Burnham

[Psamathe]

Lots of other (in my opinion) weirdness that should be changed which would help raise money to pay for the already promised Social Care Service.

Eg Fair enough that spouse inherits estate from their partner. But why also inherit their IHT allowances. Eg my Dad died and my Mum inherited his estate and his IHT allowance. Then when my Mum died her estate got double her Inheritance Tax threshold allowance (ie Mum's plus Dad's allowances).

Eg if your estate includes your home often your Inheritance Tax allowance threshold will be significantly increased. Why, given most homes will be sold? Maybe delay tax on the home portion for eg whilst beneficiary lives there as main residence delay IHT on home for max. 5 years.

Loads of weird rules. Even don't tax estate but tax beneficiaries as any other income?

 

[briantrumpet]

Lots of other (in my opinion) weirdness that should be changed which would help raise money to pay for the already promised Social Care Service.

Eg Fair enough that spouse inherits estate from their partner. But why also inherit their IHT allowances. Eg my Dad died and my Mum inherited his estate and his IHT allowance. Then when my Mum died her estate got double her Inheritance Tax threshold allowance (ie Mum's plus Dad's allowances).

Eg if your estate includes your home often your Inheritance Tax allowance threshold will be significantly increased. Why, given most homes will be sold? Maybe delay tax on the home portion for eg whilst beneficiary lives there as main residence delay IHT on home for max. 5 years.

Loads of weird rules. Even don't tax estate but tax beneficiaries as any other income?

DEATH TAXES!!!

 

[Psamathe]

DEATH TAXES!!!

I remember years ago when we were each given a choice to remain in SERPS (state earnings related pension?) or opt for a lump sum payment from Gov. into a private pension and forgo SERPS ie reduce Government outlay but supplement with private fund growth. No idea of financial calculations but eg (on top of other inheritance changes possible) allow people to forgo their IHT allowances and opt into State Care Service or to keep their IHT allowances and fund their own care.

IHT could be adjusted to higher marginal rate bands eg £350,000 to £1m 40%, £1m to £3m at 50%, etc.

Important aspect is it's not youngsters paying for care for elderly but elderly paying for their care. So often it's reported how youngsters feel it unfair they fund eg pensions.

 

[Dorset Boy]

So much mis-understanding above.
Anyone with over £23,250 will self fund their care until their assets fall to that value. The local authority then help.
Someone with a £500k property will self fund and almost certainly never receive any help from the state.
You need to also learn about the ways individuals can fund their care.

Also some misunderstandings about the way pensions work, and how contracting out worked, but I have to go to work so don't have time to address those.

 

[Psamathe]

So much mis-understanding above.
Anyone with over £23,250 will self fund their care until their assets fall to that value. The local authority then help.
Someone with a £500k property will self fund and almost certainly never receive any help from the state.
You need to also learn about the ways individuals can fund their care.

Except we were discussing what is planned, not who gets help now. Andy Burnham sets out vision for universal free social care

Also some misunderstandings about the way pensions work, and how contracting out worked, but I have to go to work so don't have time to address those.

The SERPS contracting out was raised as it was a mechanism used in the past where you could contract out of a future state benefit to receive a benefit now (and I was talking about what happened back when I did it and I actually re-investigated what happened back then with DWP shortly before my giving up work and again shortly before my retirement age). (nb when I contracted out I happened to be working for Gov. through a QUANGO and I suspect my contracting out was a bit weird as their pension was through JSS and using Private Funds was a bit of a new thing to them)

 

[FishFright]

What we have to remember is that this is still one of the richest countries in the world. The country is not skint and teetering on the edge of financial collapse.

 

[secretsqirrel]

What we have to remember is that this is still one of the richest countries in the world. The country is not skint and teetering on the edge of financial collapse.

But…..Broken Britain..

 

[briantrumpet]

But... immigration.

Perhaps we ought to join a trading bloc that would address that as well as encourage easier trading. If only there was one right on our doorstep.

 

[C R]

But... immigration.

Perhaps we ought to join a trading bloc that would address that as well as encourage easier trading. If only there was one right on our doorstep.

View attachment 17475

I'm sure all the blackshorts are queuing to apply for jobs in the care sector as we speak.

 

[Beebo]

Lots of other (in my opinion) weirdness that should be changed which would help raise money to pay for the already promised Social Care Service.

Eg Fair enough that spouse inherits estate from their partner. But why also inherit their IHT allowances. Eg my Dad died and my Mum inherited his estate and his IHT allowance. Then when my Mum died her estate got double her Inheritance Tax threshold allowance (ie Mum's plus Dad's allowances).

Eg if your estate includes your home often your Inheritance Tax allowance threshold will be significantly increased. Why, given most homes will be sold? Maybe delay tax on the home portion for eg whilst beneficiary lives there as main residence delay IHT on home for max. 5 years.

Loads of weird rules. Even don't tax estate but tax beneficiaries as any other income?

Because the assets are owned jointly and it would be almost impossible to prove otherwise. So it is just easier to lump them all together and give a double benefit. I don’t really see a huge issue with that.

Plus You would get an anomaly where it would be beneficial for elderly parents to get divorced.

£325k joint threshold would bring in almost anyone who owns even a modest house.

 

[briantrumpet]

I'm sure all the blackshorts are queuing to apply for jobs in the care sector as we speak.

The fucking stupid bit is that the EU foreigners were mostly the right colour for the racists, and were happy to wipe there sic arses and to pay tax.

 

[Pblakeney]

What we have to remember is that this is still one of the richest countries in the world. The country is not skint and teetering on the edge of financial collapse.

I disagree.
Yes, we are one of the "richest" countries but all those "rich" countries are based on unsustainable debt.

Pick a country, any country.
https://www.global-debt-clock.com/

 

[AndyRM]

DEATH TAXES!!!

Great band name.

 

[briantrumpet]

Great band name.

Or Death Taxis...

... one way, or another, you have to pay.

 

[AndyRM]

Or Death Taxis...

... one way, or another, you have to pay.

Neither are quite as horrifying as my current (albeit kinda defunct/on hiatus) band name but they'll do.