Margaret Thatcher Tax Snatcher?

[Fitzcarraldo]

Or is the real issue people are jealous when a RICH person avoids paying tax by legal means ?

Why bring wealth into it? It isn't about how much you pay, it is about everyone paying how much they can afford.

 

[Fitzcarraldo]

Simply his dying wish was for charities to benefit beyond the family.

Eh? I thought you said above: "He put more trust in his sons to spend the money wisely than politicians he was unable to vote for."

 

[Working class pride]

You seem to be assuming that I'm one of the bandwaggon jumpers that you are complaining about. I don't think I am. Like you, I judge politicians by the outcomes they achieve. What condemns Thatcher in my eyes is that she didn't have the vision to see the damage that her policies would inflict on whole parts of the nation and mitigate her policies accordingly. I like my politicians to be pragmatic. She wasn't.

I agree, in part, and I think Ireland was an example of this, although again, despite what people say, she did actually start talks with the republicans, albeit in secret. That full story has not been told. I dont think you are a bandwaggon jumper but many, many are, and many form a view depending on how trendy it is rather than trying to form a correct view. Its a growing problem. Like with most, I can find much I agree with but also things I disagree with also. I also think hat she really was not as important as people make out, the economy was geared towards an empire Britain didnt have any longer. the world had moved on and so this country had to move on also. As an aside, Lenin would have agreed with Thatcher on the importance of currency. Lenin said "there was no subtler way to overturning the basis of society than to debauch the currency" and so even people with very different views can agree with the fundamentals but disagree with the conclusions to reach. My irritation is the rubbish talked that "she closed this industry or that industry". It is also an irritation that people fail to mention the huge pay offs offered to miners. Nobody ever paid that sort of money to workers in agriculture. Bottom line is that Thatcher just stopped giving failing industries money from successful industries and whether people agree or disagree, I just bloody wish they would know what they are agreeing or disagreeing with!

 

[Barrel of Fun]

Eh? I thought you said above: "He put more trust in his sons to spend the money wisely than politicians he was unable to vote for."

Sorry. The sons are the trustees of the charity fund. They simply control where the money goes.

 

[dingodan]

Avoid as opposed to evade.

Someone who evades is acting immorally. Someone who does not avoid is acting illogically.

 

[Westdene Seagull]

Why bring wealth into it? It isn't about how much you pay, it is about everyone paying how much they can afford.

Disagree - it's about people paying how much is required. If you can lower what is "required" by legal means then that's fine by me. Regardless, I find IHT an immoral tax.

 

[Herr Tubthumper]

Disagree - it's about people paying how much is required. If you can lower what is "required" by legal means then that's fine by me. Regardless, I find IHT an immoral tax.

It's not fair though is it, because this scheme Thatcher is supposed to have employed is only realistically available to the super rich. Just like Amazon, Starbucks etc not paying corp tax. Might be legal (just) but its unfair and on these grounds as well as others I disapprove.

 

[Westdene Seagull]

It's not fair though is it, because this scheme Thatcher is supposed to have employed is only realistically available to the super rich. Just like Amazon, Starbucks etc not paying corp tax. Might be legal (just) but its unfair and on these grounds as well as others I disapprove.

There's plenty of people that can't afford to pay into an ISA so is it fair that those that can get a tax break ?

 

[Herr Tubthumper]

There's plenty of people that can't afford to pay into an ISA so is it fair that those that can get a tax break ?

I have to say your logic is a little warped. The same inheritance taxation should be accessible to everyone. Ditto with tax on savings. I think this is only fair.

 

[drew]

The level was set when homes were still relatively less expensive but has remained the same so that a lot of houses in the south east now fall into this bracket.
I have a cousin with one offspring who will have to pay inheritance tax when they die. It is not even a big house.

The threshold is, for 2014, £325,000. If their share of the estate is left to the surviving spouse then there is no inheritance tax payable. When the surviving spouse dies, the IHT threshold is double. So, for example, say a father died 20 years ago and his spouse inherits all his estates. She then dies in the next year, the tax threshold will be £750,000, ie two times the individual threshold. How many homes do you think fall outside that amount?

 

[Westdene Seagull]

The threshold is, for 2014, £325,000. If their share of the estate is left to the surviving spouse then there is no inheritance tax payable. When the surviving spouse dies, the IHT threshold is double. So, for example, say a father died 20 years ago and his spouse inherits all his estates. She then dies in the next year, the tax threshold will be £750,000, ie two times the individual threshold. How many homes do you think fall outside that amount?

It shouldn't matter as tax has already been paid on the income to buy said estate. IHT is immoral and disgusting regardless of the assets that are left.

 

[The Antikythera Mechanism]

Weirdy frigging beardy

 

[drew]

It shouldn't matter as tax has already been paid on the income to buy said estate. IHT is immoral and disgusting regardless of the assets that are left.

That's one obscure way of looking at it. Another is the fact that a lot of people have accrued value in property purely for living there and doing nothing. Perhaps rather than IHT they should apply CGT instead so you don't pay anything on the value of the capital of your original investment! You could also argue that it is immoral to become rich through the hard work of your parents rather than your own endeavours!

 

[Westdene Seagull]

That's one obscure way of looking at it. Another is the fact that a lot of people have accrued value in property purely for living there and doing nothing. Perhaps rather than IHT they should apply CGT instead so you don't pay anything on the value of the capital of your original investment! You could also argue that it is immoral to become rich through the hard work of your parents rather than your own endeavours!

If IHT took into account inflation when assessing property value then it would at least be a bit fairer. Why, because your property has increased in value but you happen to have the bad luck to die should you pay tax on it, yet if you move and use the increased value to get another property you're not ?

I work hard for me and my family - I don't appreciate the government stealing my money just because I leave it to my children why I die. I'd be better off pissing it up the wall than working hard and saving.

 

[Thunder Bolt]

If IHT took into account inflation when assessing property value then it would at least be a bit fairer. Why, because your property has increased in value but you happen to have the bad luck to die should you pay tax on it, yet if you move and use the increased value to get another property you're not ?

I work hard for me and my family - I don't appreciate the government stealing my money just because I leave it to my children why I die. I'd be better off pissing it up the wall than working hard and saving.

That is my view too.

 

[KZNSeagull]

If IHT took into account inflation when assessing property value then it would at least be a bit fairer. Why, because your property has increased in value but you happen to have the bad luck to die should you pay tax on it, yet if you move and use the increased value to get another property you're not ?

I work hard for me and my family - I don't appreciate the government stealing my money just because I leave it to my children why I die. I'd be better off pissing it up the wall than working hard and saving.

I agree as well. Inheritance tax was looked upon in the past as a tax on the wealthy, but now anyone who owns a decent house in the South East is getting close to being subjected to it.

The other thing of course is that your children, when inheriting your estate, are far less likely to be a burden to the state if they use the money sensibly.

 

[kc1]

Nothing wrong with this as long as its legal.

Tax avoidance is the legal usage of the tax regime to one's own advantage, to reduce the amount of tax that is payable by means that are within the law

I do it and will continue to do whatever I can, within the law, to reduce tax.

 

[Beach Hut]

Not at all. Schemes like this are part of her legacy. I would be SHOCKED if the Thatcher household managed its financial affairs like I manage mine.

You would have been very proud of me today I spent the 1st half sat with Attila but we did not talk politics.

 

[Ernest]

You would have been very proud of me today I spent the 1st half sat with Attila but we did not talk politics.

Did you wear a beret and tight leather trousers like him ?

 

[Beach Hut]

Did you wear a beret and tight leather trousers like him ?

No beret but he was so socialist