And there you go. If you want to get round it you can. And most certainly the wealthier the person is, the easier it is to get round it. Those are the people they should be (and probably will) tax more heavily. The biggest issue is that the Country is broke and the system on which wealth creation of the past 150 years is based, is starting to creak at the seams as other Nations of the World takeover. We are already relying way too heavily on asset value appreciation rather than working to create wealth.
That's an edge case at best. There's an argument that house prices would have never reached such levels if successive governments had constrained inflation and had pro-actively increased housing stock exponentially with the growth in population. It's a failure of successive governments house prices are where they are and owners should not be penalised for others failures. Even if you sell a house worth MM, you still have to buy another at an inflated price, so it doesn't help the owner their house is worth such amounts. What's 100% certain, is council houses should have never been sold off.
No idea what an "edge case " is. I agree governments of both flavors have to take responsibility for the housing disaster. Inheritance tax on property won't affect the current owner Maggie sold off the council houses to make her mates (or were they simply the ones who put her in power?) in finance even richer. Restricting supply helped this to become even more lucrative. I agree it should never have happened.
Successive Governments have relied on house price increases to keep a failing economy afloat. There is no way house prices are really worth what people are paying for them. In the last year I have watched a new housing estate be knocked up ( and I use that term wisely) with no regard to quality or longevity and then charge ludicrous prices for shite workmanship. It’s another recipe for disaster down the line. Maggie sold off council houses so owners were trapped into mortgages and thus had to work ex years pay that off. It was a trap that too few people saw at the time. Again we are paying for that now with no affordable social housing available.
Deliveroo is your friend 20mins tops and you will be muching again (i was going to mention houses are expensive because of supply and demand? and if both past Governments said F off and sent them back to France WHERE they come from we might not need so many?? or so expensive ) but i thought better not post that as i too would run out pop corn, Back on track, Train drivers no sorry back on track hope bike dealers can survive what's going on out there at the moment. one of my local ones packed up after 40 years a couple of years ago.
For most it isn’t unearned. Where do you think the house or investments etc come from? Many self made millionaires came from nothing and took risks and worked very hard and have paid lots of tax. Death duties is immoral.
Not quite true. If you give your child at £20k for a deposit on a home it’s actually a risk they willl have to pay tax on that amount!! We had to take some advice and luckily stayed set the amount of money to not give him a tax bill. Bit you can sign a house over to kids and it seems, long as you live in it, they don’t pay anything….then if you last 7 years it’s all good
However the reality is that the vast majority of ‘self made millionaires’ come from families with very significant wealth who are able to support them and provide a safety net if/ when they fail. This allows them to ‘risk’ far more than anyone of the estates in Fleet ever could. And in my experience people working minimum wage jobs work just as hard as anyone else. With the exception of sports/ music people there are very few genuine self made millionaires in existence who didn’t rely on bank of mum and dad.
Mostly labour politicians Tbf lol It’s often used, as elsewhere on this thread, London prices but that’s just London. A million pound home there could be a terraced house. Here in Cotswolds it’s likely to be a 4 bed house with an acre of ground.
I agreed with this until the Maggie bit. Imho she saw a society where people took ownership of their own destiny and that included owning their own home, something millions never dreamed could come true. And it did
But its a huge hassle if your kid decides that you need to move out of his/her house as they want the money... Rare but certainly not unheard of by any means.
Thought this might help you. The illegal boats don't account for many people at all. The 685,000 nett "invasion of hordes" all needing house came on Home office issued Visas from all over, mainly Nigeria & India IIRC. Jenrick, Braverman & Patel were in charge.
Paid our mortgage off a few years ago. Strangely enough our two boys have owned 1/4 of our house each since soon afterwards. . In a couple of years I'll need to start looking for Bannana skins at the top of the stairs after they visit.
Maybe it's time @moderator to move this thread as it seems to have nothing whatsoever to do with with dealer demise anymore?
Our plan is probably similar once we know we won’t be moving again. Even thought if we downsize we may sell him ours at half market rate. It’s crazy that too many think trying to ensure you provide a better start for your kids than you had is in someways’a bonus’
I agree. i dont actually care where the wealth came from though. Its of no concern whether it was earned or lucked into. I just disagree with the whole notion of the state thinking its their money.
