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?

It's a ridiculously stupid idea, and I'm a socialist. How on earth would you police it for a start?

How is anyone going to check

I gave ds1 a £20 for petrol the other day...it all adds up!!

"Too many people avoid IHT and get out of paying for their care by "gifting" property to their kids."
We need to stop thinking about keeping our properties to pass on to children. It is unrealistic to expect the state to provide care facilities for us all. We should start to think of our home as an investment to pay for our care , if needed, in later life.

I know such an idea will raise the question of people who rent so don't have a home to surrender if they are in care but something has to be done.

I wonder how the idea of gifting of up to £125k would work? Does it mean that , on death, banks etc would have to provide access to account details from the whole of our lives?

Dickhead.

OP completely agree, this coupled with his planned massive hikes in taxes on those who own a home make him unelectable, to anyone who owns anything anyway.

Impossible to police

A bit torn...there is great inequality yet kids in need should be provided for...the amount should be higher.

It is ridiculous....and im a socialist too.

You currently have tsx gifts over 3,000 added to the value of your estate for inheritance tax purposes.

The odd 20 here or there wouldbt obviously coint

@TheAngryLlama the far left (which is what they will become eventually) will probably be more in favour of ensuring people with special needs would not benefit from any inheritance at all, as they wouldn't want them around, full stop.

When the far left and the far right meet, they are the same, produce the same outcomes - just with different sales tactics.

Don't ever assume the left will help the individual over their 'cause'.

Love how the anti Corbyn brigade are put in force, displaying yet again their ignorance of the facts.

Btw the land tax would not massively increase taxes paid by homeowners, and it would be set locally by councils not central government.

So the proposal is to tax lifetime gifts to children above an allowance of £125k instead of the current system where if you gift and survive 7 years then there is no tax. Seems fairer doesn't it?

The obvious answer to this is "if I can't give it to my kids, I'll give it to the Tories".

How do they work it out? Is it just money paid to children after a certain age, when you die, in a lump sump, or do they count all cash gifts from birth to death? Do they count money paid into Junior ISAs and private pensions on top of any inheritance money?

I’m well aware that the left is only interested in kids like mine when their situation can be used in furtherance of their political ends. That’s why anyone who says pay more tax so the state can provide gets short shrift.

The odd 20 here or there wouldbt obviously coint

And i thought my post was obviously lighthearted

Ps Zipee, your “imaginings” aren’t much comfort to those facing the reality I’m talking about. I’m sure you didn’t mean to but you came across as smug and unfeeling.
Much like the current Labour Party, in fact.

Do fuck off Jeremy there’s a good lad.

He gets less electable by the minute.

FFS, people need to read things and actually take in what is being said, rather than just digesting the sensationalist title.

JC (who I am not a massive fan of, but dont believe he is the antichrist) has said that the party will look at the report. He hasnt said anything more.

All this JC hate is just to get the plebs to think that BJ is a good idea.

The top 2% will find ways around this, so it will only impact those in the middle.

Wtf Angryllama, how much evidence do ylu have that the "left" is only interested in your child for political reasons?

As said, this isnt even policy, but a proposal by someone who was comissioned to look into it. It will obviously not be blanket rule with no exceptions.

Today's steep inequalities are hugely damaging and disruptive to society, we do need to find ways to address them

He just gets more and more stupid. There are so many problems with this I don't know where to start.

But the basic premise is that people don't just give up (already taxed) wealth willingly.

If I wasn't allowed, one say to give my children a deposit for a home I wouldn't say, oh here you go Mr Corbyn here's my money, I'd just spend it on holidays on untraceable cash gifts to my children or doing other things like pay private school fees for grandchildren. I think you'd find a lot of people would start making big purchases in cash.

But it would just mean that even fewer young people get on the housing ladder, meaning that that we have more people to pay housing benefit to and support in their retirement.

There are lots of extreme socialist ideas that seem to work in theory but would have disastrous consequences in practice.

I think it's a good idea in principle. Inherited wealth is one of the biggest drivers of inequality. I'll have more than £125k to give to my child when I die and it's likely over the years she would benefit more than 125k from me, whether through the roof over her head, holidays, education etc.

However, it does stick in my throat a bit. I'm the child of immigrants so in some ways I don't think it's right for my personal money to have limits on it considering we literally came with nothing and had to work our way up.

The greater good propels me to think on balance, I'd be supportive of this proposal

It isn't a policy. it's completely unworkable of course, but not a totally unreasonable concept.

Those irate about the inheritance tax as a 'double tax' always strike me as a little dim. Money is taxed many times. Saying you've already paid tax on it therefore your beneficiary shouldn't when they receive it is much like saying you shouldn't pay tax on your income because the company you work for has already paid tax on it, or the person who paid your invoice paid tax on it when they received it etc etc. You are not being taxed, the recipient is.