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?

Sorry clav they weren't being used as examples of how those taxes work in otger countries. Norway does have a wealth tax and the Swedes pay far more in tax tha we do.

Looking at the data on Sweeden it appears 16 percent of the coubtry
are at risk of relative poverty. Rather 21 percent in the UK.

Zipee

Nevertheless, the standard Inheritance Tax rate in the UK is 40% and zero % in Norway and Sweden.

Basic income taxes and other taxes are much higher though.

But again, these countries weren't being held up as examples of how this suggested change would work.

Zipee
But again, these countries weren't being held up as examples of how this suggested change would work.

I haven't read the whole thread but you mention Norway and the Nordic countries as early as page 4.

Then you weren't paying attention to how they were being discussed.

They are highlighted as examples of social democracy, not as examples of where a similar tax works.

suggests that data would be collected via annual tax returns, as is the case in Ireland

According to this you don't have to report until you have reached 80% of the threshold.

www.revenue.ie/en/gains-gifts-and-inheritance/completing-your-gift-or-inheritance-tax-return-it38/how-do-you-know-if-you-should-file.aspx

"To calculate if you have reached 80% of the threshold, include all gifts and inheritances received since 5 December 1991."

I suppose you could ask every UK resident to fill in an annual tax return declaring all gifts on the off chance that some day they might amount to £125,000 from an individual, but that would be a huge change in reporting requirements. When you ask somebody to report to HMRC you usually impose a fine when they don't - how would that work?

The other issue is that as the tax is cumulative the person paying the tax would not necessarily have £25,000 when they exceed the limit.

This is how the Irish tax works:

www.irishtimes.com/business/personal-finance/pass-it-on-how-to-make-the-most-of-gifts-and-inheritances-1.1606903

It seems quite complicated, but also quite easy to 'accidentally' forget if sums have been received over a long period of time.

Zipee
They are highlighted as examples of social democracy, not as examples of where a similar tax works.

Zero inheritance tax sounds like a great idea - must recommend it to JC.

The other issue is that as the tax is cumulative the person paying the tax would not necessarily have £25,000 when they exceed the limit.

Sorry, that is rubbish. I'm confusing different taxes.

merrymouse There is a tick box on the Irish tax return form to indicate whether you have received a gift, but it does not require an amount to be entered. Looks like the Irish revenue rely on you keeping your own records?

What about married/civil couples? Is it £125K per person gifting or per couple? Nothing I've given the dcs (actually it is nothing yet! - unless one is going to be counting piano lessons and holidays) is solely from me - it's jointly with dh. Over decades quite a few people would be dipping in and out of relationships.

Independent taxation is currently the thing, but I can see this slipping away if it can squeeze more revenue from traditional set-ups.

Is it £125K per person gifting or per couple?

It would be a limit on the recipient not on the donor.

Are you going to reccomend higher income , consumption and property taxes clav?

@SinkGirl

@BasilTheGreat was referring to Sweden, not the UK. The Tories aren’t responsible for what happens in Sweden.

@Zipee

Haha - so even your precious Sweden and Norway have 0% inheritance tax? Well, if it's good enough for the pure and righteous 'social democracies', then it must be good enough for the UK!

They have massively high general taxation. You can’t have it both ways.

Of course I can - socialists just love telling people what they can't do, don't they?

They have massively high general taxation I don't disagree with high general taxation. That would raise far more money than inheritance tax. Also i think the swedish model if paying every time you see a gp, up to about 80 a year (this is from my aunt i havent googled if this is wrong sorry!) Is an excellent plan.

Never claimed that Norway and Sweeden operated similar systems to inheritence tax.

Wow a whole field of strawmen.

It's not all about you zipee

Other arguments and information does exist.

Never claimed that Norway and Sweeden operated similar systems to inheritence tax.

But you did claim that they were an awesome model that we should be following.

Oh dear.

And Fibbke is right - we are allowed to introduce information to the argument from outside your narrowly-constrained terms of debate.

I did claim they were examples of social democracies yes, and that have higher living standards than the UK. I also.pointed out the the Labour manifesto was very much in line with the policies operated in these countries, as other people kept making the erroneous comparisons to Venezuala.

But no I didn't claim that they operated similar polices for inheritance tax. They don't.

They do however have progressove higher income taxes, corporation tax, Norway had a wealth tax, and both have higher excise duties,VAT and property taxes.

Would you prefer that to 0 inheritance tax ?

Tax has to be paid @CendrillonSings, a cut in one area has to be compensated in another. Surely even the furthest right of Tories can understand that?

I quite like the idea of taxing certain purchases.

Australia has a luxury car tax for example. That kind of tax is only going to hit the very wealthy and only if they choose to drive a luxury car. Could extend it to designer clothes and handbags etc.

We already have sin taxes on alcohol, cigarettes and sugar - don’t buy them if you don’t want to pay the tax.

Please be careful of open flames, the amount of right wing strawmen that are being created is making this thread into a fire hazard

Please be careful of open flames, the amount of right wing strawmen that are being created is making this thread into a fire hazard

So to be clear, do you support such a policy and would you vote Labour if they introduced it? I'm guessing your answers would be yes and yes! You can cry 'strawman' all you like, but the fact is - as is evident from this thread alone - the Corbynites are practically salivating over the prospect of confiscating other people's money.