Hugh Grosvenor got a whopping £4 BILLION tax break from the British taxpayer when he became Duke of Westminster - what for?

[TallerSally]

Yeah.

£4bn that could have been invested into public services in the UK. £4bn that hard-working tax-payers are having to make up for.

The usual feeble protests about this inheritance tax (IHT) break being the law or tradition just won't cut it - laws and traditions that aren't in the public general interest and just exist to uphold the privileges of a small (and in this case unarguably underserving) minority can and should be changed.

Because, what exactly has Hugh £10bn fortune Grosvenor done for the British public to deserve a £4bn IHT break?

And so pathetic to see the media skirt around the issue, as they fawn over his wedding today and try to faff about irrelevant peripheral pseudo-dramas instead.

£4bn, folks!

https://www.telegraph.co.uk/royal-family/2024/06/07/duke-of-westminster-olivia-henson-wedding-latest-news/

Another good reason why our government needs to go. They are always going to support this type of inequality.

Thanks to everyone who exolained the tax info. I find that fascinating.

The Duke sounds like a more responsible employer than Disney or Exxon. His dad sounds really interesting.

@Atethehalloweenchocs and you don’t think there are Labour supporters who benefit from trusts.

The billions appreciate in the trust and cascade down to successive generations protected from inheritance tax.
Not sure where that came from, but as others have explained, on a numerous occasions, it's wrong.

But not mentioned previously, I think, discretionary trusts pay income tax on their income at the top rate, so 45% on interest, trading and rental profits. Capital gains tax at the usual rates too.

@BemusedAmerican That is probably a better comparison for the Grosvenor Estate. It’s a business.

People need to take a good look at how little tax those multi nationals pay.

ha-ha-ha-ho-ho-ho-ho, so incredibly funny!

(have I matched the imbecility of your comment?)

I’m trying!

I agree with this - essential to protect farmers although would like someone like the Duke of Westminster to pay more taxes!

After WW1 and WW2 a lot of estates went bankrupt because of death duties and were sold up piecemeal to pay the tax man. The result was loss of tenant farm and employment in those areas- in some places whole villages disappeared because there was no employment.

almost all these estates were sold on the wealthy industrialists who didn’t live in them and had no interest in maintaining the surrounding land or community, with many houses laying derelict or empty. The fall of these estate was a short burst cash injection which was quickly gobbled up by government spending.

Both economically and socially it is better to let large landowners spread their tax burden and not have the estates collapse. This saves jobs and means the estate will produce ongoing tax revenue and contribute to the economy.

You can only sell an asset once. Many people don’t understand this.

I’m not wrong though, am I? Have you ever looked in to the Duke of Westminster‘s finances before today which happens to be his wedding day? A wedding to which your best mate Harry didn’t go, but his brother was an usher? Even though many posters have repeatedly explained the tax situation to you and pointed out that it is not as you would have us believe?

I get all the fawning over the BRF , even Wat Tyler made an exception - it's a thing but what has knocked me for 6 is the read across to our nobility as well. Genuinley gobsmacked. Forgive me if I borrow a phrase from this parish - they walk amongst us !

“There should be equality among all people save only the king. There should be no serfdom and all men should be free and of one condition. We will be free forever, our heirs and our lands."

Yes, it’s quite entertaining. Waiting for the poster to call you a poopy head.

@TheFirmBiscuit

No one is grovelling to the nobility. We are mostly just pointing out the things aren’t as cut and dried as the OP suggests.

@Arconialiving farms make up part of the Duke’s estates

😂

*ha-ha-ha-ho-ho-ho-ho, so incredibly funny!

(have I matched the imbecility of your comment?)

I’m trying!*

You've far surpassed it. Many, many times.

They avoid IHT, but the trust pays 6% tax every 10 years for as long as the trust exists on the value of its assets (as well as income tax at 45% on income). I reckon HMRC probably get more overall from this approach…as it regularly gets 6% of a big number that’s increasing. The alternative being a few 40% tax takes on an ever diminishing number…

Pre-emptively even!

He pays tax every 10 years albeit a lower percentage. It all adds up to roughly 40% every 55 years.

He's actually donated a lot more to charity than Harry factoring in covid relief, the military charity, the Chester flowers, the ice cream, etc.

@TheFirmBiscuit The stable of mistresses is a standard line in the trashier American regency romances. It's been years since I read that phrase. 😊

"He's actually donated a lot more to charity than Harry"

Read that again a couple of times.... and hang your head in embarrassment... and shame!

Eh?

Wha?

Please make it mean something!

Bloody hell - is that the truth OP. Its obscene!

If you read the thread... No. It's not.