Cut inheritance tax, I'll pay more tax so some kids can get a free house

[truman]

What`s JSA ?

 

Job Seeker's Allowance,if you think that everyone who is capable of supporting themselves should then surely your logic must extend to not paying able bodied people money to remain idle at home?

[Justin Smith]

Job Seeker's Allowance,if you think that everyone who is capable of supporting themselves should then surely your logic must extend to not paying able bodied people money to remain idle at home?

 

I think that someone on benefit should be forced to accept a job, or training, if they`re to get any money.

Are there actually any people who don`t think that ?

And that includes the goverment.

[Longcol]

My Dad worked hard all his life.

 

He paid £19,000 for his house.

 

It is now worth £400,000.

 

That's £381,000 unearned income - more than he earned in 40 odd years work. Of course it should be taxed.

[Mr Bates]

I agree in principle to taxing unearned income. Perhaps if inhertance tax was more progressive, for example taxing 75% of property value increase from when the house was bought until inheritance. This would also help avoid crazy house inflation.

[carosio]

My Dad worked hard all his life.

 

He paid £19,000 for his house.

 

It is now worth £400,000.

 

That's £381,000 unearned income - more than he earned in 40 odd years work. Of course it should be taxed.

 

He may have paid far more than £19,000 if he bought it with a mortgage plus any improvements, maintainence etc.

I agree with some tax in principle, but the government are confiscating nearly half of the amount to be paid on tax due, which would be about £30,000.

[Longcol]

He may have paid far more than £19,000 if he bought it with a mortgage plus any improvements, maintainence etc.

I agree with some tax in principle, but the government are confiscating nearly half of the amount to be paid on tax due, which would be about £30,000.

 

He bought it during the period endowments actually more than covered the cost of your mortgage. maintenance hardly adds to capital value - just helps keep value - as do the majority of improvements (unless siginificant extensions to the size of the house).

 

If you are saying he would be paying £30k on a £381k unearned profit I honestly can't think that is unreasonable.

 

Most of our parents generation where looking towards leaving us a little something to remember them by - not a small fortune - I reckon many people are seeing the value of their parents property and seeing ££££ in front of their eyes.

[Berberis]

Even though I disagree with inheritance tax, I can understand the argument for it.

 

If the government encompassed an inheritance into capital gains tax and allowed people to pay if off over a fairly long period of time, so the property etc can be retained by the family inheriting it, I doubt many people would disagree.

[Berberis]

He bought it during the period endowments actually more than covered the cost of your mortgage. maintenance hardly adds to capital value - just helps keep value - as do the majority of improvements (unless siginificant extensions to the size of the house).

 

If you are saying he would be paying £30k on a £381k unearned profit I honestly can't think that is unreasonable.

 

Most of our parents generation where looking towards leaving us a little something to remember them by - not a small fortune - I reckon many people are seeing the value of their parents property and seeing ££££ in front of their eyes.

 

No but the absence of said maintenance over the last 40 years would mean the housed would probably be worth nearer to the original cost than the present value.

[Longcol]

Even though I disagree with inheritance tax, I can understand the argument for it.

 

If the government encompassed an inheritance into capital gains tax and allowed people to pay if off over a fairly long period of time, so the property etc can be retained by the family inheriting it, I doubt many people would disagree.

 

It would be very difficult though - how on earth would we know what the capital gain on our property might be 10 - 20 years hence?

 

And how many people really want to retain the property rather than selling it for ££££.

[Longcol]

No but the absence of said maintenance over the last 40 years would mean the housed would probably be worth nearer to the original cost than the present value.

 

No - it might be worth £300k unmaintained now rather than £400k - but nowhere near the original £19k - and it would still represent a huge amount of unearned income.