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Proof the housing market has peaked


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sancho panza
4 minutes ago, Green Devil said:

The uk should do itself a favour. 

Get rid of iht altogether, and remove CGT on everything except 2nd homes or BTLs (they could double it on that). 

Savings taxes or at least the philosophy behind them, are at the root of our problems

The overly lenient treatment of BTL (and the philosophy behind it) are also at the root of it.

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No CGT to pay on death.  Death is a very effective tax avoidance measure for CGT purposes. If there is a gain between the time the inheritee gets it and the time they sell it then CGT is payable

A lot of 50 year old's don't have a decent enough pension to pay the bills even if they own a house until they get their state-pension at 67/68. We are entering the age of work till you drop but

Why should they? It is their turn to suck on the taxpayer's teat.

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Green Devil
2 minutes ago, sancho panza said:

Savings taxes or at least the philosophy behind them, are at the root of our problems

The overly lenient treatment of BTL (and the philosophy behind it) are also at the root of it.

Yep, take 20% of profits on investments from saving, then another 40% when you die. Robbers. Is any wonder the rich move to monaco? 

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Wight Flight
7 hours ago, sancho panza said:

Not as unlikely as you think in the south.Shitty terrace in Londinium bought for peanuts in 70's now worth a????.

Split 6 ways =£166k.

If you pay 40% tax on everything over £325k then =£118k each.That's a lot of money for msot people right there.

Exactly.

Totally unearned and untaxed wealth.

I see no reason it shouldn't be taxed.

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Sugarlips
57 minutes ago, Wight Flight said:

Exactly.

Totally unearned and untaxed wealth.

I see no reason it shouldn't be taxed.

Maybe it should be assessed based on the net worth of the recipient? 

I agree if a child inherited a house and they already own one outright that the tax is fair.

If however the child has been priced out for the last 20 years and been paying full rent ie has no real assets due to no fault of their own, they should be allowed to move to their parents house (in some cases their childhood home) without triggering an IHT event that might force them to sell said house (assuming it was the deceased's sole main asset).

If they then go sell the house within a short period then I agree that would trigger a taxable gain.

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haroldshand
8 hours ago, Wight Flight said:

Exactly.

Totally unearned and untaxed wealth.

I see no reason it shouldn't be taxed.

How many upper class families in this f*****g country have had a a massive advantage in life because of inheritance that one way or another seems to stay in the  family for centuries. Nearly every village I have lived in has had a bunch of self entitled pricks who always send their kids to the best schools and give them the best start in life.

The kid from the council gutter who worked his way out through hard work and  is not impossible, but the odds are with the posh toft with the handouts who have a cheek to whinge every day about crime rates and riff raff loitering around the villages in their white vans when they have never struggled a day

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Wight Flight
5 minutes ago, haroldshand said:

How many upper class families in this f*****g country have had a a massive advantage in life because of inheritance that one way or another seems to stay in the  family for centuries. Nearly every village I have lived in has had a bunch of self entitled pricks who always send their kids to the best schools and give them the best start in life.

The kid from the council gutter who worked his way out through hard work and  is not impossible, but the odds are with the posh toft with the handouts who have a cheek to whinge every day about crime rates and riff raff loitering around the villages in their white vans when they have never struggled a day

The kids go to the best schools because the grandparents pay for it.

This is a great way to avoid inheritance tax.

Very, very few parents actually pay their own kids school fees. Trust me on this.

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