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?

You can't say you paid tax on it once so you nwver have to again, otherwise we'd never pay purchase taxes, road tax, council tax.

Most people's inheritance is from the sale of a parents home, whose value increases are also untaxed and down to the society we live in, not your hard work.

Its also unearned income for the recipient.

Jesus, it’s like talking to a bunch of children.

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?

How would a tax on gifts made during your lifetime over a very high financial value prevent you from providing for your child by way of a large inheritance? This is nothing to do with inheritance, and IHT already exists. This wouldn’t prevent you from leaving however much money you like to your child. It’s just that a portion of it would be subject to tax if given when you’re alive, just as it would if you leave it when you die. The handwringing is rather excessive.

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

🙄

"How true"

Demonstration yet again of the fact thst you are both just making stuff up, or proof that high earnings are nothing to do with ability, intelligence and hard work (especially as you both post with an alarming frequency).

Or are you secretly aware that your status isn't actually down to you? Did you benefit from large amounts of cash from parents and owe your positions to unearned privilege?

You can't say you paid tax on it once so you nwver have to again, otherwise we'd never pay purchase taxes, road tax, council tax.

We shouldn't have to.

Most people's inheritance is from the sale of a parents home, whose value increases are also untaxed and down to the society we live in, not your hard work.

Try buying a house using 'the society we live in' instead of your savings and proof of income, and let me know how you get on.

Its also unearned income for the recipient.

So what? We have these things called 'families' and 'natural human relationships' that socialists are so dead set against. The urge to pass your possessions down to your kids is a deep-seated one that isn't going away anytime soon.

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

And those that do are then penalised for it. Try and save for your children’s future and do societal good by ensuring less burden on the state - no, don’t bother. Apparently someone has better use for that money.

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

I don’t disagree with you.

Try building a house without the society we live in, try connecting it to water, electricity, oh and the internet ( another government invention).

Try getting the materials there, try finding people to build it to standard and ensure that its safe. Try keeping it safe against the baying mob without the police and the rule of law.

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

You earned it, you paid tax on it... your children did not, for them its unearned income..... which is taxable, under any Tory or Labour Govt.

The tax payable can then be used to help children less fortunate than yourselves, after all you don't want to have to step over them when you leave Covent Garden do you?

Or are you secretly aware that your status isn't actually down to you? Did you benefit from large amounts of cash from parents and owe your positions to unearned privilege?

Jesus, I think you're revealing more about yourself than you realize - that chip on your shoulder must be a mile wide.What could have created it? But yeah, you got me - I'll have to write to my old college and tell them it was my parents who sat my finals for me.

So you went to Oxbridge?

Doubt it some how.

proof that high earnings are nothing to do with ability, intelligence and hard work

I can feel the jealousy, the envy, the rage... it’s nice!

(especially as you both post with an alarming frequency).

An alarming frequency, the pot said to the kettle!

Or are you secretly aware that your status isn't actually down to you? Did you benefit from large amounts of cash from parents and owe your positions to unearned privilege?

Nope! Not often you’re right and you’re wrong again!

I don't doubt that you didn't.

I'm on the money Isabella.

You earned it, you paid tax on it... your children did not, for them its unearned income

So what? I reserve the right to give what’s mine to whoever I choose. I’d prefer to give it my children. Alternatively I could throw it on a bonfire and no one would see the benefit.

The tax payable can then be used to help children less fortunate

I have already been taxed on that income.

@Zipee

If you only knew how far wide of the mark you actually are! It’s hilarious and awful - I’m excruciatingly embarrassed for you! But there’s no arguing with the ideologically possessed.

Which tax did you pay on the increases in value to your house?

You can reserve the right to do what you like with your money, but you can't reserve the right for it not to be taxed.

Or are you secretly aware that your status isn't actually down to you? Did you benefit from large amounts of cash from parents and owe your positions to unearned privilege?

No, and no, and no - what a laugh!

You can reserve the right to do what you like with your money, but you can't reserve the right for it not to be taxed

I’ve been taxed once - fair enough. I’d sooner throw it on a bonfire than hand you another penny, comrade!

I love that you are embarrassed for me.

I would be cringing if I had posted the bilge you come out with.

Ideologically possessed? Says someone who has rote learned Ayn Rand?

" I'd sooner throw it on the fire than yku had another penny,comrade!"

More nonsense.

You'll pay more tax on it, don't worry.

You’re posting with an alarming frequency @Zippee, I must say...

You flatter me! I enjoyed Atlas Shrugged. Can’t claim to have learned it quite as well as you imagine, but I appreciate the compliment!

When is a gift a gift, and why? Is it a gift to pay someone's university fees, or school fees, or ballet lessons, or music lessons, or professional qualification fees, or only if you give them cash, even if they then choose to spend it on those things themselves, so you get the same end result? Does the age of a child affect whether something is viewed as a gift rather than an expense of bringing them up? What about expensive furniture for a child's bedroom? What if your child does work for you and you pay them for it? Will you need a written contract and evidence of the work done and its market value to prove it is not a gift? Or only over a certain amount (accumulated how quickly?)? What if you have lots of kindly relatives and friends all giving you gifts. Do these all count, or not if it's only lots of money if you add up the little bits from lots of different sources? Is this proposed tax just proposed to catch obvious, big cash gifts and property transfers, or to add up a lifetime of subtle gift giving?

What if a child lives rent free in your house? Is that a gift?

What if they live rent free in one of your houses?...

Will the tax replace IHT in its entirety?

*sorry - would, as it's all hypothetical!