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UK General Election 12th December 2019 |OT1| Hindsight is 20/19 (Tory majority confirmed)
- Thread starter Uzzy
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I suppose the more common situation is that there are normally two NRBs to play with for husband and wife (or husband and husband or whatever) so that's a total of 650k which is protected, which is enough for most people. In you situation, you can only get £325k from your partner's father tax free but there is another £325k available from his mother. Which may or may not help depending on whether his mother has any assets.
Question Time is shit and the production seems lazy as fuck but if we've got to the place where anyone's seriously suggesting they told people how to shave and put on an accent jesus fucking christ we're fucked when it comes to critical thinking
Pretty much what Geoff said though sadly your partner's dad being single actually screws him a lot because any assets left to your partner in their wills aren't taxed and anything they get under intestacy laws.
Inheritance Tax is fucked up in a lot of ways. My dad was executor on a will recently, and ended up having to pay the full amount of tax due on the estate out of his own savings because it had to be paid before he could get probate and access the money in the estate. And he wasn't even a beneficiary of the will.
This shouldn't have happened. It's been a while since I've done one but I think you get six months to pay and you can get get an instalment plan on assets that need to be sold. And it should have been the beneficiaries stumping up anyway. I hope he got his money back.
Inheritance Tax is an interesting moral question. It's effectively double taxation. Everything that has been left has probably already been taxed once as it was earned. And you don't have to pay it at all if you give stuff away early enough or just spend it. But it also only affects the top end of society.
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I think polls, good and bad, are telling just one side of the story. This is bigger then 2017 crowds. In fucking winter.
Thing is, I wouldn't consider someone to be automatically rich or otherwise based on their income. I suspect the richest of the rich have a very low declared salary in a lot of cases but are very asset and investment rich. Because hey, if you're rich enough you don't need a salary, or the tax burden that comes with it. I know people with more income than me who spend most of it servicing debt and paying for subsistence, for example, and people with less income than me who have very limited outgoings and get to live a much better lifestyle as a result. Who's rich - the one struggling to make ends meet on a higher salary, or the one building up savings and amassing luxury gods on a lower salary?
I'm going through the backlog of a politics podcast at the moment and they read the Toby Young friends story on the one I was listening to this morning and it's just as funny every time I hear it
Let's be clear, here - Toby Young didn't admit to being a nonce. He admitted to being a non-specific turbo-pervert.
Personally, I think he's more likely a dogfucker, he's got that look to him.
Apparently there's a fine business in loans to cover inheritance tax at a very 'reasonable' rate. And a lot of the assets were investments, bank accounts etc. that didn't qualify for the instalment plan but still couldn't be accessed until after probate was received, which was dependent on the tax being paid. Beneficiaries were in no more of a position to pay than he was (less, most of them). Fortunately he had just enough to cover it, and reclaimed the money as soon as probate came through, but it's scared me somewhat given the number of wills Mrs iapetus and I are executors on...
The people receiving the money haven't paid tax on it. Most money has already been taxed more than once before any given transaction it's involved in.
Brexit Party manifesto/contract being launched.
Also:
Whilst I love the idea of planting more trees globally, it's a bit laughable to think the current US admin would be on board.
Also:
Whilst I love the idea of planting more trees globally, it's a bit laughable to think the current US admin would be on board.
You still don't have to pay the tax before the probate. You have file the IHT100 before the probate but you don't actually have to pay....unless you spent so long doing the probate the IHT became due, which was probably what happened I guess.
...or they'd do it, but they would be plastic trees, spray-painted gold with Trump logos on their trunks. Or there would be millions promised, but only 14 planted, for each of the fourteen words. Or there would just be one, and it would be made out of literal shit, but anytime anyone pointed it out the Trump WH would issue a statement claiming that the Lamestream Media were lying about it, and a horde of MAGA idiots would descend upon the tree to lick it and proclaim that it tasted just like tree-bark.
As someone who's gone from the 7% to the 74% bracket in the last decade, I understand the thinking behind this, but if I've learnt anything it's that people tend to live within their means.
I have a bigger house than I used to, more property equity, a nicer car, and children in private school, but I have less money in the bank and I'm arguably at more risk of going "broke"; if my business dried up for six months than all our cash reserves would be drained.
There's also a big gap from £70k to £150k. The latter is a stage almost nobody reaches, while the former is - at least among the people I know - considered a good but achievable income.
Possibly - though not as a result of my dad's actions. Getting anything out of the probate registry was next to impossible, with months of delay, changes of registry etc. etc.
Most tax is.
If a company makes something, they pay things like import tax on components, business rates, NI etc etc, but the consumer still pays VAT on purchase of end product
Both. They are both fucking rich.
If you have so much wealth that you don't have to earn any salary, you are rich.
If you're earning 5 times the median salary but pissing it all away... you are also rich!
Plenty of rich people throughout history have been shit with their money, that's basically the story of every former aristocrat and why so many great manors end up sold or abandoned.
The difference between the rich and the poor is that the rich can afford to be financially irresponsible. When a rich person fucks up with their money, they just dig into the next pile of money. When a poor person fucks up with their money they die of frostbite in a gutter.
Tell it to the single mother of two who's having to rely on the local food bank to make ends meet and fretting about keeping the heating on for Christmas.
I bet her heart will bleed for your plight.
People are taxed on their income (well, most people anyway) and then usually pay VAT on most goods. Plenty of goods have extra duties on them as well. Lots of things are taxed more than once.
Considering you're an accountant you sure do make some naive statements about money 🤔
Inherited wealth is one of the worst causes of inequality, we should be taxing inheritances just on an ethical level. I say this as a person who is likely to inherit a decent amount of money when my parents/grandparents pass away - I haven't done anything to earn this money, beyond just being very lucky
You have less money in the bank because of financial choices though, and ones that only a wealthy person can do - a big house, and private schools for the kids are also essentially investments for the future too - both of them will probably pay off more in the long run, just come at a higher short term cost that most people are unable to pay.
I wouldn't say I'm naive, it's just a different perspective - and not necessarily my own, just one that is prevalent.
Personally I don't tend to think that way. I'm more interested in the effects rather then the principals.
Also, I'm not an accountant.
There is no way you can't afford to pay this tax. You're just greedy. Try to say it should be someone else being taxed, but it's you who is in the top 5% with a shitty attitude.
Apologies, you did say the below before though, so am going to assume it's a career requiring enough knowledge around the subject to know better
People think there's loads of accounting when it comes to tax advice.
When in reality it involves clever use of legislation.
When I tell people I work in Indirect Tax they say, "it must be an easy job, all you do is work out 20%"
About Llanishen, Its full of boomers with massive houses. The office I used to work in was located in Llanishen.
So much for the BXP dragging votes away from the Tories...
REGISTER TO VOTE - DEADLINE 26/11/2019
Made a seperate thread just for this, but repeating the information here.
You need to register yourself on the Electoral Register in order to vote in this election, and the deadline to register is fast approaching. You need to register at least 12 working days before an election - so, with the election on 12 December, the deadline is 23:59 GMT on Tuesday 26 November.
Registering to vote, and ensuring your voice is heard in the General Election, it's easy and takes only five minutes and your National Insurance Number.
In order to register, you must:
You need to register yourself on the Electoral Register in order to vote in this election, and the deadline to register is fast approaching. You need to register at least 12 working days before an election - so, with the election on 12 December, the deadline is 23:59 GMT on Tuesday 26 November.
Registering to vote, and ensuring your voice is heard in the General Election, it's easy and takes only five minutes and your National Insurance Number.
In order to register, you must:
- Be 18 or over on the day of the election.
- Be a British, Irish or qualifying Commonwealth citizen.
- Be resident at an address in the UK (or a British citizen living abroad who has been registered to vote in the UK in the last 15 years).
- Not be legally excluded from voting.
The youth turn out for this election is going to be important, they need to get out and vote in even bigger numbers than 2017. Things do look bleak though right now but events can happen and things can change. Labour needs the Torys and more importantly Boris to make a big mistake.
I think we all need to discuss our wages. I work in a bookies. Retail, minimum wage, and I've had boomer types, both working class and middle class openly tell me I must be on £25k or some nonsense like that. People just don't realise that people like me working full time (35hr pw contract) are taking home the princely sum of ~£15k. They're aghast when they realise. No wonder people vote Tory if they think people like me should be earning that much and obviously the actual poor must just be idiots who waste their money.
Edit: Polling card in today. It's happening!
Edit: Polling card in today. It's happening!
But leading lawyer Jolyon Maugham tweeted: "Fact. Earning £80,000 a year puts you well into the top *3%* of adult earners."
Whoops I guess.
We always get the "after my mortgage, car payments, and private education for my kids I feel poor" as soon as wealth inequality is mentioned close to an election. It's just a consequence of an increasing narcissistic society over the last 30 years.
LOL, clearly he was right and we should make sure we only tax all those useless rich doctors and ease off of taxing people who do important jobs like racing motorbikes.
Those polls and results... *Gulp*
Yeah we're gonna need unprecedented youth turnout to beat the poll weighting. And probably more than that. AHHHHHHHHH
Yeah we're gonna need unprecedented youth turnout to beat the poll weighting. And probably more than that. AHHHHHHHHH
Yeah, people just need to realise what they have. My mum raised me and my sister on her own on NHS band 4 pay (so now up to £23k a year). Of course she had the help of some great things like child benefit, and my dad paid her a bit of money too, but she still had less than £25k a year net.
I have so much admiration for how she managed to raise us fairly comfortably, despite having so little money relatively, on top of paying off her mortgage on a decent 3-bed semi. Personally I've been living off a total of £19k a year as a student for 4 years, paying London rent (£760 a month) and I'm extremely comfortable, because I'm financially responsible. In fact I'm saving a decent amount for a deposit.
People who have even £40k+ a year yet claim to be struggling are absolutely pissing it away somewhere. And the top 5% of people who earn £80k+ can sod off if they try to claim they're struggling, its completely their own fault if that's the case.
Labour's proposed tax is 5% of earnings above £80k. Nobody should have any problem with that. If anyone tried to argue with me that someone on £100k a year can't afford an extra £84 a month I'd laugh in their face.
27k and honestly very comfortable. When people say they feel poor on triple my income I can only assume they're fucking stupid.
IFS have released an article examining Labour's manifesto policies.
Also quoting this bit on student loans -
Lot more here - https://www.ifs.org.uk/election/201...esto-an-initial-reaction-from-ifs-researchers
Also quoting this bit on student loans -
Lot more here - https://www.ifs.org.uk/election/201...esto-an-initial-reaction-from-ifs-researchers
I think a lot of people don't understand how salaries are distributed over a population, and that as salaries get bigger, there are less and less jobs paying more
Like if you are earning (say) 20k, there are plenty of jobs paying 5k a year more than that. Earning 90k though? there are much fewer jobs paying 95k a year. They don't realise that the majority of salaries are bunched around the median and that there are less and less of them as the salaries get higher.
edit: And to answer your question, about 33k, but then get bonus and share options and stuff, which are harder to put a number on but probably work out at about 35/36k. My partner makes slightly less but also has no student loan so probably works out getting slightly more take home. We are both pretty comfortable and would both pay more in tax if it meant there were less homeless people and waiting times at A&E were lower. This is central Manchester, so is above the median salary and household income for the area.
2nd edit: I honestly would also welcome some kind of system where salaries and tax records are public for every person (which I believe Norway does), people shouldn't be afraid of discussing them, and doing so only helps employers to keep them low.
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The second part of that is mental though:
The fuck? What kind of a house does he class as comfortable?
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