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?

Zipee, should have gone to specsavers!

Have already spent more than that on fucking Playmobil I bet

Sorry I genuinely didn't see that.

But however, it wasn't saying that anyone disagreeing was a pleb. I think its more lile this has been a piece of propaganda to influence the masses.

I agree that council tax is in urgent need of reform, it is so regressive and takes little account of someone’s ability to pay.
Income seems to Be taxed in the uk and not wealth.
Everyone pays tax for the good of society as a whole, we complain about poor services but many are unwilling to fund improvements.
Boris has proposed tax cuts for people earning over 50 k hardly equitable

I think more houses - more affordable housing - would solve a lot of this countries ills.

Shame we can't seem to put the effort into that, that goes into rubbishing all attempts to address it.

Why, it's almost as if the media has a vested interest in sustaining our increasingly ludicrous housing market by diverting attention away from it.

Luckily we are far too young and clever to fall for that old trick !

When the far left and the far right meet, they are the same, produce the same outcomes - just with different sales tactics.
Don't ever assume the left will help the individual over their 'cause'

Accurately put

While only a proposal it points the way things are going, and though it will no doubt appeal to some who'd have voted Labour anyway, it'll do nothing to attract the middle England vote they'd need to get elected

Carry right on with such ideas, though - you're doing just fine

Taxation - in all its many forms and guises - is only ever paid by the reasonably well off. Not the super wealthy. not those with inheirited lands and wealth but by those who fall in the middle.

and this is the problem with Labour policies, reviews and think tank ideas. they hit the people in the middle. the people that they actually want to vote for them.

The super wealthy avoid, avoid and avoid every time.

And all this talk about wealth inequality. its a bit like talking about being poor in percentages. there will always be a "bottom 10%" what we need to do is narrow the spread between the richest and the poorest. I dont think this idea will do that.

Are they thinking £125k for all your kids or £125k each? Because its already cost us nearly £50k to put three kids through uni, and that's with them taking as much loan as they are entitled to.

I've always voted labour. Our business has always paid its taxes. I believe in society looking after those who cannot look after themselves.

But I'm not very keen on the government making me hand on to my money to the grim end then taking a big chunk of it. We worked hard to give our children more opportunities.

Mummymeister, yup, spot on.

As a zoologist said: nice idea. Wrong species.

Why? Because people act through SELF INTEREST. They get up and work to further their own families. When they are required to work for the good of others, they stop working.

The only truly socialist societies are ants, and bees. That is because they are all sisters and it therefore makes sense working together for the furtherance of their genes. (Really!)

The thing about capitalism that makes it work whatever the flaws, is that is it is forced altruism. I care about what you want, because that is how I profit. If I as a baker do not get up at 4am to work to provide bread, my family starves. But in my working for my family, the community gets a service. Adam Smith made this observation all those years ago:

The latest failed socialist experiment, is Zimbabwe. Unemployment is 95% and people are starving. Africa, especially, equates colonial imperialism with capitalism and is an arch proponent of Big Government and state directed interventions, which is why it fails as a continent.

Re Council tax reform - students in student lets dont pay council tax neither do their landlords. In holiday areas like Lake District, Cornwall and Devon there are thousands of "second homes" which are classed as holiday lets where the owners dont pay Council tax because its a business and are then exempted from Business rates because of the threshold. In Cornwall alone there are 44, 000 properties which dont pay council tax or business rates. This is what needs reforming and urgently.

Its 125k as a limp sum gift to each child, not support for university and other points.

Effectively its a limit on the bank of mum and dad, which at the moment is untaxed and source of inequality. You could still gift them over it and pay the tax.

So what will you do with people who sit on millions and millions of pounds they don’t need while the rest of us is struggling?

It’s their money, not yours! You don’t get to decide that you need their money more than they do, therefore you’re entitled to it!

Unbelievable! 😂

Interesting.

Would that include education? For example we paid the fees for our 22 year old's Masters degree.

Does it include free accomodation at home. Many Londoners I know expect adult children to return home rent free in order to start saving for a deposit. My neighbour's son has just bought his own place after five years. (Though in fairness he was also there to support his parents through his dad's final illness - which complicates things a bit further.)

Lots of small things. Passing on your old car. (We have NEVER bought a car, but instead relied on family hand-me-downs, a huge saving over the years.) Buying baby clothes and equipment for a grandchild. Renting a villa so children and grandchildren can afford to holiday with you, or paying airfares so young adults can keep up with family abroad.

As someone from a sandwich generation, I very much see a multi-generational family as a unit. At the moment it feels as if DH and I are there to support both the older generation and the younger, but presumably our time will come. We help with a deposit now, and DC will have a bit more slack in the future that will enable them to help us.

@ScreamingLadySutch

Absolutely!

Funnt that Germany and the Nordic coubtries are never held up as failures of socialism.

The self interest point isn't accurate.

High earners depend on the infrastructure funded by taxation, without roads, the police force the education system etc no one would be able to make a living or run a business or start a business
we all depend on the work done by others, no one is self made, no one is an island

Too many people avoid IHT and get out of paying for their care by "gifting" property to their kids

Who else should benefit from my hard work?

Having worked all my adult life and having seen my tax wasted on those who don't want to work I feel I've given enough to that particular charity.

Tony Blair and all the other socialists, Corbyn included, would have their money stolen by this too.

Oh and centralised government interventions work all the time, in every state. There are no examples of true free markets.

Essentially what you are saying is the current status quo suits you and your interests and have found a theory thst you can hang it on.

It doesn't work.

Momentum have a far left, extreme socialist agenda in the background.

Citation needed

Socialism does not work. It has never worked. It will never, ever work.

Citation needed

If his proposal did generate £9b for the Treasury, that would be a drop in the ocean and likely not be spent on anything we'd notice or want.

Inheritance tax is a rip off anyway. I (& husband) would like to think we can leave everything we've worked for to our offspring with no penalties. We have paid tax all our working lives and still pay it on our pensions.

Who wants to give more money to the government?

Wealth redistribution. People want better public servies and moan like mad about funding cuts to the NHS. But no fucker wants to pay for it. The rich remain rich, passing their wealth from one generation to the next, banging on about how hard they work to get where they are when in most cases they've inherited most of it and had a huge leg up from their folks. Corbyn is right - tax the greedy fuckers to the hilt.

JustAnotherPoster, have you seen Venezuela or visited recently?

Have you seen Norway or visited recently.

Oh and Venezuela's situation is fst more complex that just a failure of socialism.

But primary resource dependency and resource curse might be beyond you.

Money to fund NHS, schools, police etc has to come from somewhere.

Better to tax unearned gifts from parents, rather than further income tax.

I'd rather people kept more of the money they earned, and less of the money they were gifted/ inherited.

We have an increasing gap between those who receive gifts/ inheritances from wealthy parents, and those who don't have parents wealthy enough to pass on substantial wealth.