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It always amazes me how unwilling people are to pay tax. On anything. We have an amazing free at the point of use health service. We have other free at the point of use public services. Why should we not pay tax? Where else would the money come from? The Tories promised to reduce income tax (and subsequently did) in order to get elected. It was all downhill from there, in my opinion. Not that I know much about either economics or politics, so do feel free to explain to me the errors in my thinking. Re people living in big houses after their life situation changes, that saying about criticism and walking in someone else's moccasins springs to mind. At least, it would if I could remember exactly what it was 🤣 -
By Cyclemonkey · Posted
What do you all think we younger people have had to do for years if we can't afford the rent or to buy in our area? We move AND we don't get to trouser £2M of unearned housing wealth in the process. I no longer live where I grew up as I could not afford to stay there, same for my partner. Of course if you are unfortunate enough own a £2m house in East Dulwich, the good news is there are plenty of houses and flats that cost considerably less than £2m so someone keen to avoid the £2m houe tax could move and stay in the area. -
By Reg Smeeton · Posted
If you are in your eighties and you now live on your own in a £2m house that you bought for £63,000 in 1968 then of course you are entitled to live there as long as you can physically do so. But I also like to think of a local dad I know, a teacher, who lives with his wife and kids in a modern two bed flat in SE22 that they part-own (thanks to a contribution from wife's parents). The dad goes running in Dulwich Park every morning first thing, and told me wistfully how he sometimes looks out at all these huge unused gardens with rusting trampolines and empty bedrooms and wonders how the world came to this. There's a brilliant way to avoid IHT. It's called "give it away while you are still alive - keeping £650k + your annuity/company pension to see you through your final years". If I have a £2m house and don't want to move or incur IHT, then there's the option of taking out a loan against the value of the house and living off that till I pop my clogs. It's not always the most financially efficient thing to do, but as they say, you can't take it with you. -
And when that couple in their late 70's and 50's and 80's pop their clogs, the government will be back for an IHT tax grab at 40% of the value. For anyone in their 30's and 40's I would seriously suggest emigrating to Australia or Canada where there's on IHT
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