Conservative plan to not charge inheritance tax on homes worth under1m

[Longcol]

There was a time when family looked after their elderly, in fact some still do, so they will have no need of a care home and the council won't force them to do anything, and after years of caring for their elderly relative they will inherit the house and have no tax to pay on the proceeds, this is a good policy.

 

There was a time back in 1960 when our family all lived in the same village - now we're spread throughout the country. Also caring for someone tends to be a full time job - so you need "independent means" to do this in the first place. And real care for many conditions is beyond the capabilities of most untrained lay people or is so wearing on them that it hastens them to an early grave.

[El Cid]

The money someone used to buy an house as already been taxed, so I can't see why it should be taxed again when they die.

 

The poorest 10% of households pay eight percentage points more of their income in all taxes than the richest – 43% compared to 35%, according to a report from the Equality Trust. So perhaps we need to get the rich again, because they avoid tax when ever possible, the poor cannot avoid tax so easily.

 

 

http://www.theguardian.com/money/2014/jun/16/british-public-wrong-rich-poor-tax-research

[loraward]

There was a time back in 1960 when our family all lived in the same village - now we're spread throughout the country. Also caring for someone tends to be a full time job - so you need "independent means" to do this in the first place. And real care for many conditions is beyond the capabilities of most untrained lay people or is so wearing on them that it hastens them to an early grave.

 

So the families that choose do it instead of putting their elderly relatives into a care home should at least get to keep all the proceeds from the sale of an house. I know of no one that is in a care home, but I do know lots of old people that are cared for by their families.

[JFKvsNixon]

I've just done the probate on my parents' estate. My mum died thirty years ago and I still got to use her allowance. You can backdate it to about 1974, if I remember correctly.

 

So, this particular move from the Tories is simply a tax cut for those with estates over £650 000. There won't be too many of those outside of the South East.

 

Give it another 10/20 years and more people will benefit.

[loraward]

The poorest 10% of households pay eight percentage points more of their income in all taxes than the richest – 43% compared to 35%, according to a report from the Equality Trust. So perhaps we need to get the rich again, because they avoid tax when ever possible, the poor cannot avoid tax so easily.

 

 

http://www.theguardian.com/money/2014/jun/16/british-public-wrong-rich-poor-tax-research

 

No they don't.

[Guest sibon]

Give it another 10/20 years and more people will benefit.

 

Then maybe this tax cut should wait for 10/20 years.

 

In the meantime, schools and hospitals don't pay for themselves.

 

It will be hard to defend this policy from the accusation that it is a tax cut for the rich.

[loraward]

Then maybe this tax cut should wait for 10/20 years.

 

In the meantime, schools and hospitals don't pay for themselves.

 

It will be hard to defend this policy from the accusation that it is a tax cut for the rich.

 

Its easy to defend because it makes things a little fairer.

[JFKvsNixon]

Then maybe this tax cut should wait for 10/20 years.

 

In the meantime, schools and hospitals don't pay for themselves.

 

It will be hard to defend this policy from the accusation that it is a tax cut for the rich.

 

It seems like it's a political statement rather than anything that going to cost much money or give much money back.

[Guest sibon]

Its easy to defend because it makes things a little fairer.

 

How so?

 

The tax not paid by people inheriting >£650 000 will have to be paid by others, or cut from budgets that have already been cut.

 

I'm not sure that I share your definition of fair.

 

---------- Post added 12-04-2015 at 21:53 ----------

 

It seems like it's a political statement rather than anything that going to cost much money or give much money back.

 

I agree. I think it is a strange move. A gift to Labour really.

[JFKvsNixon]

I agree. I think it is a strange move. A gift to Labour really.

 

It's aspirational.

 

Blair was very good as aspirational politics. He'd get people voting for policies that would suit the person that they want to be, as opposed to the people that they are. It's one of the tricks that helped him to win all his elections.

 

The Tories will hope that policies like this will do the same for them.