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?

No one said tuition fees will only hit the rich.

Let people be wealthy, but lets also ensure that unearned incomes are taxed fairly, and whatever these cash gifts are they are unearned by the recipient. Most people will never come close to hitting the threshold in their lifetime.

Actually they did say tuition fees would only affect the rich, they were means tested based on household income when they were introduced.

Only the lowest earning households were exempt though. I know plenty of people who had to pay the full whack whilst qualifying for significant loans, back when in it started in 1999/2000.

families with 35,000 a year paid full fees, and between 23,000 and 35,000 paid on a sliding scale.

Best to give most of your money away to your kids while you are still alive, who wants Inland Revenue to get their mitts on it when we all pay a lot of tax anyway. As long as there is enough left for my needs and some unforeseen expenses, I'll be happy to give away the rest. I pay tax, always have while working and now on pension, don't see the need to pay more to a greedy government who will have nothing to show for it.

I had all my fees paid, received tax credits, entitled to childcare (which I didn't need, or claim) and was actually paid 6k to do my PgCE on top of tax credits.
I gained a HND, Hons Degree, Management MA, and PgCE never paid a penny 2001 - 2009 in total.

£35k was a pretty decent salary 20 years ago.

Id prefer some sort of wealth tax/land value tax over income tax really. Im not sure about that particular format though as how youd work it out is tricky.

everyone wants a type of tax that they can avoid! Those with no land, property or 'wealth' want a land and property tax instead of paying tax on their income!

Best to give most of your money away to your kids while you are still alive

Yup

What no one has mentioned so far is how a change that initially affects no one or hardly anyone is actually just the first step in the wrong direction and the opening of a door. remember tuition fees anyone?

Nonsense! tax thresholds actually go UP, inheritance tax, tax free thresholds... all increase.

Tuition fees affect younger people who can't or don't vote, so no-one gives a shit.

TBF i'm more concerned with the unaffordable cuts in corporation tax, these are costing the country billions per year.... for no gain.

Tuition fees affect younger people who can't or don't vote, so no-one gives a shit you can vote from 18. If even tuition fees don't motivate them to vote, then tough shit 18 year olds!!

Grasspigeon / is that because you don’t own any land ?

Tuition fees affect younger people who can't or don't vote, so no-one gives a shit.

18 year olds can vote. If younger people can’t be bothered, that’s on them.

ContinuityError, it's the expenditure which must be "normal" under the specific exception, so it generally has to be regular gifts, but of course you then can have arguments about how regular "normal" is. www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm14241

Also human - trump appealed to the right wing old people who always vote . Corbyn appeals to the young idealists who don’t .

It sounds unworkable and untrackable. I don’t have that sort of money but if I did and wanted to give it to my DC I could buy a property with them and have it in our joint names. I could name it as my main residence as I don’t have a mortgage on any other property so no need for CGT on my share. When it was eventually sold DC could take all the profit and buy another property in their sole name and the inland Revenue would be none the wiser.

Come on brainy types who know about tax - would that work?

you can vote from 18. If even tuition fees don't motivate them to vote, then tough shit 18 year olds!!

Only if there is a GE in their 18th year........ but yes this attitude really fucks off younger people who may only become eligible to vote after any GE but then have to wait another 4 or 5 years before they can influence policy again.....tough shit.

The reason the Govt changed the rules on student registration led to huge numbers of students dropping off the electoral role.... any ideas as to why they did that? answers on a postcard please!

Because students were voting twice.

Only if there is a GE in their 18th year........ but yes this attitude really fucks off younger people who may only become eligible to vote after any GE but then have to wait another 4 or 5 years before they can influence policy again.....tough shit

then they are in the same boat as all of us. Everyone has to wait 4 or 5 years before they can influence policy again!

Jasjas you have spectacularly missed the point I was trying to make!

It was that something that gets introduced initially to "only hit the rich" can and does get changed by successive governments to hit those not in that target group. because once the box is open, its very hard to close it.

Its very, very dangerous to assume that "Corbyn will never be elected" how do you think he got to be leader of the Labour party in the first place. His name wasnt even out there to start with but he was proposed to give a balance of candidates on the ballot paper and then Momentum got behind him and he got elected.

Look at the mans record. Never held a government appointment. voted against his own party more times than you can shake a stick at. Past retirement age. Yet, momentum wanted him in and thats what they got. They hold the power. Not the Labour party and certainly not Comrade Corbychov.

The accountants will work out a way around this if it ever did become law so you can stop discussing it . You’re welcome !

Thanks skinnyduplotowers, clear as mud! My DF used to work in Inland Revenue Technical Services but I suspect his view on "regular" would have been quite strict.

The only citizens that are reliable cash cows are those on PAYE. The very rich and the self-employed can take steps to side step paying tax, but those whose pay is clear for all (ie the government) to see are easy targets and the ones hit by tax hikes.

Goodideaatthetime007

No that would be what's known as a gift with reservation of benefit from an inheritance tax perspective.

In addition you would be gifting the proceeds on sale if you didn't take the profit you were entitled to.