tag:blogger.com,1999:blog-7985429043801017839.post2023697519838609812..comments2023-10-27T07:50:27.411+01:00Comments on Next Left: How not to write about inheritance taxTom Hampsonhttp://www.blogger.com/profile/05917325958130851128noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-7985429043801017839.post-54737535001901551752009-12-04T12:30:30.135+00:002009-12-04T12:30:30.135+00:00♫Declare the pennies on your eyes!♫
Take two 1970...<b>♫Declare the pennies on your eyes!♫</b><br /><br />Take two 1970's East End council house residents. Let's call them Mr Squire and Mr Tennant.<br /><br />Mr Squire buys his home in the 80's. Mr Tennant chooses not to (he and his wife have two nice holidays every year instead of paying a mortgage).<br /><br />They both retire and die, willing everything to their children all of whom have recently left school, and are unemployed and living at home.<br /><br />Their homes are now worth £750K each.<br /><br />Mr Tennant's children get to stay in their home - they don't even have to pay any rent any more. They don't have to pay any extra tax because their parents spent their money on consumable products, rather than striving to escape state dependency.<br /><br />Mr Squire's kids are not so lucky. The state says they must come up with £40K in ready notes just to stay put. (The law says there is no CGT due on gain in a primary residence's value, but hey...). They have to move house, losing more value to: HIP; Estate Agent; Removal Co.; Conveyancer; SDLT (e.g. £25K - HMRC takes another £30K from the buyer of their old home). HMRC takes a total of £95K.<br /><br /><b>IHT is DOUBLE TAXATION<br /><br />The only correct thing to write about it is that it is wrong. Period.</b>13eastiehttps://www.blogger.com/profile/05162940753429246157noreply@blogger.comtag:blogger.com,1999:blog-7985429043801017839.post-10309000798332592462009-11-29T23:15:12.118+00:002009-11-29T23:15:12.118+00:00Well said, Stuart. All that's missing from Tob...Well said, Stuart. All that's missing from Toby's article is a quote from the TaxPayers' Alliance. Come back Gaby Hinsliff!Clifford Singerhttps://www.blogger.com/profile/04800879781827643078noreply@blogger.comtag:blogger.com,1999:blog-7985429043801017839.post-34993841176042511142009-11-29T16:52:29.649+00:002009-11-29T16:52:29.649+00:00Stuart
I agree. That was my thought when I read t...Stuart<br /><br />I agree. That was my thought when I read the article.<br /><br />The policy being considered is a good one. And we can claim some credit, as Tim Horton has been pushing this (having successfully proposed it in Newsnight's Politics Pen: <a href="http://news.bbc.co.uk/1/hi/programmes/newsnight/8128648.stm" rel="nofollow">watch it here</a>).<br /><br /><a href="http://fabian-society.org.uk/debates/life-chances-and-equality/inheritance-tax-leap-horton" rel="nofollow">Some more detail on the argument</a> and a link to the projected gain from a 5-year threshold freeze here.Sunder Katwalahttps://www.blogger.com/profile/06671411534003530927noreply@blogger.com