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One percent

UKIP release interim manifesto

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I agree with all that apart from scrapping inheritance tax. How does turbo charging the current game of monopoly we're all playing where one person eventually owns everything make any sense?

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1 minute ago, gibbon said:

I agree with all that apart from scrapping inheritance tax. How does turbo charging the current game of monopoly we're all playing where one person eventually owns everything make any sense?

Agree in principal, but its another tax that should be wound up into an LVT, the problem with inheritance tax is that there are so many workarounds for the rich which why it doesnt perform it job of breaking up dynastic wealth.

UKIP generally though have always been a pro nimby/rentier party which is where they are going to struggle getting the young vote.

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14 minutes ago, goldbug9999 said:

Agree in principal, but its another tax that should be wound up into an LVT, the problem with inheritance tax is that there are so many workarounds for the rich which why it doesnt perform it job of breaking up dynastic wealth.

UKIP generally though have always been a pro nimby/rentier party which is where they are going to struggle getting the young vote.

Be easier to close the loopholes than bring in a LVT. Scrapping inheritance tax is just bonkers.

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On 21/09/2018 at 08:01, One percent said:

Seems like a good start to me too. Nothing there that isn’t sensible really

Coal.

Leave it in ground until youve a better way of burning it.

But no dafter than other Pol signalling.

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17 minutes ago, wherebee said:

No, no it is not.  I can guarantee you that not one penny is paid in inheritance tax by the rich (top 5%).  The wealth is all in Trusts or other structures so no IHT is due.  The IHT shock of the 20's when large stately homes were sold by the gentry are long gone - TPTB worked out how to get around it (and any future changes to it).

 

IHT is basically a way of fucking over the middle classes who make a bit of money, so that their children can never challenge the rich.  Get rid of it.

Just because the rich find ways to avoid paying it doesn't mean it should be scrapped. Just make it harder for the rich to avoid. Start sending evaders to prison. Society would be a better place if we all started off from a more level playing field and people got ahead on their own merits, including the middle classes. 

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On 21/09/2018 at 07:14, One percent said:

https://www.bbc.co.uk/news/uk-politics-45593648

The manifesto covers a wide range of policy areas, from the NHS and transport to fisheries and small businesses, with policies including: 

  • A limited points-based immigration system
  • NHS health cards for British citizens to prevent 'health tourism' & free parking at hospitals 
  • An extra £2bn a year for adult social care & £500m a year for mental health 
  • Abolition of stamp duty and inheritance tax
  • Introduction of new grammar schools 
  • Scrapping the overseas aid budget 
  • Scrapping guidelines on 'subjective' hate crimes
  • Scrapping the climate change act, stopping subsidies for wind turbines and solar voltaic arrays and seeking to rejuvenate the UK's coal industry
  • Scrapping the So-Called BBC licence fee in favour of voluntary subscription
  • Repealing hate speech guidelines, the Equality Act 2010 & shutting down the Equalities and Human Rights Commission

Agree with everything apart from their idiotic stance on renewables and climate change.

Cash and profits before the environment isnt the the way to win votes with the young.

 

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8 minutes ago, Green Devil said:

Agree with everything apart from their idiotic stance on renewables and climate change.

Cash and profits before the environment isnt the the way to win votes with the young.

 

Political reality, large numbers of the young do not bother to vote.

They are going for the grey vote who do turn out in large numbers.

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I'm really glad they've dropped their pledge to make foxhunting legal again. It wasn't really ever popular so glad they've decided to focus on more pressing things. 

Would be nice to have seen some references to the flat tax idea and stopping developers paving over the countryside but perhaps those are fights for another day. 

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45 minutes ago, Green Devil said:

Agree with everything apart from their idiotic stance on renewables and climate change.

Cash and profits before the environment isnt the the way to win votes with the young.

 

I’m youginsh and think it’s bollocks.

As Trump says, clean air and clean water, that’s what I want from an environmental policy. Carbon/green taxes and the nonsense surrounding it in legislation and on our energy bills can bugger off. 

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36 minutes ago, gibbon said:

Just because the rich find ways to avoid paying it doesn't mean it should be scrapped. Just make it harder for the rich to avoid. Start sending evaders to prison. Society would be a better place if we all started off from a more level playing field and people got ahead on their own merits, including the middle classes. 

 

Unfortunately, there is no way the trusts/offshoring will be undone or scrapped, ever. Probably worth watching The Spider's Web: Britain's Second Empire and you'll see why.

As well isn't the majority of money subject to IHT already been taxed in some shape or form on the way eg earned income? I think I'm with @wherebee it seems like most people paying it are people who have done alright for themselves, but not well enough to know the right people.

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6 minutes ago, Admiral Pepe said:

Unfortunately, there is no way the trusts/offshoring will be undone or scrapped, ever. Probably worth watching The Spider's Web: Britain's Second Empire and you'll see why.

As well isn't the majority of money subject to IHT already been taxed in some shape or form on the way eg earned income? I think I'm with @wherebee it seems like most people paying it are people who have done alright for themselves, but not well enough to know the right people.

I doubt it. Most people's current wealth comes from untaxed property value growth.

It is bloody hard to earn £1m. It has been relatively easy to have property of that value.

I would be happy to see the tax on the benefactor, not the deceased. Give everyone a lifetime tax free limit equivalent to the average house price and tax everything above that at their marginal rate. 

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2 minutes ago, Cunning Plan said:

I doubt it. Most people's current wealth comes from untaxed property value growth.

It is bloody hard to earn £1m. It has been relatively easy to have property of that value.

I would be happy to see the tax on the benefactor, not the deceased. Give everyone a lifetime tax free limit equivalent to the average house price and tax everything above that at their marginal rate. 

2

I thought IHT was anything over £325k? taxed at 40%?

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4 minutes ago, Admiral Pepe said:

I thought IHT was anything over £325k? taxed at 40%?

Haven't really studied it as it is irrelevant to me but I think it is £325k if it is cash or £450k if it includes property (disincentive to downsize). Double for a couple.

I still have no idea why a property is any different to other asset classes.

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1 hour ago, Cunning Plan said:

I doubt it. Most people's current wealth comes from untaxed property value growth.

It is bloody hard to earn £1m. It has been relatively easy to have property of that value.

I would be happy to see the tax on the benefactor, not the deceased. Give everyone a lifetime tax free limit equivalent to the average house price and tax everything above that at their marginal rate. 

You don't get it, do you?  With the truely rich, THERE ARE NO BENEFACTORS ON A DEATH.  The asset often does not move at all in terms of legal ownership.  The incidental benefits of use do, however.

IHT is never going to catch those able to afford proper international advice.  Strip it away, let the oiks keep what they have got to give to who they want, and focus on taxing ASSETS on an ongoing bases no matter who held by - LTV is one example of this.

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2 minutes ago, wherebee said:

You don't get it, do you?  With the truely rich, THERE ARE NO BENEFACTORS ON A DEATH.  The asset often does not move at all in terms of legal ownership.  The incidental benefits of use do, however.

IHT is never going to catch those able to afford proper international advice.  Strip it away, let the oiks keep what they have got to give to who they want, and focus on taxing ASSETS on an ongoing bases no matter who held by - LTV is one example of this.

I do get it but it won't happen. I would love to see LVT or capital gains tax on properties but I don't see it happening. I really believe we should tax wealth, not income, but no one is ever going to win an election on that premise.

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1 minute ago, Cunning Plan said:

I do get it but it won't happen. I would love to see LVT or capital gains tax on properties but I don't see it happening. I really believe we should tax wealth, not income, but no one is ever going to win an election on that premise.

Agree with you it's very unlikely, but what UKIP are proposing is a elimination of IHT.  THAT is what I am saying makes a lot of sense in terms of i) galvanising voters and ii) exposing the way the rich shaft the middle classes

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51 minutes ago, Cunning Plan said:

Haven't really studied it as it is irrelevant to me but I think it is £325k if it is cash or £450k if it includes property (disincentive to downsize). Double for a couple.

I still have no idea why a property is any different to other asset classes.

 

That's your lifetime allowance then really based on average house prices. So IHT will capture the boomers who have done nicely with house prices. Anyone with any sense though would have divided up any cash to the family long before they're nearing the deathbed. But with that said what about going forward? Anyone buying a house these days faces a big mortgage taking up all their salary and a heavily depreciating pound. House prices don't always go up. Bit of a double whammy on the tax front potentially when it comes to probate time. Spent a lifetime paying off the house and then haveto give 40% of proceeds to tax man.

Just seems like a silly tax as already mentioned the rich can avoid it. Anyone with any sense can avoid it. It's just left to the suckers who have already paid enough tax.

Edited by Admiral Pepe

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