Labour voters….

[CurlewKate]

…… what do we do now?

As for younger people might not receive a pension, this is more reason not to apply inheritance tax in estates below £2 million.

No because you should be able to earn money to have security not rely on inheritance and what about those who don't get one?

In 2023, it was estimated approximately 4,000 millionaires left the UK. In 2024, that number had increased to almost 11,000.

this is a little disingenuous as we had so many in the first place plus all those tax overhauls you talk about will drive away some millionaires...

True which means it’s been a long time since we’ve had a gov with anti earning rhetoric and policies.

On the who pays more tax posts that come up on most threads, we’re at the max already, higher taxes won’t help.

On the who pays more tax posts that come up on most threads, we’re at the max already, higher taxes won’t help.

They are inevitable, utilities, food etc are not going to get cheaper. Social care & NHS costs are only going to keep increasing due to the demographics

"The Office for National Statistics (ONS) published figures today showing the number of people over state pension age is projected to increase by nearly 14%, from 12 million in 2022 to 13.7 million in 2032 – despite the increase in state pension age to 67 from 2028. Conversely, the number of children is expected to fall by over 6% in the same period."

As for younger people might not receive a pension, this is more reason not to apply inheritance tax in estates below £2 million.

It’s more reason to raise inheritance tax and lower the threshold with the resulting revenue invested in pensions. To do anything else is just increasing the wealth divide.

@blossomtoes

It’s more reason to raise inheritance tax and lower the threshold with the resulting revenue invested in pensions.

So, those who have earned their wealth by effort have to pay to provide pensions for those who make a career of living off benefits? What a pile.

The pension age of 65 for men and 60 for women was established in 1908. Governments saw the population both increasing and aging, but did nothing about it.

To do anything else is just increasing the wealth divide.

There will be a wealth divide for as long as people can keep what they have worked for. No point in trying hard if are no better off than those who don’t try hard.

But this sort of hypothecation won’t happen and the money raised with be lost in some other shit show.

It’s more reason to raise inheritance tax and lower the threshold with the resulting revenue invested in pensions. To do anything else is just increasing the wealth divide.

Exactly! we should be reducing it

So, those who have earned their wealth by effort have to pay to provide pensions for those who make a career of living off benefits? What a pile.

How did my in-laws earn their 2m house that they bought in a rough part of London?

No point in trying hard if are no better off than those who don’t try hard.

🙄

How can you reduce the wealth divide if people are free to move abroad if they have money? That obviously includes pensioners. Better to get some inheritance tax than get none at all. Plenty of rich pensioners can move to jurisdictions with better quality healthcare and live in care at a fraction of the cost of staying here. It is only those who need the free healthcare who have to stay.

I agree with this. Politicians needs to have the courage to be honest about it.

But the reason many are not paying enough tax is because housing became too expensive, in many areas, relatively speaking to income. Had the housing situation been managed properly in terms of supply and demand, there would be more taxes for the taking. Instead they are still encouraging the tax free Ponzi scheme which is main residence. Why should it be tax exempt? It is the number one unearned asset that countless people have cashed in on, with no benefit to anyone else except for artificially keeping prices high as bank of mum and dad then continues down the generations. Nobody wants a house price crash but if we are going to talk inequality, then it has to be the British home ownership scam. Perpetuated by countless Governments.

Nobody wants a house price crash but if we are going to talk inequality, then it has to be the British home ownership scam. Perpetuated by countless Governments.

making housing the economy has fucked it.

i would rather pay more inheritance then more income taxes personally.

£2million is a ridiculous number given the very very small % of the population that pay it as it is.

And if we are comparing tax systems and suggestion that lower and middle income households need to pay more on their income compared to other countries we could bring inheritance tax into line to and reduce the threshold and pay a greater % on it.

It would be more effective to tax all cash gifts above 50k and gifts into trusts (than inheritance tax?) Inheritance tax is very easily avoided.

@MissJeanBrodiesmother

i don’t disagree that many foreign born carers are very dedicated. The issue is that it has been very bad value for the country, because if you let one carer bring in many dependents, or if you don’t ensure people continue to work in the care sector after having got the visa and for some time afterwards (5 years is too little to qualify for ILR and then go and work in a low wage in retail elsewhere in my view), then you have acquired a lot of long term liability without resolving your labour shortage. I guess we could be more like Singapore and make it easy to come as a carer but hard to get citizenship on that route. I don’t have the answers, but I don’t think it’s fair to pretend there is one path that is easy and economically beneficial and it’s only xénophobes who would oppose it.

Also FFS this.

Unless I bump my parents off, if they live as long as their parents I’m going to be in my late 50s before I see that inheritance. What would be much more useful is being able to afford to live now on a single income and have secure housing.

It would be more effective to tax all cash gifts above 50k and gifts into trusts (than inheritance tax?) Inheritance tax is very easily avoided.

For the average person who has their wealth tied up in their house it isn't that easy.

I mean the French start taxing gifts under 10000 euros. Here you go
https://www.kentingtons.com/news-blog/tax-planning/french-gift-tax/

What would be much more useful is being able to afford to live now on a single income and have secure housing

exactly

OK but we do not actually want people having their wealth tied up in their house and not moving out and whingeing about withdrawal of WFA when they should be moving somewhere smaller and supporting themselves?

Well then we need more immigration. So people need to stop complaining and deal with it.

I think too many people want their housing wealth, winter fuel & all care for free. They just don't even want to consider paying for anything.