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?

GummyGoddess

Is that including property or just cash gifts
Why does it matter?
Our money, our choice.
As for Inheritance tax - it’s a disgrace that it’s so low, it was never supposed to be a tax on the working classes but it is now, esp in London.
Of course Corbin wants this - he’s a looney Commie.

Anyone who uses the phrase “looney commie” immediately loses any credibility.

Since when is agreeing to look at a report wanting something? It’s utterly depressing that people will believe anything in a thread title if it confirms their existing bias.

Out of interest, how much of a person’s estate do you think they’ve paid tax on by the time they die?

The vast majority of my mum’s estate came from an increase in the family home’s value, which she didn’t earn or pay tax on.

You must surely understand the financial inequality caused by inheritance? Or are you one of those people who believe that everyone who works hard enough has a decent-sized estate to pass on to their kids?

It’s a tax on about 5% of estates. The people being hit in London owe that to the obscene rise in property prices - all unearned money.

You do realise that when business owners read this kind of stuff, their inclination is to move whatever they can offshore?

In addition, many small business owners and sole traders make very modest profits - a friend of mine is a self-employed gardener on around £25k per annum for example. And yet there are several posters on here who seem to think that all small businesses just have money “lying about” so why not tax them further. It’s incredible how out of touch some people are.

Or are you one of those people who believe that everyone who works hard enough has a decent-sized estate to pass on to their kids?

No but I believe people who save hard should be allowed to keep their savings and not have them stolen too support the insane spending of the state.

I agree, cdtaylomats and just don't get people who want to hand over money to the state for them to squander.

Great way to lose an election Jeremy if we should have one.

Firstly, it's just a proposal for the party to discuss, so the "Jeremy Corbyn wants to impose..." bit is ridiculous.

Secondly, even if it was agreed upon, which it likely wouldn't be, it'd be in amongst all the other policies.
So, while your child potentially wouldn't be able to receive more than £125k as a gift, your child also would have free university tuition or training, and access to the NHS, which ARE Labour policies. They'd grow up in a society which was a bit more supportive, where there was more funding in housing, in healthcare, in social services, so it'd be likely to have lower crime. They'd be likely to have higher wages when starting out.

On the other hand, if the Conservatives stay in then children will probably need as much gift money as possible, as the NHS gets more and more privatised, services are cut, communities fall apart with lack of infrastructure and transport, and a few people get richer and richer.

I think it’s a really good idea.

Making things so complicated even HMRC seems to get them wrong half the time does not end up making them more fair

Unfortunately the world is complicated. If you try to impose any system without recognising that you will end up with unintended consequences. You'll probably end up with unintended consequences anyway, but probably not as bad as if you start from the premise that it's simple. (See also Brexit, the benefits system, the courts etc. etc.)

I think this proposal seems as likely as Johnson's suggestion of raising the higher tax rate threshold to £80K, but tax has to be raised somehow - don't be surprised if the Tories change their tune on capital taxes at some point in the near future.

Tory policies borrowed from Marxist Ed...

www.bbc.co.uk/news/uk-politics-42100126

If you have commented with outrage over this post I'm not sure you've understood the proposal or read anything on it- I'm highly amused. Yabu.

I suspect most people able to gift in excess of £125k to a child during their lifetime haven’t just been “saving hard”, don’t you think?

I’d also be far less concerned about the state squandering money if we had a government who had any interesting in funding public services.

@SinkGirl I completely agree. The responses on here are a tad hysterical based on cluck bate and massive inaccuracies.

Would never affect my children or family so not really bothered.

Corbyn really is making the Labour party unvotable... What with these daft policies, his lack of a stance on Brexit and the antisemitism.

This country makes little of any use to anyone these days

Surprisingly, the UK is the 9th largest manufacturer in the world by output.

Barnabyboy Always entertaining to read total tosh from someone who absolutely has no idea what he/she is talking about. Dear me, do try and read something other than The Sun.

Most people frothing with rage about this will never pass anything like the threshold on to their children and are behaving like temporarily embarrassed millionaires.

They also haven't noticed amongst the Corbyn hate that this isn't even policy, or suggested by the Labour party.

Corbyn really is making the Labour party unvotable... What with these daft policies, his lack of a stance on Brexit and the antisemitism

FFS it’s not policy

I’m unsurprised by the rest of your comments given that you’ve read this (inaccurate) thread title and taken it as fact, along with the old “unelectable” nonsense.

merrymouse - I don't for a moment think the tax system can be made simple. Nor do I think for a moment the tax system can be made fair. I don't think taxation will ever be an effective means of evening out colossal inequalities. If you positively encourage colossal inequalities in the rest of society's behaviour, taxation cannot and will not fix that. You might be able to even things up a bit from a less unequal starting point, but not from the status quo. You can't give with one hand and encourage people to behave in ways that maximise their personal gain and then take away with the other, telling them they shouldn't have it and it isn't fair. If it isn't fair, society should not be structured in such away to enable the situation to arise in the first place. If it isn't fair that directors get rewarded for maximising profit and shareholders' returns at the expense of the wellbeing of their workforce or the stability of society, then you can't tax your way into changing that mindset.

It’s beyond depressing at this point. If someone posted a thread titled “AIBU that Corbyn wants us all to eat our babies”, some people would buy it immediately.

Can we all just take a moment to look at the absolute shower who’ve been governing our country for the last decade, the horrendous bloody mess they’ve gotten us into, the complete failure of austerity, the rise in food banks and the working poor, vilification of the disabled, increase in deaths from malnutrition, expenses scandals, the apparently mythical “magic money tree” actually used to buy off the DUP, the disaster that is Brexit and the referendum that should never have happened, the impact studies that were never done, the millions set aside to build new homes and handed back to the treasury because they couldn’t be arsed, policies that would actually impact many here proposed and then abandoned without any attempt to replace those funds (hello, dementia tax), calling a GE without a costed manifesto and then criticising the actually costed manifesto of the opposition, privatisation by stealth and the deliberate funding starvation of the NHS, the sheer scale or corporate tax evasion, the shocking tax gap (which some years would cover the entire tax credits bill) and on and on...and realise that our biggest problem is not the leader of the bloody opposition?

And I agree zippee, yet more turkeys voting for Christmas.

If I have £1 million, give my child the proposed £125K well before I pop my clogs

Where will the remainder of my million go? The Government?

Where will the remainder of my million go?

To whoever you want, just as it does now. Nobody is suggesting that you can only give £125k to your children.

And with or without inheritance tax or this tax, you will pay tax, but hopefully you will also get roads, a police force, libraries, the NHS etc. etc.