| All this Budget Speculation 23:28 - Oct 18 with 746 views | JACKMANANDBOY |
The plan seems to be to raise taxes like IHT and Capital Gains and maybe on Non-Doms etc. whilst changing the rules to borrow more.
There a realistic risk here, if the tax income does not increase as planned, the very rich can work their way around these increases, and if growth is slow then the cost of borrowing increases as bond rates will go up as confidence is lost in the money markets and we will have a slow burn Liz Truss effect.
With all that is happening in the World having some gold makes a lot of sense right now. |  |
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| All this Budget Speculation on 10:24 - Oct 19 with 662 views | AnotherJohn |
It is the change in the fiscal rules that seems to me to carry the greatest risk, especially if the financial markets start to worry about government competence. I said as much in more detail in the "Starmer, Wow" thread. |  | | |
| All this Budget Speculation on 17:48 - Oct 21 with 574 views | SullutaCreturned |
| All this Budget Speculation on 10:24 - Oct 19 by AnotherJohn |
It is the change in the fiscal rules that seems to me to carry the greatest risk, especially if the financial markets start to worry about government competence. I said as much in more detail in the "Starmer, Wow" thread. |
And people, Labour supporters by the bucketful were calling Truss everything and still pulling her mame out for loads of whataboutery every time Labour were questioned.
Well, if the OP is anywhere near things could be about to get worse. Lets hope Labour are VERY lucky as well as needing to be good. Otherwise the proverbial fan could get plastered. | | | |
| All this Budget Speculation on 22:31 - Oct 21 with 530 views | majorraglan |
| All this Budget Speculation on 17:48 - Oct 21 by SullutaCreturned |
And people, Labour supporters by the bucketful were calling Truss everything and still pulling her mame out for loads of whataboutery every time Labour were questioned.
Well, if the OP is anywhere near things could be about to get worse. Lets hope Labour are VERY lucky as well as needing to be good. Otherwise the proverbial fan could get plastered. |
What Truss was seeking to do has been roundly criticised by eminent economists and is frequently referred to as voodoo economics.
If Labour are looking to increase axes to increase public expenditure and it’s heading towards things like the infrastructure, then in my opinion that’s not a bad thing. The Germans have invested in their infrastructure and are way ahead of us. I’ve done a few trips to Eastern Europe and I was astonished at how far Poland has come on in the last few years, they’ve got new roads, new factories, trains ….its all on the up. Meanwhile, we’re on the down ward path | | | |
| All this Budget Speculation on 08:36 - Oct 22 with 484 views | JACKMANANDBOY |
| All this Budget Speculation on 17:48 - Oct 21 by SullutaCreturned |
And people, Labour supporters by the bucketful were calling Truss everything and still pulling her mame out for loads of whataboutery every time Labour were questioned.
Well, if the OP is anywhere near things could be about to get worse. Lets hope Labour are VERY lucky as well as needing to be good. Otherwise the proverbial fan could get plastered. |
Reeves needs to be careful......
https://www.bbc.co.uk/news/articles/c981857nl79o | |
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| All this Budget Speculation on 09:23 - Oct 22 with 461 views | onehunglow |
She can do what she likes
And will | |
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| All this Budget Speculation on 09:28 - Oct 22 with 455 views | Whiterockin |
The IHT threshold should be raised and property excluded. Tax is paid on everything you earn, why should your family be taxed again when you pass. |  | | |
| All this Budget Speculation on 09:42 - Oct 22 with 446 views | JACKMANANDBOY |
| All this Budget Speculation on 09:23 - Oct 22 by onehunglow |
She can do what she likes
And will |
I think Truss found out that's difficult. | |
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| All this Budget Speculation on 09:42 - Oct 22 with 446 views | majorraglan |
| All this Budget Speculation on 09:28 - Oct 22 by Whiterockin |
The IHT threshold should be raised and property excluded. Tax is paid on everything you earn, why should your family be taxed again when you pass. |
As far as I can the IHT threshold hasn’t been raised since 2009. If IHT thresholds had raised in line with inflation the £325k figure would now be £504k.
I’m a big believer in financial prudence , balancing the books etc etc. if we’re going to borrow money, then it should be earmarked for infrastructure imprivement, Brynglas tunnels etc so we can grow our economy. If we’ve not got enough money coming in, we need to cut our cloth. | | | |
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| All this Budget Speculation on 09:54 - Oct 22 with 440 views | JACKMANANDBOY |
| All this Budget Speculation on 09:42 - Oct 22 by majorraglan |
As far as I can the IHT threshold hasn’t been raised since 2009. If IHT thresholds had raised in line with inflation the £325k figure would now be £504k.
I’m a big believer in financial prudence , balancing the books etc etc. if we’re going to borrow money, then it should be earmarked for infrastructure imprivement, Brynglas tunnels etc so we can grow our economy. If we’ve not got enough money coming in, we need to cut our cloth. |
Yes, at present we seem to be borrowing, at least in part, every month to pay debt interest and fund the payroll. | |
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| All this Budget Speculation on 18:38 - Oct 22 with 325 views | JACKMANANDBOY |
There's much data being shared already. A breakdown of income and expenditure is available for each UK household.
The state being able to access to your bank account and withdraw money is a step too far for me. [Post edited 22 Oct 18:40]
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| All this Budget Speculation on 18:38 - Oct 22 with 324 views | johnlangy |
| All this Budget Speculation on 09:28 - Oct 22 by Whiterockin |
The IHT threshold should be raised and property excluded. Tax is paid on everything you earn, why should your family be taxed again when you pass. |
Can anyone explain this to me please ?
So many people ask why should our children pay inheritance tax on the house that we leave them when we die as we've paid taxes already on the money used to buy that home.
These are rough numbers just to make the point. We bought our house in 1985 with a mortgage of about £30,000 and we paid that off over 25 years as do most people. The actual amount we paid was around three times the mortgage amount due to interest so we actually paid about £90,000.
So we paid £90,000 that we had earned and we paid tax on that earned money. The house is worth roughly £300,000. If it was sold there would be £210,000 'profit' that we hadn't paid tax on.
So why shouldn't we pay tax on that money ? I wouldn't want my son to have to pay that tax but I certainly didn't pay it. | | | |
| All this Budget Speculation on 18:56 - Oct 22 with 282 views | 3swan |
| All this Budget Speculation on 18:38 - Oct 22 by johnlangy |
Can anyone explain this to me please ?
So many people ask why should our children pay inheritance tax on the house that we leave them when we die as we've paid taxes already on the money used to buy that home.
These are rough numbers just to make the point. We bought our house in 1985 with a mortgage of about £30,000 and we paid that off over 25 years as do most people. The actual amount we paid was around three times the mortgage amount due to interest so we actually paid about £90,000.
So we paid £90,000 that we had earned and we paid tax on that earned money. The house is worth roughly £300,000. If it was sold there would be £210,000 'profit' that we hadn't paid tax on.
So why shouldn't we pay tax on that money ? I wouldn't want my son to have to pay that tax but I certainly didn't pay it. |
Over those years how much did you spend on the upkeep.
Decorating, new windows & doors etc. Replacing a shed , maybe garage.
It's not all the profit but how would that be quantified? | | | |
| All this Budget Speculation on 19:02 - Oct 22 with 272 views | JACKMANANDBOY |
| All this Budget Speculation on 18:38 - Oct 22 by johnlangy |
Can anyone explain this to me please ?
So many people ask why should our children pay inheritance tax on the house that we leave them when we die as we've paid taxes already on the money used to buy that home.
These are rough numbers just to make the point. We bought our house in 1985 with a mortgage of about £30,000 and we paid that off over 25 years as do most people. The actual amount we paid was around three times the mortgage amount due to interest so we actually paid about £90,000.
So we paid £90,000 that we had earned and we paid tax on that earned money. The house is worth roughly £300,000. If it was sold there would be £210,000 'profit' that we hadn't paid tax on.
So why shouldn't we pay tax on that money ? I wouldn't want my son to have to pay that tax but I certainly didn't pay it. |
Taking into account inflation from 1985 onwards and using £45,000 as your ' average investment ' your 'profit' would be around £100,000.
This does not take into account repairs, maintenance, insurances and other costs. So you could say a profit of £50,000 or so would be a reasonable guess.
If you invested £45,000 in 1985 in the FTSE 100 it would be worth £675,000 today, if you reinvested the dividends. Over the last 25 years you could have sheltered most of that in an ISA especially if you had a partner.
So you can argue that the capital gain on property needs to be calculated fairly, that is a complex matter that any sane government will avoid. So putting nil rate on your first home up to £175,000 for each spouse makes sense in that respect [Post edited 22 Oct 19:04]
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| All this Budget Speculation on 19:05 - Oct 22 with 259 views | 3swan |
| All this Budget Speculation on 19:02 - Oct 22 by JACKMANANDBOY |
Taking into account inflation from 1985 onwards and using £45,000 as your ' average investment ' your 'profit' would be around £100,000.
This does not take into account repairs, maintenance, insurances and other costs. So you could say a profit of £50,000 or so would be a reasonable guess.
If you invested £45,000 in 1985 in the FTSE 100 it would be worth £675,000 today, if you reinvested the dividends. Over the last 25 years you could have sheltered most of that in an ISA especially if you had a partner.
So you can argue that the capital gain on property needs to be calculated fairly, that is a complex matter that any sane government will avoid. So putting nil rate on your first home up to £175,000 for each spouse makes sense in that respect [Post edited 22 Oct 19:04]
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I posted an abridged version.
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| All this Budget Speculation on 23:09 - Oct 22 with 191 views | Whiterockin |
| All this Budget Speculation on 18:38 - Oct 22 by johnlangy |
Can anyone explain this to me please ?
So many people ask why should our children pay inheritance tax on the house that we leave them when we die as we've paid taxes already on the money used to buy that home.
These are rough numbers just to make the point. We bought our house in 1985 with a mortgage of about £30,000 and we paid that off over 25 years as do most people. The actual amount we paid was around three times the mortgage amount due to interest so we actually paid about £90,000.
So we paid £90,000 that we had earned and we paid tax on that earned money. The house is worth roughly £300,000. If it was sold there would be £210,000 'profit' that we hadn't paid tax on.
So why shouldn't we pay tax on that money ? I wouldn't want my son to have to pay that tax but I certainly didn't pay it. |
What if you didn't buy the property and it was the family home for generations. | | | |
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