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?

The resolution foundation has said it will not cost much administratively whilst you compare it to the system in Ireland which has an entire structure to collect but can’t tell me how much it costs to run. The maths is not there to show it will either support itself or achieve its aims showing its unworkable, centralist nonsense.

I think you lose

If there’s a loophole, you bet I’ll find it!

Same here. I'll do everything I can to make sure my money goes to my DC and DGC and not the taxman.

I don't think I do.

You haven't proved that it wouldnt still be of net gain to the treasury even if it did coat more.

I don’t believe the government is more entitled to my own, hard-earned money than my children

Please explain how your 'hard work' increased housing value, that is unearned and should be taxed accordingly

whilst you compare it to the system in Ireland which has an entire structure to collect

The UK has an entire structure that can be used to collect it too - it's called HMRC. Same as in Ireland the Revenue deals with CAT and other taxes.

Please explain how your 'hard work' increased housing value, that is unearned and should be taxed accordingly

So you'd support imposing capital gains tax on primary residences, then? Good luck winning votes with that nasty little piece of extortion.

It isn't an appeal to principle, at all btw. "Stealing from my kids" is emotive and in no way factual, or principled.

I genuinely don’t understand why you don’t think so. It doesn’t seem principled to take from others what is rightfully theirs. That, to me, is theft. I work for the benefit of my family and my children, no one else’s. No one else is entitled to the fruits of my labour. No one else should decide how best to spend my money.

Nope I'd just bring in a land tax seems like a better idea than the current inequality and land hording

"to me that is theft".

But it isn't is it, taxation is not theft.

No one else should decide how best to spend my money.

How much is a private police force, fire service, NHS, road upkeep, street lights, refuse collection, justice system seems like youre currently getting a bargain

Was in the middle of something and changed my initial estate from 2m to 1.5m. Under current rules that estate would pick up 400k. New rules each child gets 500k. The allowance means they pay tax on 375. They would be liable for 75k using 20% which would bring in £300k.

No cost has been given regarding running it. If every time a person had to file a gift that would take a lot of administration. So it still shows that this has been resolutely under predicted to get any more benefit. After all it’s not supposed to hold the status quo. The point of it is to get more money out the system and out of the big estates

Well, I guess more of us will store it under the mattress then. Nobody can get their hands on it then, well without getting their fingers chopped off.

Plus all of this assumes the spousal allowance is used. That won’t always be the case

Over 3k people already have to register a gift.

Your example is a very particular circumstance though, and I would imagine in some cases yes it wouldnt bring in as much tax as the current model.

However the predictions are that it would bring in more in general.

But it isn't is it, taxation is not theft

We’ll have to disagree then. Taxation, to me, is theft. I have to compromise to a certain degree, because I’m willing to support the police, the fire service, infrastructure etc. But I maintain the principle. I don’t want to be taxed a penny more than necessary. What I manage to save and leave to my children is no one’s business but mine.

I spent years working for the county council and the amount of money wasted and ‘lost’ was staggering. Every time I was told just to ‘write it off’. You may have faith that your money will be spent well, I do not. I’ve seen the corruption and the incompetence first-hand.

I’m not against this in principle - I agree that wealth inequality has caused massive damage to social cohesion in this country. My worry is that, like IHT, the wealthiest would find loopholes, particularly when so much wealth is held overseas or in trusts. So it would be the ‘squeezed middle’ filling the coffers, while the wealthy continue to pass on their wealth.

I would like to pass my home to my children, but I’d also like a fair, equal and just society, and I would sacrifice the former for the latter, because ultimately that would be a better country for my children as well as everyone else.

And nobody is proposing that ALL property over 125k is seized, just that recipients of large gifts pay tax. I don’t see why that’s so bad. I live in an area with a large Tory majority. My friends & neighbours (mostly Tory voters) regularly complain about low standards in schools, long hospital waiting lists, police cuts, etc. They want better services, but how can we pay for this without higher tax revenue?

Nope I'd just bring in a land tax seems like a better idea than the current inequality and land hording

So, same thing then - taking away people's property just because they dare own more than the socialist norm. See you down the collective farm, comrade!

How much is a private police force, fire service, NHS, road upkeep, street lights, refuse collection, justice system seems like youre currently getting a bargain

If we had an effective police force in this country, they’d be worth a king’s ransom, but we don’t.

My friends & neighbours (mostly Tory voters) regularly complain about low standards in schools, long hospital waiting lists, police cuts, etc. They want better services, but how can we pay for this without higher tax revenue?

I’d tell them to put their hand in their pocket and pay for it, and stop expecting everyone else to finance their expectations.

en.wikipedia.org/wiki/Taxation_in_the_Republic_of_Ireland

From this CAT generates about 1% of tax revenue in Ireland. It probably generates revenue that would otherwise need to be collected through e.g. Income Tax, but I doubt that it's existence makes a significant difference either good or bad to most people.

A land tax is not "taking away people's property"

How much is a private police force, fire service, NHS, road upkeep, street lights, refuse collection, justice system seems like youre currently getting a bargain

Given the responses to your post suggesting that it would would be better to live in a country where you have to hire private police protection, I don't think Jeremy Corbyn is the only person who could be accused of thinking everything would be better in a South American dictatorship!

@TFBundy In nobody's world were public services in anywhere near as bad a state as they are now, under any previous government. Waiting lists are higher than ever, and even getting on to a waiting list has become a battle. 20,000 less front line police officers than in 2010. Social services staff unable to keep vulnerable children safe because they're so overstretched. Schools having to reduce their hours because funding has been cut to the core, teachers leaving education in their thousands, children with learning disabilities being denied essential support because there's no funding for them. Are you suggesting this was the case ten years ago?

A land tax is not "taking away people's property"

Awesome - guess there'll be no need to pay it, then?