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?

@ForTheLoveOfDoughnuts

I seriously wish this twot would fall off the fucking planet.

He has single-handedly destroyed the LABOUR PARTY, he is disingenuous, a liar, and an IRA sympathiser, and he constantly spouts shit, and says things he thinks people want to hear. Like he will pay off all the student debt if he becomes leader... without realising the colossal amount of money it will take.... (Maybe Diane Abbott did the sums eh?) )

Wish he would fuck the fuck right off!

So you can give them money for uni, to get a profession, but if you give them money to start a business then it comes off the £125k? I don't see how that is fair.

People will pile it into their Sipps you know, and thus avoid inheritance tax.

And all the kids will moan about the boomer generation not passing on their wealth.

I love how people are ranting about Corbyn and a proposal that wasn't even his.

Also as on the above point sayibg he daid he would pay off student loan debt ( he didn't and it wasn't in the manifesto).

But hey facts.

@zipee

Bless.

@crazyasafox

I agree with every word.

"bless"

Erudite critique of my point.

@zipee

I just said 'bless...' coz I think it's so cute and funny that you actually believe what you're saying. And also coz I know there is no point in bothering to engage in an argument with your type.

As you were...

"people will pile it into their sipps you know"

The tax the resolution foundation suggested is paid by the receiver? So even if you died and left money they would.pay tax on anything they received across theor lifetime over 125k.

Or at least that's my reading.

Or you can't rebut my points, which is more likely.

As you were.

@IsabellaLinton

crazyasafox, I agree with every word.

Thank you

I agree with lots of these things that should make the rich pay more, if only they spend it on public services and not wars or subsidies to builders.
However they always make the threshold too low so it penalises the comfortable, doesn't help the poor and doesn't touch the very wealthy.

In fairness, governments have always tried to get money out of us by taxation, under one guise or another. This is nothing new. We just have to ensure they can't do it! We pay enough tax already.

We either we tax inheritance & gifts - i.e. wealth - or we tax income

Life chances for a child - e.g. affording unpaid internships to kickstart a career, owning their own home, even health outcomes - are already heavily influenced by how much wealth their parents have

Pushing the tax burden even further onto income penalises those rising out of poverty

I think there are good arguments for taxing wealth rather than income ...for the land tax etc, however I suppose the difficulty would be in making the transition from one to the other?

125k tax-free is already a huge boost onto the ladder, compared to those who receive nothing.

It's fair imo that anything over this is taxed like income

The £125k covers gifts (in excess of £3k) and inheritances and excludes transfers between spouses

So you sound like you know what you are talking about

So its just cash over 3k...with a max of 125k which is being floated by that think tank

So would it include actual gifts like a car or furniture do you think

I know you can’t know for deffo but im interested in your opinion

A progressive recipient-based tax such as this would also give donors an incentive to target their bequests on those who have not received large amounts before. In our costing we assume (for simplicity) that for every three people currently set to receive an inheritance, one extra person would receive one due to that extra incentive to split estates – with the average inheritance being lower as a result. So while the state can redistribute inheritances directly, it can also encourage donors themselves to spread wealth wider.

We're stuffed then, as we only have one child, and it's a bit late to do anything about that now. I am not leaving our money away from ds.

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?

Well, you take it, obviously.

I think things like a car would be difficult to put a tax on, as the value depreciates for one. Wouldn't this be large cash sums and property ?

JC is an absolute fool - surely no one takes him seriously anymore? I’m pretty sure he just spews crap to get himself in the papers. I mean - he is a joke and everyone knows this. I bet he has a book of ridiculous shit he just spews every now and then.

Hmm. I am an old lefty who has made a bit of money. I've voted against my own self interest for years. Happy to pay tax, happy to see poor people being raised up.

This is a step too far for me though. I won't vote against my kids' interests.

Maybe he should also think about laws that prevent children gaining access to political jobs because their father is leader of a political party

The man is a first class dick who has lived a life of privilege and made the choice himself not to live such a privileged life but will always be privileged as he has and never will have to financially struggle

Meanwhile those who have struggled and have managed to get on the property ladder and with great pride are able to help their children out financially

Typical upper mc person of privilege deciding on how everyone else should spend their money

Most people wouldnt be eligible though.

Again the attacks on Corbyn although he hasnt even put the policy forward again.

Anyone would think there might be an election in the near future

so the answer is, if you are in the lucky position of perhaps being able to pay on £125K when you die to your children that to avoid all taxes altogether you put it in a trust and your children then only receive the income from that trust to a maximum of £125K a year and any more that they could of got on top of that gets reinvested and this trust just carries on rolling through the generations.

see? easy wasnt it for a really rich person not to pay any tax at all.

Meanwhile someone just above the average with an expensive London house, sudden death of the last surviving parent, no time to plan, no understanding of tax "dodges" will pay the full whack of tax and isnt that fair.

There are huge numbers of farmers in this country who are asset rich and cash poor. they might be living in 5 bed farmhouses with 100+ acres of land at what £8K an acre but they literally scrape by month on month hoping the weather stays as it should. Should we tax them to the hilt when they pass the land over to a child to carry on farming?

The problem with all of these fabulous "socialist/communist" ideas is that they look fantastic on paper. absolutely brilliant - fair to everyone. but in practice it all goes tits up - every, single, time.

It was labour that brought in tuition fees remember not the tories. It was labour that squandered millions on PFI's for public buildings.

No Government in this country ever is going to bring in 100% communism because they themselves would lose out in so many ways. so what you get is communism lite - everyone is equal but some are more equal than others. And because of that, because there is no 100% committment it never, ever works. And it never will.

We just have to ensure they can't do it! We pay enough tax already.

It’s also difficult for people to overlook the inordinate amounts of money that are constantly squandered. It’s easy to be extravagant and cavalier with money you didn’t earn. Three unusable water cannons bought by Boris Johnson when he was mayor were sold for scrap, at a net loss of £300,000. Money flushed straight down the toilet.