PAYE style for 20 years having to give details of where the money they earned is going to assess whether or not they have "gifted" money, who to, how much etc. To establish this they would have to have total access, and evaluate whether or not what i did fit into their "criteria" of general spend, gifts etc. This takes the entire system from being individual lead to being state lead, with the state being able to manaitoarily making a decision about how someone spends money and "righting" it if they don't like it by raiding the account. A short slippery slope to state control of what we do and it would make anybody think twice about bothering to earn any money as the Govt would just able to swipe it.

Even in Norway where your tax returns are fully available online the only data given is your total pay and total tax. No one would actually see a earns b and spent c on their kids to then tot up on a central register which is what would be needed to make this work.