Tories To Change Inheritance Tax Rules

[mikey4444]

http://www.bbc.co.uk/news/politics

As well as cuts to Working Tax Credits and Housing Benefit, you can always rely on the Tories to do all they can to help the working class ! We are all in this together, after all !

[bazwillrun]

quick ..more bitter !

[Zacs-Master]

Come on Mikey, give us a definition of Working Class.

[mikey4444]

Here it is Zacs, although what it has to do with the point of my post I am not sure. :::

https://en.wikipedia.org/wiki/Working_class

Other definitions are available !

My point is that next weeks Budget will almost certainly include measure that will make wealthier people more wealthy, potentially at least, as well as measures that that will make poor working people poorer.

Unless curtailing people WTC's will make them better off, although I would like to see someone make a case for that !

[Prudie]

"Prudie....If Osborne reduces CTC's for 3.9 million people, as he rumoured to do next week, how can that not make poor people even poorer ?"
CTC? Do you mean WTC? That's a completely separate discussion to Inheritance Tax. I'm still asking why you assume that collected IT all goes to the poor?
To sqad - across the animal kingdom providing for offspring is a natural instinct. I want to leave something for my child as my parents did for me. Grandchildren I don't particularly worry about.

[Sqad]

Prudie

\\\\across the animal kingdom providing for offspring is a natural instinct.\\

That may well be from the maternal point of view, but in many species e,g lions, the males cater for the future of their offspring in a very simple way..........they kill them.

I will leave something for my offspring if it does not impair the lifestyle or quality of life of my spouse, but if it does, then my offspring will have to provide for themselves.

[jno]

Sqad, Richard Branson agrees: he's said he won't be leaving his kids anything. He's given them the best possible start in life, and the asset of a famous name, and now it's up to them.

Changing the rules doesn't come free: if Osborne is arranging things so that jno jnr can inherit my property free of tax, it will be paid for by welfare cuts to someone else.

[jno]

Sqad, lions don't usually kill their own offspring - only those that lionesses have had by other males.

Not being leonine, I don't model myself on what's "natural", though.

[mikey4444]

Prudie...CTC was a typo, as I am sure you are aware. By the way, it is reported that Osborne will reduce Child Tax Credits as well.

Here is a handy "idiots guide" to tax credits, thoughtfully provided by the Guardian...sorry but I can't produce a Daily Mail version.

Do you or do you not agree that if Working Tax Credits are reduced, ( and CTCs) it will make some working families worse off ?

And as it stands today, if you die and leave a house worth 1 million pounds, £140,000 will go in IHT, according to the IFS. That means your children will only get £860,000, instead of £1,000,000. You can hardly describe your children as being hard done by, now can you ?

IHT is part of the total tax collected in Britain, along with VAT, Income Tax, etc, and goes towards the NHS, and other worthwhile concerns. So if we are to take less tax, there will be less funds available to spend.

[Prudie]

Not necessarily welfare cuts at all, which was what I've been trying to say all along, it could be off defence, other public sector, foreign aid, roads, housing, schooling, grants to research, the arts, long list I'm sure - so not definitely the poor - which mikey you seem to equate with the working class.

[Sqad]

jno......;-)

[Prudie]

And despite your mildly snotty response I genuinely didn't know if CTC was a typo or something else. I'm the first to admit that I know nothing about benefits, despite being very short of money lots of times in life I've never been able to get any.

[mikey4444]

Prudie...I can see nothing even mildly snotty about my reply, but I am perfectly happy to offer my apologies if you thought there was !

I don't know much about benefits either, being single and always in work, but I am indebted to newspaper links such as above to information.

[mushroom25]

//Here is a handy "idiots guide" to tax credits//

there doesn't appear to be a link, altho' it appears there should be - could you add?

thx

[mikey4444]

Beg pardon Mush ! Posting on too many fronts this morning !

http://www.theguardian.com/money/2015/jul/04/tax-credits-cuts-budget

[Prudie]

I genuinely meant I was not aware although you were sure I was. I even looked up CTC before I responded and could only find stuff about a national cycling charity. :-)

[mikey4444]

Prudie...I am so glad we have sorted that out !

Now, taxing cyclists .....nobody's thought of that before !

[mushroom25]

thanks for that.

andy burnham, appalling man - he's no friends round here after what he did at stafford hospital. but he does have a point about TCs.

[mikey4444]

Mush.... it was obvious to everybody, that as soon as the Tories were elected, we could guarantee that this sort of thing would rear its ugly head.

I fully accept that Labour lost the argument, but they at least did point out that cuts to benefits would ensue if the Tories won. How else is Osborne going to save £12bn ? When you have cut all the fat off, there is only the muscle and bone left.

But here, he appears to be penalising the very people that probably voted for him....the "working" people, not the lazy layabouts.

[mushroom25]

history proved arthur scargill right too.

hindsight isn't much help in these circumstances - next election, one hopes that those with passionate arguments can be bothered to do more than soundbites-to-the-converted campaigning.