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Money and Budget 2023 Nov Predictions
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xxd09
Posted: 16 December 2023 20:24:34(UTC)
#102

Joined: 23/01/2012(UTC)
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Perhaps we have too many of the citizenry opting out of having children and not because they are unable to as used to be the case -(when it was considered impolite even to discuss )
People who have children have a stake and an interest in the future and need to be encouraged
The middle classes are being hollowed out-the poor will always have children and the very rich but that’s not enough
50% of women under 30 have no kids in Britain (Guardian figures)
Not a tenable situation long term
xxd09
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3 users thanked xxd09 for this post.
Guest on 17/12/2023(UTC), Laura Sommer on 11/01/2024(UTC), john brace on 22/02/2024(UTC)
Tim D
Posted: 17 December 2023 01:31:23(UTC)
#101

Joined: 07/06/2017(UTC)
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Ben's dad;289918 wrote:
I would like to see the Inheritance Tax residence nil rate band become available to everyone rather than children, grandchildren or other direct descendants. By doing so the headline rate of IHT doesn't need to increase but it does level the playing field for people who for whatever reason are unable to create children and hence grandchildren or direct descendants..

It seems unfair to me - interested to hear why it isn't.


The idea that someone's residence should get special treatment over any other assets is the real oddity there. Why should someone with a house get to leave a bigger tax-free legacy than someone who paid to rent out of a bigger liquid assets portfolio? Makes no sense to anyone but politicians pandering to voters' quaint ideas about inheriting "the family home".
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1 user thanked Tim D for this post.
Ben's dad on 17/12/2023(UTC)
Ben's dad
Posted: 17 December 2023 11:04:02(UTC)
#103

Joined: 18/04/2021(UTC)
Posts: 290
Tim D

Your right
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MBA MBA
Posted: 10 January 2024 11:42:29(UTC)
#104

Joined: 16/12/2012(UTC)
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We have the 2024 March budget coming up. Here is my main prediction - which has been widely trialled in the media....

Sunak and Hunt will abolish IHT altogether for anyone with an estate of less than £2m
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1 user thanked MBA MBA for this post.
Raj K on 10/01/2024(UTC)
Newbie
Posted: 10 January 2024 13:20:41(UTC)
#106

Joined: 31/01/2012(UTC)
Posts: 3,819
MBA MBA;292269 wrote:
We have the 2024 March budget coming up. Here is my main prediction - which has been widely trialled in the media....

Sunak and Hunt will abolish IHT altogether for anyone with an estate of less than £2m

Sounds good but what about those £2m+ ?
Do you think he will increase the rate or allow the first £2m at Nil then charge (ie a fluffy and murkier way of saying that the NRB has increased - this sounds better than saying it outright especially if we wants to confuse the voters temporarily).
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Dexi
Posted: 10 January 2024 15:52:22(UTC)
#105

Joined: 03/04/2018(UTC)
Posts: 1,752
MBA MBA;292269 wrote:
We have the 2024 March budget coming up. Here is my main prediction - which has been widely trialled in the media....

Sunak and Hunt will abolish IHT altogether for anyone with an estate of less than £2m


Maybe , but by doing so they would hand Labour a large stick to beat them with - Tories , the party that favours the rich .... and cut their chances of winning from small to negligible .
I read somewhere that the experts are predicting another bond rout when the markets get wind of a pre-election give-away budget and tax cuts ...surely they wouldn`t go down that route again ?
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MBA MBA
Posted: 10 January 2024 18:51:56(UTC)
#107

Joined: 16/12/2012(UTC)
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Ignore the rent a quote merchants, sorry I mean ‘experts’ re bond market. Japan went to 200% of GDP, as long as you pay lip service to ‘prudence’’ and get the OBR on side your city analyst experts will go with it. Spain has just sold loads of debt today, no problem.

So IHT….

Incredibly this appears to be a tax lots of people, many who are not even rich enough to pay it, worry about…despite that most people aren’t rich enough to pay it + your beneficiaries pay it, given you’re gonna be dead. Therefore Lab will striuggle to land blows. They will then have to say whether they will bring it back. They may say they would bring it for the ‘top 5%’ only but the top 5% dont really pay IHT, its the midddle classes via property and pension who pay IHT. Plus most people intuitively know that if it’s brought back it will hit them too at some point.

Also once it’s abolished it’s really hard to bring it back. Many countries have no IHT at all e.g. Austrlia, Norway, Canada, New Zealand, Israel and many US states either don't have it or have it really high rates.

I guess the Tories may just increase the threshold for all assets upto say £2m that way they can pretend it’s not for the super rich, like Rishi and his missus.

Tories are desperate to find a smoking gun to fire at Lab. This will be it. Plus something to hold back the Lib Dem’s in the Home Counties.

Cost will be I think only around £5-7bn
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Rookie Investor
Posted: 10 January 2024 19:28:51(UTC)
#108

Joined: 09/12/2020(UTC)
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Hoping they do raise the threshold given my parents' wealth, but I suspect it'll be reversed if/when labour come in.

If you are single with no dependents then the threshold is only £325k. So they really should raise this as well. I am hoping to leave my assets to my sibling and nephews without them paying a single bit in IHT. My level of wealth I would consider lower middle class.
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4 users thanked Rookie Investor for this post.
john brace on 11/01/2024(UTC), Martina on 11/01/2024(UTC), Wave Action on 19/01/2024(UTC), Laura Sommer on 19/01/2024(UTC)
Wave Action
Posted: 19 January 2024 13:17:50(UTC)
#109

Joined: 30/11/2023(UTC)
Posts: 391
Rookie Investor;292323 wrote:
Hoping they do raise the threshold given my parents' wealth, but I suspect it'll be reversed if/when labour come in.

If you are single with no dependents then the threshold is only £325k. So they really should raise this as well. I am hoping to leave my assets to my sibling and nephews without them paying a single bit in IHT. My level of wealth I would consider lower middle class.


£325K been that level for 15 years. Why single people don't get the extra £175K is a bit unfair . They have close family just like everybody else.
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MBA MBA
Posted: 23 January 2024 11:32:35(UTC)
#110

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more murmurings from the Tories on tax cuts. If they now dont deliver something big, you'd think they have raised expectations again and will simply give another incentive for their supporters to stay at home
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