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?

That depends how much you pay and I think we already pay too much.

£100,000 after loads of tax saving measures? Your joint income must be very high.

I am getting an impression of where the NHS might be able to save some money.

The great thing is it would also lead to you paying less tax.

"inefficiencies" are another soudnbite.

Your husband is a consultant, educated at medical school at the expense of the state, with an army of people and organisations around him to facilitate his earning power, nurses, lab techs, junior doctors, dispenseries, secretaries, and many more all of whom need society to work in order for him to be able to do his job. Working within a state organisation that rewards highly for his endeavours, paying handsome pension contributions no doubt.

But you object to tax on efficiency grounds?

So rather than the massive benefits that he have gained from society, and without which he would not be earning you hide behind efficiencies?

Utter rubbish.

Btw shall we talk about how efficient the private sector is ? I mean Carillion and Capita are just great aren't they? American health ? Far lower value for money for worse outcomes.

merrymouse

I wonder did your husband pay privately for his CPD? At full cost?

Massively hypocritcal and a real example of self attribution bias.

So punish the children of those who have earned and saved, and reward the children whose parents didn’t or couldn’t?

You think being handed vast sums of cash and having to pay a small amount of tax on a portion of it is punishment? You think not being taxed on money you don’t get and that never existed is a reward?

That explains a lot.

The main quirk of psychology socialists possess is that they believe that when we work and save all our lives all the money we produce actually belongs to the State, which in its infinite generosity may deign to permit us to enjoy a fraction of the State's money by not extorting it from us in taxes.

Nonsense. I don’t know a single left winger who believes this. What a ridiculous statement.

it is far from a bloody bargain when it's north of £100k and you pay for schools/private health/dentists etc on top of that (and the grasping socialist types still want more).

Huh. It’s almost like we should have a government who’d invest our taxes into decent education and health services so this would be unnecessary isn’t it?

You choose to do those things. They are not a requirement.

Yeah, but if you’re not tax avoiding you’re either stupid or lazy, or quite possibly both.

So the ability to afford tax accountants makes you clever and hard working ?

Righto.

This thread is a really useful reminder of a few things:

1. Don’t give capitalists / neoliberals the benefit of the doubt. They know precisely what they’re doing, and they don’t give any kind of a shit.

1. People who are wealthy because the state funded their very expensive, extensive education will still do whatever they can to avoid tax, still complain about lack of funding in their industry and then kick off about any change that may potentially possibly affect them one day (I suspect they were all silent over the cuts to disability benefits, mind)

1. Posting something tenuous about Corbyn is an excellent way to distract from the actual insanity happening right now in our actual government

4. If a tree falls in the woods and nobody is there to hear it, it is still Jeremy Corbyn’s fault, that sneaky lumberjacking bastard.

We are the self attribution society...

1. If you've managed to save a bit of money or buy a property, every greedy little socialist will be eyeing you up like a hungry dog does a pack of sausages.

Yeah, but if you’re not tax avoiding you’re either stupid or lazy, or quite possibly both

You do realise the vast majority of the population have no means to avoid tax? IT via PAYE, Council tax, VAT - these are the taxes that the majority of the population pay and which cannot be avoided.

Then there’s the massive increase in sole traders, which this government holds up as a success but in reality is a large number of people unable to work or support themselves becoming self-employed as they have no other option (and getting stiffed by the chancellor to boot). Many of them are in no position to avoid tax either, since such a high proportion earn less than minimum wage.

Avoiding IHT is only for those who can afford legal and financial advice.

Then there are those of us who could but who choose not to, because it would make me a hypocrite. I can’t criticise large companies for massive tax avoidance while doing the same on a smaller scale. It’s not stupidity, it’s called having principles. Again, not the forte of many here.

If you've managed to save a bit of money or buy a property, every greedy little socialist will be eyeing you up like a hungry dog does a pack of sausages.

Save a bit of money? Or “save” (read: were handed or made on property) so much money that you’re able to give your kids in excess of £125k each while you’re still alive.

You’re honestly trying to link this to everyone who’s managed to accrue some savings or buy a property? Don’t be ridiculous. I have both, and no way will I be able to gift over a quarter of a million to my children while I’m still alive.

Also, you’ve got some nerve calling others greedy after your posts here!

Stop engaging, its just hyperbolic soundbite nonsense.

Funny how this high earner has been able to post every 6 minutes all day on MN isn't it?

Considering how often you post, your earnings must be negative!

Also, you’ve got some nerve calling others greedy after your posts here!

I'm not the one trying to take a single penny away from anyone, whereas you seem perfectly happy to extort others. That's the real greed.

SinkGirl

Absolutely agree with you. My DF worked for HMRC for his entire career and passed his principles on.

It’s TFBundy that is the tax avoidance advocate.

Indeed - even on PAYE, even including NI contributions, even without any tax management measures, deductions “north of £100k” would have to mean joint earnings of more than £250k

So yeah, you’ll forgive me if I’m not falling over myself to pity the kids who may have to pay a bit of tax on hundreds of thousands of pounds of money they didn’t earn, after growing up with private schooling, private healthcare and every opportunity they could want.

My heart bleeds.

It’s TFBundy that is the tax avoidance advocate

Sorry I wasn’t clear, I did realise you were quoting them, I was just backing up the point :)

Are you so morally superior to the parents who wanted their money to support their disabled children after their deaths, and children who want to support their disabled or elderly parents?

I am a parent of disabled children, and I know that many parents of disabled children can’t leave their children a penny since being a carer prevented them from working

Whether disabled children are taken care of should not be dependent on whether their parents are wealthy or not.

Greed implies that I want to take your money for myself. I don’t want or need your money. And paying tax is something we all must do if we want to live in a society that functions, understanding this is not greed.

SinkGirl

You think being handed vast sums of cash and having to pay a small amount of tax on a portion of it is punishment?

Yes. It’s my money. Mine. I earned it. I worked for it. I’ve been taxed already. If I choose to leave it to my disabled children so they have the full benefit of it after my death and I want to ensure as best I can their future quality of life, that’s my prerogative. No one else should feel entitled to it.

All very well to criticise me for being unfeeling towards those with disabled parents who couldn’t provide them with a large inheritance. What about those parents who have disabled children they wish to provide for by way of that large inheritance? Are people with high incomes somehow exempt from tragedy and illness?

Greed implies that I want to take your money for myself. I don’t want or need your money.

You want to take it. Your reasons for doing so, real and imaginary, don't really interest me.

If you've managed to save a bit of money or buy a property, every greedy little socialist will be eyeing you up like a hungry dog does a pack of sausages

How true.