https://petition.parliament.uk/petitions/165011
Please vote lets see if we can get the required amount of signatures.
Please vote lets see if we can get the required amount of signatures.
Introduce Land Tax or similar reform so super rich can't avoid Inheritance Tax
- Thread starter johnloo
- Start date
Soldato
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- 13 May 2003
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Soldato
I think you will find they are called business rates and are paid every year. This is definitely in the be careful what you wish for category.
I'm with this guy.
Soldato
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- 11 Sep 2013
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What they're inheriting has usually been taxed already. Why should they pay double tax? Because they're rich and you're not?
not sure I like the idea of a land value tax 'or similar' from an ideological perspective - IMO you tax income on a regular basis but assets you already hold you tax upon their transfer/sale... see usual objections about cash poor old grannies who happened to buy a modest townhouse in say Islington several decades ago etc..
what I would like to see is a further clampdown on trusts which seemingly can exist perpetually for the benefit of multiple generations of 'heirs' and keep on growing while avoiding rather large tax bills
what I would like to see is a further clampdown on trusts which seemingly can exist perpetually for the benefit of multiple generations of 'heirs' and keep on growing while avoiding rather large tax bills
There isn't much you can do to avoid such a tax, doesn't matter if you wrap things up in trusts or own things at arms length via offshore companies if the asset itself is taxed the owner is irrelevant... the asset is in the UK, it has a market value that can be approximated fairly objectively and action can be taken for non payment.
I think it could be quite robust if implemented and have no arguments against it from that perspective I just don't don't agree with it ideologically. I think if you are objecting along those lines then perhaps you ought to give an example of how you envisage it being avoided otherwise the objection is just empty hand waving.
Soldato
- Joined
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Trusts which were set up using money you already paid income tax on?
Long as that same income tax is paid on any interest the Trust earns, I don't see a problem.
Associate
Signed, tax on land would be the best way to fund tax cuts.
Soldato
That'll please the farmers.
yes, or indeed older trusts that contain assets that have simply been inherited and passed on for multiple generations
I do but it is simply a difference of opinion, I don't think dynastic wealth over multiple generations is a good thing, I don't think some trust owning the prime areas of London for the benefit of multiple male heirs of one family is a good thing and if that sort of thing were to become more common we'd have an even more unequal society than we already have.
Would you change your view if, for example, all of the capital was owned by a few trusts set up for the benefit of a few heirs and no one could buy any freehold property as a result? How about if we went further and all of the country got consumed by them (obviously this is an extreme and unrealistic example)?
Soldato
don't get above your station peasant!
Man of Honour