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 hypothetical is that it would.

Things like school fees and the other things you've listed wouldn't count as gifts.

Its similar to Irish Capital Acquisition Tax.

So you could still hugely advantage your children tax free by paying for stuff for them and enabling them to save their own money, rather than giving them the cash to do it? What about flight tickets and holidays?

Any property that doesn't have to be registered in someone's name?

Would be the same as it is now, as long ad its out of income and means that your own standard of living isn't effected

Yearly gifts under 3k wouldn't be included either.

Plumbers' bills? Internal house decorations? Cleaner?

As long as it fits the criteria, which is virtually the same as it is now. Cash under 3k per year, or over if its out of income and doesnt effect your standard of living.

What about getting your kids hired through blatant nepotism, like when Jeremy Corbyn got his son the £45K taxpayer-funded post of chief of staff to his number two John McDonnell? Will that be allowed?

But what has your standard of living got to do with your child, if the tax is your child's to pay and it no longer relates to the size of your estate? And what if 20 people each gave your child £3,000 in one year?

What about getting your kids hired through blatant nepotism, like when Jeremy Corbyn got his son the £45K taxpayer-funded post of chief of staff to his number two John McDonnell? Will that be allowed?

I think I've just rolled my eyes so hard they fell out

Then it would still be under the threshold.

The standard of living thing is that you currently have to able to prove you were able to give the gift without it impacting your normal standards. You have to have detailed proof of it so it doesn't get taxed as part of your estate for IHT.

The threshold for tax would be 125k so anyone getting 60k in a year would still have 65k allowance left.

I think I've just rolled my eyes so hard they fell out

I know - who could have guessed that the pure egalitarian champion of socialism would be all about setting his own kid up with a job at taxpayers' expense? Never saw that massive hypocrisy coming!

What you mean like how Cameron et al all got jobs as Spads in the Major government through contacts and then appointed into top roles in business after ?

Thought you right wingers were all aboit hard work ?

Works both ways of course.

Also, Tu Quoque fail.

Zipee - are you saying this tax would only apply if you were given £125,000 in the space of one year?!?! I thought it was supposed to be accumulated over a lifetime and a tax on the recipient of the gifts, not the donor, so why does it matter whether the gifts come from one source or many, or affect the standard of living of the donor or not? What has the donor got to do with it if it's a tax on the donee?

We right wingers are happy to pass along familial advantage - that's what this entire thread is about, in case you hadn't noticed! It's you pious lefties who are the hypocrites. In fact, the lefties are even worse than that: we only want to pass our own money down to our kids - Corbyn and his crew want to pass down other people's money to their kids!

Its a lifetime allowance, declarable on income tax forms.

The some current rules are on standards of living and the need to prove a gift hasn't effected and is a normal gift out of income.

Cash gifts under 3000 wouldnt be counted so I imagine holidays etc wouldnt be a problem.

Why not go read the report?

Sorry, Zipee, I don't understand your second paragraph.

Ah no, you right wingers are all about defending the things you worked hard for apparently? You earned your money remember. Once you start talking about passing on the familial advantage you admit that its not earned, and of course your property rights are guarenteed by the state which allows you to pass it on.

So secured by the state and unearned? Pay the tax.

I love it. People fighting over a hypothetical but I could never imagine affording this much for my kids over their lifetime. People talking about £125k as if it’s nothing. First world problems indeed.

@Walkaround the rules on standard of living are current ones, and are on "normal gifts". I can't say for sure cause I don't have the report in front of me but I'd imagine that something like this would continue. A similar tax threshold works in Ireland and stuff like buying your kid a car for their 17th doesnt count for their threshold.

our property rights are guarenteed by the state which allows you to pass it on

What exactly is the point of the state 'guaranteeing' property rights if it reserves to right to cream off a fat chunk of said property? That sounds more like paying protection money to a mobster who promises to keep your business 'safe' from, er, himself.

Also, why wouldn't a holiday be a problem? Because it doesn't count as a gift, or because it's less than £3,000? What if you gave them £3000 and paid for the holiday? What if you were on the holiday with them and paid for the villa, drove everyone there and paid for all meals out? Is that the same as paying for them to have a holiday without you? Should these things count as gifts? I think it's all very well talking about fairness and airily saying you wouldn't avoid tax, but frankly I think the average layperson would be deeply confused about what would earn them moral opprobrium and what wouldn't and what is fairly benefiting your children and what isn't. . It's more just a change that Monbiot has suggested might raise more revenue than a morally justifiable crusade, surely?

Tell you what try keeping your property without it being protected by the state.

We'll see how long you last.

There will always be workarounds for the rich/financially literate - just like there are now with family trusts to reduce inheritance tax. I understand what he's trying to achieve but don't think such a law change would survive more than his term in govt, so would be fairly pointless.

Its not a moral crusade and I have read the Resolution Foundation report, but I can't answer the question about what would count as a gift in what every exsxt scenario you wish to come up with

I find it amazing how the Tories seem to be getting good press on here whilst they are currently looking to elect BJ, the British Trump. Bad times. Can only pray for a moderate Rory which is hugely unlikely.

People claim to love the NHS and well funded schools and public services and yet we need taxes to fund these. If we reduce taxes our public services will slide even further than they currently have.