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?

Wealth redistribution

You mean stealing.

Zipee, worked in norway and visited Venezuela before problems.

Why are you inable to accept that others have opinions that may differ from yours, without coming across as rude and having a very unfortunate manner about you?

I doubt labour will actually bring such a policy in. I have a lot of wealthy friends who criticised me for not voting labour last time (I’m a relatively high earner but come from a poor background).

A lot of them earn less, but live in mortgage free homes/school fees paid by grandparents etc. I guarantee none of them will carry on voting labour if they bring this sort of policy in.

I on the other hand think if I’m going to have to pay eye watering tax then it’s only fair those who have been gifted an advantage in life should be taxed on that.

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.

Inheritance tax isn't paid by you on the money you've paid income tax on, it's paid by your children on money they've received through no effort of their own.

The alternative is that the state more heavily taxes income and purchases to enable the lucky few to inherit tax free. Is that really preferable??

It is better if people use their wealth during their lifetime, rather than hoard it for inheritance. So using it to improve their children's lives for example, rather than hoarding it away.

I wasnt rude. It was accurate. Norway has a significant social state, and has operated socialist policies for decades.

Venezuela's issue are not because of socialism as you attempted to claim, but government competence, primary resource dependency, the effects of the resource curse, interference from foreign governments and many more.

So yes your argument was simplistic and erroneous. Suggesting either you are being wilfully disingenuous or the complexity of the situation is beyond you.

People would probably stop gifting property to their children if the baseline for care wasn’t so low...to take all your estate including property until there is only £23,000 odd seems very unfair when people who haven’t saved or worked hard can get free care. There is a government paper which has been sitting around for several years as no one can agree on figures, or dare to suggest how much the ‘cap’ for payment should be. I suspect many of us would be okay with paying a decent contribution towards care, but think it’s only fair to have a reasonable percentage of our wealth left to pass on.

We live in a country where in spite of what you might read, most children can access a decent education if they engage with it, Poor health,,disability and extreme circumstances aside, there is the opportunity to equip yourself to get a job and save for your and your childrens’ future.

I live in a country with fantastic health service, well funded schools and strong public services.

Guess what: we pay a shitload of tax to fund it.

Why on the one hand are we complaining that the NHS is on its knees but lose our shit if there is a suggestion that something may be put into place to make us pay more tax.

If you have more than £125k to give to your kids then I hate to break it to you but you are wealthy.

Zipee, nah you are rude, and typical of your political peers.

"You mean stealing"

Tell you what, you stop paying tax and get all the benefits of living in society removed from you.

We'll see how long you keep what you have.

there is the opportunity to equip yourself to get a job and save for your and your childrens’ future

Can you explain how a single mother on a zero hour contract with a crippling amount of rent going to do that, or are we on to the 'hard work' fallacy on how wealth is created?

Nope, not rude. Accurate.

Typical of your political peers to make simplistic arguments that don't bear scrutiny.

Average UK inheritance is 48k, median 11k.

Most people aren't going to be effected by this.

Zipee, whatever, but constantly stating to people that things are boyond them is in my book rude, but par for the course.

Snowflake.

Zipee, grow up

MaximusHeadRoom, £125 is nothing unless it is in addition to the sale of a property. A house would fetch a lot more than that. So someone leaving £125 to children is not wealthy.

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

Provide one example of socialism working to the advantage of everyone and not just a minority.

@zipee, great points succinctly made!

I think inheritance tax should just be called income tax, as basically if I receive an amount of money when my parents die it is income for me that year. So why wouldn't I pay tax on it? Also I can not tell you how annoying it is for people to talk about working hard and if you have no money you haven't worked hard it's simply not true. lots of people work hard in low paid jobs. And when a pp says if you engage in education etc you do realise how some people live they have literally no chance to engage in education as there home life (through no fault of theirs they are children) is so chaotic abusive etc it really is not so simple as hard work =having money and it's simplistic to suggest it does.

Says the person who cited Venezuala ad an example for why socialism doesn't work?
It was an accurate rebuttal of your point, it was a simplistic argument which fails.to acknowledge the complexity and numerous factors influencing the situation. So either you made it because that's what you believe, which means that the complexity of the situation is beyond you, or you did so to be wilfully disingenuous.

Which is it?

He is a proper old school Communist. If we want to end up like Russia, then we should vote for him.

Funny, haven't seen anything talking about the tax decrease for the high tax bracket (affecting only higher earners) followed by increase in NI (affecting all - so disproportionally the low earners) by our not-so-esteemed B Johnson.

And people could do well to learn what taxation actually entails:

• taxation on pensions is because the pensions contributions were not taxed, it's a deferred income tax;
• taxations on savings is not on the savings but on the earnings on savings.

Inheritance tax thresholds are pretty high, so the vast majority of people will never be affected by it. And as a PP said, a lot of property related inheritance tax is a deferred capital gains tax. (You can have an argument on capital gains tax as a concept, but that's not the same.)

He's a wrongun

Guess what: we pay a shitload of tax to fund it.

The problem is that tax is only paid by those who can be bothered to work. If the system makes it unprofitable to work where will the tax come from to boost their lifestyle?