flamingjimmy Posted December 30, 2012 Share Posted December 30, 2012 Aren't the odds of being born to rich parents the same for everyone? No, only if you believe in immortal souls floating around waiting for a body to be born and jump into. You being born to your parents was inevitable, you could not have been born otherwise. ---------- Post added 30-12-2012 at 12:53 ---------- Inheriting wealth can be randomNo, it can't. You are not using that word correctly. it doesn't always go down the family line. I had a grandfather who was a pharmacist with two shops, plenty of money and several other properties. Neither of his children inherited much, it all went to his second (much younger) wife, who had no children.That is not random. ---------- Post added 30-12-2012 at 12:55 ---------- I have no chance of winning the lottery because I don't buy any tickets. My parents in their mid 80's do buy tickets, and I doubt they would be able to spend it because they don't spend their pension as it is. Their win would be my completely random gain, but I would have to pay inheritance tax on it. Hmm, a tricky one that! I'll have a think. Link to comment Share on other sites More sharing options...
andygardener Posted December 30, 2012 Share Posted December 30, 2012 I still maintain that "people should be taxed equally and fairly on earnings and gains irrespective on where they arise" is a fundamentally sound concept. The problem is that you can only fairly tax winnings of wagers or lotteries if you also offset losses. Since most people are net losers it would cost a fortune to offset their losses against general tax wiping out the profits made by the lottery. Link to comment Share on other sites More sharing options...
quisquose Posted December 30, 2012 Share Posted December 30, 2012 The problem is that you can only fairly tax winnings of wagers or lotteries if you also offset losses. Since most people are net losers it would cost a fortune to offset their losses against general tax wiping out the profits made by the lottery. You can only offset losses against greater profits. HMRC operate a heads you win, tails you don't lose, system. I fail to understand why you think it would cost a fortune. Simply take tax on winnings over allow a certain amount, but allow this small number of fortunate winners to offset any losses in that financial year. The vast majority of punters would be unaffected. Link to comment Share on other sites More sharing options...
Nagel Posted December 30, 2012 Share Posted December 30, 2012 The National Lottery is already a tax on stupidity. The winnings don't need to be taxed as the government is already making enough money from the stupid and gullible who buy lottery tickets. Link to comment Share on other sites More sharing options...
andygardener Posted December 30, 2012 Share Posted December 30, 2012 You can only offset losses against greater profits. HMRC operate a heads you win, tails you don't lose, system. I fail to understand why you think it would cost a fortune. Simply take tax on winnings over allow a certain amount, but allow this small number of fortunate winners to offset any losses in that financial year. The vast majority of punters would be unaffected. But the odds involved make it unfair to apply to a financial year. A player playing the main game twice a week with two lines with an average roi will lose around £1,500 over 10 years. If in the tenth year they get lucky and win £500, is it fair to tax them as if they made a profit of £350, when in fact they've made a loss of £1000? Link to comment Share on other sites More sharing options...
green Posted December 30, 2012 Share Posted December 30, 2012 Just for the record, i stupidly clicked the wrong button. I meant to click No. The government needs to learn to spend our hard earned tax revenues better, not keep grabbing it at every opportunity. Link to comment Share on other sites More sharing options...
spilldig Posted December 31, 2012 Share Posted December 31, 2012 What the money is spent on afterwards has no bearing whatsoever on whether the initial purchase is a fleecing. It's still money which anyone who wins should be getting. Link to comment Share on other sites More sharing options...
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