biffer Posted July 7, 2015 Share Posted July 7, 2015 But what if you owe £100k on the house, is £50k just to be wiped off your mortgage? Housing market has to be tackled over ten to fifteen years. Aim for zero house price growth and then no -ve equity Quote Link to comment Share on other sites More sharing options...
sbcmfc Posted July 8, 2015 Share Posted July 8, 2015 Surely housing prices are controlled by the market? A house is worth whatever someone is willing to pay for it. More affordable properties available to rent would be a better thing surely? I rented for 6 months and really grudged it, was paying someone else's mortgage for them at a time when the value of the property was rocketing. In hindsight at that stage, I should have stayed with my parents and saved that money as a deposit. Quote Link to comment Share on other sites More sharing options...
Pool Q Posted July 8, 2015 Share Posted July 8, 2015 Inheritance Tax can be seen as genuinely redistributive in that it prevents the accumulation of wealth within a family over generations, which would make the rich more enshrined in their position. Wealth generates wealth as has been amply demonstrated over the last few years, so putting a brake on that is a worthwhile, left wing, progressive policy. If it's correctly implemented and avoidance schemes are prevented. Which they're not under the current legislation. Agree with all of that. Quote Link to comment Share on other sites More sharing options...
euan2020 Posted July 8, 2015 Share Posted July 8, 2015 (edited) Surely housing prices are controlled by the market? A house is worth whatever someone is willing to pay for it. More affordable properties available to rent would be a better thing surely? I rented for 6 months and really grudged it, was paying someone else's mortgage for them at a time when the value of the property was rocketing. In hindsight at that stage, I should have stayed with my parents and saved that money as a deposit. Controlled by a forced market where people are overpaying on mortgages that ordinarilly they can not afford, but benefited by the lax bank controls with regard to mortgage multipliers and buy to let mortgages I know folk who hav 3-4 flats but no ability to pay these, but feed the mortgatge with tenantts rent In addition you had people getting 110% mortgages & 10 times multiplier on salary 20 years ago it was 2.5 times joint and 3 times single salary Outrageous lending has fuelld house price increase, which was mpt driven by affordability Now - if UK governement had not implemented quantitive easing, the tool they shoudl have been using was increase in interest, which would have meant all these folk could not afford their mortgages and buy to lets This is what has driven HPI and not corrected itself - on the opposite side people with savings have had teir saving value eroded with low inerest rates but higher inflation - so benefits the speculators and punished people who were conservative (small c ) Edited July 8, 2015 by euan2020 Quote Link to comment Share on other sites More sharing options...
biffer Posted July 8, 2015 Share Posted July 8, 2015 (edited) Markets are funny things. A free market is the best way to set the most efficient price point Balanchine ng the interest of the buyer and seller. However there are a lot of prerequisites for something to be a free market, for example lack of barriers to entry for buyers and sellers, which is where the housing market falls down and stops being a free market. There are barriers to entry for supply in planning restrictions and rampant nimbyism, plus other factors which bias the market massively in favour of sellers and other pre existing actors. If a market isn't free it should be regulated to compensate for the constraints. One of the more about obvious regulations would be rent controls. Edited July 8, 2015 by biffer Quote Link to comment Share on other sites More sharing options...
Lamia Posted July 8, 2015 Share Posted July 8, 2015 Very altrusitic Lamia, you are of course free to leave your entire estate to the taxman, personally id rather leave it to my kids with the taxman getting as little as possible. i've worked for my money and id like to leave anything left to whoever I want to get it. Ive also paid tax on my earnings and mortgage intererest so any raise in asset value is mine just like if the value fell the loss would be mine. We're all different ;-) Who do you think the taxman is? What if the partner has spent most of their life raising the kids while the deceased was the breadwinner? What if the partner is disabled and unable to work? What if the kids are disabled and will be unable to work? Are you saying that the family of the deceased aren't deserving of the deceased's estate if that's what they wish? What about people who leave large sums to charities, should that be taxed? Do you trust the establishment/government/society to be able to look after a vulnerable family if they lose their breadwinner(s)? I understand Inheritance tax on folk with estates large enough to keep the value within the family without contributing anything to society, but a lot of people only work so hard in order to provide for their family and to leave their children with a better start in life that they had. If that gets taken away due to high taxes on say a house or a 5 figure sum being left behind, then a lot of folk will be hugely demotivated. Maybe you should read my post again. Eh? Are you serious? You no got any weans? Yes and no but I have parents Quote Link to comment Share on other sites More sharing options...
Nobby Posted July 9, 2015 Share Posted July 9, 2015 (edited) Edited July 9, 2015 by Nobby Quote Link to comment Share on other sites More sharing options...
Nobby Posted July 9, 2015 Share Posted July 9, 2015 Who do you think the taxman is? HMRC i believe collects the revenues due to the State. I believe you'll find yourself in a small minority if you believe inheritance tax should be 100% after provision has been made for funeral and a provision for surviving partner !!!! As previous (currently) anything that belongs to me when i depart this world, I would like to leave to my children and I would like them to receive everything !! now I can see the argument for extreme wealth to be taxed but a family home should be able to be passed on to children free of the taxman getting a cut IMHO. Will you turn down a bequest from your parents ? Quote Link to comment Share on other sites More sharing options...
aaid Posted July 9, 2015 Share Posted July 9, 2015 I would be quite happy with 100% Inheritance Tax minus funeral expenses or for anything related to a partner to be honest. What makes me any more deserving of getting the money. There may be other exceptions I haven't thought of but as a general rule wealth getting passed on just continues the inequality but with those who haven't even worked for it. A bit confused, are you suggesting that the level of inheritance tax should be 100% (after expenses, etc) or that 100% of any estate (after expenses, etc) should be subject to inheritance tax? Quote Link to comment Share on other sites More sharing options...
Maq Posted July 9, 2015 Share Posted July 9, 2015 (edited) edit: wrong fred! Edited July 9, 2015 by Maq Quote Link to comment Share on other sites More sharing options...
Lamia Posted July 15, 2015 Share Posted July 15, 2015 A bit confused, are you suggesting that the level of inheritance tax should be 100% (after expenses, etc) or that 100% of any estate (after expenses, etc) should be subject to inheritance tax? The former. As I said though I am sure there would need to be some exceptions. Quote Link to comment Share on other sites More sharing options...
giblet Posted July 15, 2015 Share Posted July 15, 2015 I'm going to disperse my estate over what I hope is a long period after retirement seeing my kids, grandkids all enjoying the fruits of my hard work over the years. Quote Link to comment Share on other sites More sharing options...
Lamia Posted July 15, 2015 Share Posted July 15, 2015 I'm going to disperse my estate over what I hope is a long period after retirement seeing my kids, grandkids all enjoying the fruits of my hard work over the years. I want my parents to enjoy the fruits of their labour. I will earn my own money. Quote Link to comment Share on other sites More sharing options...
phart Posted July 15, 2015 Share Posted July 15, 2015 spending your one life accumalating wealth that you wont spend. Quote Link to comment Share on other sites More sharing options...
sbcmfc Posted July 15, 2015 Share Posted July 15, 2015 I want my parents to enjoy the fruits of their labour. I will earn my own money. I agree with that to an extent. Having said that, a helping hand now and again from my mum is much appreciated, and helping her children and grandchildren makes her happy. Quote Link to comment Share on other sites More sharing options...
Kirk Posted July 15, 2015 Share Posted July 15, 2015 aye i agree. My parents have told me if theres any cash left it was a mistake, i can hsve the house and whatever cars are left. I dont have a problem with that, they have worked all theor days for it so i shouldnt and dont expect anything. I want my parents to enjoy the fruits of their labour. I will earn my own money. Quote Link to comment Share on other sites More sharing options...
Lamia Posted July 16, 2015 Share Posted July 16, 2015 I agree with that to an extent. Having said that, a helping hand now and again from my mum is much appreciated, and helping her children and grandchildren makes her happy. I don't disagree with a helping hand now and again but it saddens me to see so many parents who's kids sponge off them their entire lives when they should have absolutely no need to do so. Quote Link to comment Share on other sites More sharing options...
Parklife Posted July 16, 2015 Share Posted July 16, 2015 Having said that, a helping hand now and again from my mum is much appreciated, Your maw gives you pocket money and you'll still not pay £23 to go to the fitbaw?!?! Quote Link to comment Share on other sites More sharing options...
euan2020 Posted July 16, 2015 Share Posted July 16, 2015 I don't disagree with a helping hand now and again but it saddens me to see so many parents who's kids sponge off them their entire lives when they should have absolutely no need to do so. I think there is an entitlement culture with some folk nowadays - hear people say they "deserve it" - like for what, getting out of your bed, and going to University like other folk do as normal folk do feck - there is 1 11 year old locally, and his mother is telling him he will entitle his fathers business before the sisters - hes onto his Iphone5 now after his Iphone4 Quote Link to comment Share on other sites More sharing options...
Charlie Endell Posted July 16, 2015 Share Posted July 16, 2015 I think there is an entitlement culture with some folk nowadays - hear people say they "deserve it" - like for what, getting out of your bed, and going to University like other folk do as normal folk do feck - there is 1 11 year old locally, and his mother is telling him he will entitle his fathers business before the sisters - hes onto his Iphone5 now after his Iphone4 That's a form of neglect - the 6 has been out for eleven months now - he probably gets bullied at school for having a 5. Quote Link to comment Share on other sites More sharing options...
sbcmfc Posted July 16, 2015 Share Posted July 16, 2015 (edited) I don't disagree with a helping hand now and again but it saddens me to see so many parents who's kids sponge off them their entire lives when they should have absolutely no need to do so.Yes, that's true. I've noticed a huge difference even between folk my age (33), and my wife's younger brothers and sister. They're only 11-15 years younger than us, but they are terrible.I feel bad for her dad, but then it is partly his fault for pandering to them. They both work full time, the oldest has a good job and more disposable income than his parents, but contributes nothing, financially or otherwise. The younger one is beyond a joke, and I just can't imagine how he'd possibly get by on his own. Admittedly he's not in a well paid job, but given his total monthly outgoings are zero, it's all beer money. Your maw gives you pocket money and you'll still not pay £23 to go to the fitbaw?!?! she'd rather I supported Rangers. Edited July 16, 2015 by sbcmfc Quote Link to comment Share on other sites More sharing options...
Orraloon Posted July 16, 2015 Share Posted July 16, 2015 Yes, that's true. I've noticed a huge difference even between folk my age (33), and my wife's younger brothers and sister. They're only 11-15 years younger than us, but they are terrible. I feel bad for her dad, but then it is partly his fault for pandering to them. They both work full time, the oldest has a good job and more disposable income than his parents, but contributes nothing, financially or otherwise. The younger one is beyond a joke, and I just can't imagine how he'd possibly get by on his own. Admittedly he's not in a well paid job, but given his total monthly outgoings are zero, it's all beer money. she'd rather I supported Rangers. Loads of younger folk these days are brought up in such a protective bubble that they never learn how to look out for themselves. They have never had to, so why would they bother. The are not even allowed to work until they are 13. They are just given things and money for doing nothing. If they had to earn stuff and money from a younger age they might grow up to be more independent of their parents a bit sooner. Quote Link to comment Share on other sites More sharing options...
MacWalka Posted July 16, 2015 Share Posted July 16, 2015 Loads of younger folk these days are brought up in such a protective bubble that they never learn how to look out for themselves. They have never had to, so why would they bother. The are not even allowed to work until they are 13. They are just given things and money for doing nothing. If they had to earn stuff and money from a younger age they might grow up to be more independent of their parents a bit sooner. I can only speak for myself but I was given pocket money for doing chores, if I didn't do them, I didn't get my pocket money. I would also lose my gaming privileges. I had to iron my own clothes from about 14. I didn't get a student loan/grant when at uni and worked several jobs to pay my way (though I did still live at home). Once I graduated and started full-time work, I had to pay 1/3rd of the house bills (excluding mortgage) and didn't get a car until I could afford one myself. I don't see anything unreasonable in all that and when I look at some of my mates and their siblings, some are truly spoiled and have no idea how to do anything for themselves and don't bother to do anything for anyone else. Quote Link to comment Share on other sites More sharing options...
Parklife Posted July 16, 2015 Share Posted July 16, 2015 I can only speak for myself but I was given pocket money for doing chores, if I didn't do them, I didn't get my pocket money. I would also lose my gaming privileges. I had to iron my own clothes from about 14. I didn't get a student loan/grant when at uni and worked several jobs to pay my way (though I did still live at home). Once I graduated and started full-time work, I had to pay 1/3rd of the house bills (excluding mortgage) and didn't get a car until I could afford one myself. I don't see anything unreasonable in all that and when I look at some of my mates and their siblings, some are truly spoiled and have no idea how to do anything for themselves and don't bother to do anything for anyone else. Shhhhh. Orraloan is having a ignorant and ill-informed "young people nowadays..." rant. Quote Link to comment Share on other sites More sharing options...
Orraloon Posted July 16, 2015 Share Posted July 16, 2015 Shhhhh. Orraloan is having a ignorant and ill-informed "young people nowadays..." rant. I said loads of young folk, not all of them. I do think a lot of parents are over-protective of their kids though. I'm not sure what effect that will have on society in general in the years ahead. Quote Link to comment Share on other sites More sharing options...
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