Wealth Tax in the UK

[arnie_ni]

Guessing you're a Tory? I don't believe that anyone needs or is worth over a certain amount. Its a different debate but there's no way billionaires should be a thing, absolutely ridiculous distribution of wealth.

From Northern Ireland, we vote prod or catholic here ignoring policies

Seriously, I'm probably right on some issues left on others. Although you can fire away with your inevitable insult just because I disagree.

But you can't seriously expect the government to say to someone like Wayne Rooney, for an example well all understand, right mate you've net worth is over 2 mil, your going to have to hand everything back until you get under that amount? It's madness.

Everyone in that bracket would up and leave.

That's even before we get on to the discussion on what the government would waste it on. Have you seen how they handed out the covid contracts?

Theyd re distribute it all to their mates in some shape or form

 

[TrustInJanuzaj]

From Northern Ireland, we vote prod or catholic here ignoring policies

Seriously, I'm probably right on some issues left on others.

But you can't seriously expect the government to say to someone like Wayne Rooney, for an example well all understand, right mate you've net worth is over 2 mil, your going to have to hand everything back until you get under that amount? It's madness.

Everyone in that bracket would up and leave

Oh no, I'm more referring to inheritance here, so it would be on Wayne's death bed that the money comes back. Clearly its idealistic nonsense, of course, it won't happen, but something like that is needed on a global scale to combat the wealth inequalities and greed culture which culminates in global devastation and ruins countless lives. In the face of that, a simple inheritance tax is honestly not a big deal. So a multi-millionaire loses a couple hundred grand its not going to change his kids lives.

 

[Grinner]

From Northern Ireland, we vote prod or catholic here ignoring policies

Seriously, I'm probably right on some issues left on others. Although you can fire away with your inevitable insult just because I disagree.

But you can't seriously expect the government to say to someone like Wayne Rooney, for an example well all understand, right mate you've net worth is over 2 mil, your going to have to hand everything back until you get under that amount? It's madness.

Everyone in that bracket would up and leave.

That's even before we get on to the discussion on what the government would waste it on. Have you seen how they handed out the covid contracts?

Theyd re distribute it all to their mates in some shape or form

Well that's not a bad outcome. It might also stimulate more charitable works like some of the big billionaires have been engaged in.

 

[Dumbstar]

Just scanning the news today, no mention of wealth tax by the papers.

 

[Fully Fledged]

If this did come into action and your house is debt free could you not put your house on your mothers name also and change the title deeds

Given your circumstances, it would be unfair if this applied to you.

Also if it’s 500k wealth I suppose that is net wealth, I mean they must be doing this by cash in the bank or company personal accounts.

I doubt they have the resources to conduct a nationwide real estate valuation programme.

You have to be careful of this. My sister and her husband moved in with his mother to help look after her in her dotage. Some time later it became obvious that they could no longer give her the care that she needed so she had to go into a home. The only problem was that the home wanted to take her house as payment for her care. This would have left my sister and her husband homeless if they had not gone on a long and costly legal case to prove that they had the right to live in the home. The thing is even though they won the case they cannot leave the house to their children as it will belong to the state once they pass. they can't sell the house and move elsewhere either. They only have the right to live in the house as long as they live.

 

[Dumbstar]

Well this thread turned into a damp squib. Well done OP.

 

[The Corinthian]

Have you switched off already? He just announced a wealth tax for homeowners where the house is £400k and above to be paid by Sept 2021.
hehe

 

[11101]

It was never going to happen. It was always a bad idea and encourages tax evasion pretty much everywhere it's been implemented.

 

[Dumbstar]

Have you switched off already? He just announced a wealth tax for homeowners where the house is £400k and above to be paid by Sept 2021.
hehe

Bastrrrd!! Was on a work call and just saw this. Got me scrambling all over the place!

 

[sullydnl]

It was never going to happen. It was always a bad idea and encourages tax evasion pretty much everywhere it's been implemented.

It does when it's an annual tax. I'm not sure how well you could avoid it as a one-off tax with an immediate reference date, which was what was being proposed.

 

[Rado_N]

Not to piss on your chips but it wasn’t ever likely to have been announced this budget even if it is going to happen.

 

[Jippy]

Not to piss on your chips but it wasn’t ever likely to have been announced this budget even if it is going to happen.

Happy tapering!

 

[Rado_N]

Happy tapering!

I can’t wait for the inevitable software errors

 

[Jippy]

I can’t wait for the inevitable software errors

Is Sage really shite?

 

[Rado_N]

Is Sage really shite?

Not used Sage for years but they’re all prone to errors when there are big changes.