To think Labour don't want the working class to have any savings or accumulate any sort of wealth or financial comfort in their lives?

[Glowupinprogress]

I'm truly terrified of labour and full of resentment for any idiot who voted for them. I have just seen that Kersey government are considering reforms to inheritance tax thar could reduce relief to families gifting money or assets within seven years before death. Currently IHT is levied on estates of £325,000 and the tax is lowered post death to as little as 8%. Theres now proposal to change this. I'm just so fed up and so worried about our country. Why why why did anyone ever think Labour was a good idea?

Typo - should say Kiers*

There’s no proposal. It’s all speculation. Wait for the budget. Plus I don’t really see t(e problem with what you say might happen anyway…

Because the previous government made such a shit show of it all Labour have been given a chance to sort it out. The world is watching...

It’s natural to be concerned but it’s all speculation currently. We’ll know more a week on Wednesday.

If you have over a million pounds in assets (over the IHT threshold) I’m not sure you can really be described as “working class” any more 🙄

That isn't working class.

Agree. People saving into private pensions and savings should be encouraged. Surely its cheaper and less burdensome for the state if more people are self-reliant and don't need the state to bail them out.

Only 4% of estates pay inheritance tax.

I don’t think it should be a key concern of the working classes tbh - a couple could leave their children up to a million pounds.

I don't have a problem with inheritance tax. Why should an unearned windfall be tax free over a certain amount? Only 4% of estates pay it, so not a major issue

Your title doesn't match your post.
How does inheritance tax prevent people saving money or having comfort in their lives?

Most people's parents don't die until their children are well past middle age and grandchildren are more or less grown up so inheriting money isn't going to help much. There's nothing to stop these well off parents giving money to their kids while they're still alive if they have it to spare. If they don't have it to spare they're unlikely to leave enough for iht to apply

I’m more worried about the enormous tax on income via PAYE stopping people accumulating wealth, than the issue of people not getting windfalls from their parents!

I think IHT is due a massive shake up. I’d tax all inheritance under 1m at 10% and keep the rest of it as it is. Would raise a fuck ton of cash, and not make any material difference to what people were able to do with their inheritance.

If you have that level of assets I am not sure "working class" is a very apt descriptor.

I think it's fair people are taxed on inheritance they receive. The dead person is dead. The people receiving the inheritance are getting a lot for nothing and these huge inheritances are causing (and will increasingly cause) real inequalities and meaning actual work is less and less relevant to lifestyle

Not saying that out of envy, I have decent assets myself. I may inherit a decent amount from my parents but equally I hope they use it first and foremost to enjoy their later life and live comfortably.

What has inheritance tax got to do with the working class? Only the top 4% pay it - that’s the upper class. Maybe you should change your post to ‘Labour wants to tax the upper class’ which may be more accurate but no one knows until the budget anyway.

Agree

By jove I think you've got it. Keir Starmer's no1 agenda item is, how can we make sure the working class can't accumulate anything. He has no desire to try to input money into the NHS or drive growth, his entire motivation is to stop the working class.

Where do you think revenue should be raised from @Glowupinprogress ?

It’s the rumoured changes to agricultural land and farms that worries me. If those exemptions disappear
lots of families will be forced to sell their businesses to pay the IHT. So that’s leaving people without work and who on earth is going to buy all those farms?

Working class and having inheritance of a several hundred thousands don't go together well for me

Working class meant to imply hard working , not rich but enough for a holiday every year

Inheritance of up to a million takes you way out of that

It's money you have sone absolutely nothing to earn - hardly a workers issue

The country's on its knees thanks to years of indulging the beneficiaries of unearned income/profit/gains, windfalls and inheritances. It's about bloody time they started paying their way.

Agree @Businessflake food security has to be paramount. We hang by a thread on this. You’d have thought the energy crisis would have made people wake up to it, but unsurprisingly, no. A sensible government would be securing a food supply (not necessarily full variety) for 100% of the nation.

Were you terrified by all the poverty caused by benefit cuts?

Lols at the suggestion my parents were upper class.

@Spacecrispsnack we've been net importers of food for literally hundreds of years. The time to worry about food independence was a long time ago. While they do work hard, I'm far from convinced that farmers should be entitled to tax-free inheritance if the business is worth over £1million!

Oh hiya Ms Oakeshott/ the daily mail/ whoever yet again. We’ve missed you here. We are all just swimming around in a cesspit of leftism and “the politics of envy”. Thank god there’s someone to inject a degree of —propaganda— dissent.