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Super-rich may quit UK over Labour plans for inheritance taxes on trusts

21 Comments
By Sinead Cruise

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21 Comments
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Good. Bye. Don't let the door hit you on the way out. Thanks for nothing.

4 ( +5 / -1 )

Blame EU then Brexit. Blame wealthy people then those people left.

Next what to blame?

-4 ( +1 / -5 )

Blame EU

The EU has its faults. Criticism was and us justified.

then Brexit

Now even the most ardent Brexiteers cannot come up with any serious benefits of leaving the EU.

Blame wealthy people

Getting them to pay a fairer share of tax is not ‘blame’.

4 ( +6 / -2 )

Critics say the proposed changes could do Britain's lukewarm economy more harm than good, making the country a less attractive place for the world's wealthy to live and invest in, reducing overall tax revenues rather than growing them.

Isn't this the kind of thing the Brexiteers would call "project fear"? It's ok anyway. They are nett drain on the economy when all is considered. And any trickle-down has been revealed to be a chimera. Their "investments" have done nothing for UK productivity growth either. On the other hand, the UK missed the boat for real investment when interest rates were low and the stupid Tories were on their kick-the-poor austerity drive.

5 ( +6 / -1 )

On the other hand, the UK missed the boat for real investment when interest rates were low and the stupid Tories were on their kick-the-poor austerity drive

Sometimes I hear how the Tories bringing back Cameron was a signal that they were trying to shift back more towards the centre.

Cameron a centrist? Austerity was rank. It failed to deliver the savings it was supposed to while the suffering it caused to the most vulnerable was horrendous.

2 ( +4 / -2 )

Excuse me if I don't give a d@mn about millionaires' problems.

4 ( +5 / -1 )

Inheritance tax is simply communist theft.

-11 ( +1 / -12 )

Inheritance tax is simply communist theft

Which podcaster told you this?

4 ( +6 / -2 )

Inheritance tax is simply communist theft.

And amassing huge amounts of money in savings accounts is simply capitalist theft.

1 ( +5 / -4 )

Inheritance tax is simply communist theft.

Google inheritance tax and you'll find more info. I don't know which countries you consider communist, but here's a few examples of countries which do NOT have inheritance taxes:

Russia

China (Mainland, HK and Macau. For Taiwan there may be an estate tax of 10% for assets over TWD 12mil)

A few countries which DO have inheritance taxes:

Japan (highest tax rates globally, 10 to 55%).

South Korea (up to 50%), France (5-60%), UK (up to 40%), USA (up to 40%).

The only country which is definitely communist and has inheritance taxes is Vietnam (10%).

Chairman, try again.

3 ( +4 / -1 )

Keir Starmer's Labour Party, which leads in the opinion polls and which published its manifesto on Thursday, is targeting Britain's wealthiest people to support immigrants, the obese and lazy on sickness benefits, woke propaganda in schools, wasteful spending on energy reform and the National illness Service.

Fixed it.

Inheritance tax in the UK is high at 40%

Yes it is but only a tiny number of people pay any at all as the threshold is quite high . If over the threshold then setting up a trust to avoid this is exceedingly easy.

-2 ( +1 / -3 )

It's not like they pay their fare share anyway. The mega rich avoid tax and have their cash stashed away in tax havens. So they won't be missed.

2 ( +3 / -1 )

Best news I've read in a long time.

0 ( +1 / -1 )

Which podcaster told you this?

You seem to have an unhealthy obsession with podcasters, don't you?

Inheritance tax is theft/confiscation at any level, from billionaires right down to the hard-working mums and dads who want to pass on something to their kids. Why should governments have a right to an inheritance ahead of family and whoever else the deceased wants to give their assets to? They tax us all through our lives and then basically charge us to die as well. And it's not like governments have a good track record of spending taxation wisely.

Back in the 1960s IIRC all the states in Australia had an inheritance tax, then Queensland abolished it. That prompted large migration from the other states to Queensland, which then forced the other states to abolish theirs as well to stem the outflow of people (and the tax base, by extension).

Governments would be far better off closing tax loopholes for the mega-rich and corporations if they want to boost collections instead of raiding coffins for other peoples' money. But that won't happen because the people at the top, regardless of their political affiliation, have their plunder safely tucked away in offshore tax havens and have no intention of closing loopholes that would expose THEIR wealth to the taxes they slug on the rest of us. Socialists love inheritance taxes because they "get the rich", but in reality they don't contribute much to the tax pot in the grand scheme of things. And here in Japan, punitive inheritance taxes have been a key factor in the akiya problem.

-1 ( +2 / -3 )

Pukey2Today  04:27 pm JST

Inheritance tax is simply communist theft.

Google inheritance tax and you'll find more info. I don't know which countries you consider communist, but here's a few examples of countries which do NOT have inheritance taxes:

Russia

China (Mainland, HK and Macau. For Taiwan there may be an estate tax of 10% for assets over TWD 12mil)

A few countries which DO have inheritance taxes:

Japan (highest tax rates globally, 10 to 55%).

South Korea (up to 50%), France (5-60%), UK (up to 40%), USA (up to 40%).

The only country which is definitely communist and has inheritance taxes is Vietnam (10%).

Chairman, try again.

The principle is communist, regardless of who does and doesn't practice it.

Buh-bye.

-3 ( +0 / -3 )

Taxing dead people is stupid -- we pay enough tax as it is while we are on this planet. I have no intention of making a will. I'll leave my heirs to deal with the financial mess as I beam down on them from heaven...

-1 ( +2 / -3 )

Chairman:

So, by your logic, UK, US and Japan are communist countries. OK. Bye Felicia.

3 ( +3 / -0 )

Governments would be far better off closing tax loopholes for the mega-rich and corporations if they want to boost collections

Maybe your podcasters didn’t tell you the Labour Party plan to to this as well.

Whether they do it is another matter.

I think we might have a possible Labour supporter here.

You’ll be drinking soy lattes before you know it.

2 ( +3 / -1 )

When I was growing up being rich was a good thing. But even the rich could pitch in a little. Heck, multi-billionaires could kick in a little. If they gave one or two million dollars to help the economy and the working class, they could still pay their rent and buy food and all that, without wringing their hands about the power bill. Why wouldn't the rich help the country that allowed them the chance to become rich? Greed is one of the great sins, isn't it. Be regular Joes and buy your yacht cover next year.

2 ( +2 / -0 )

Let them. Living in the UK is a privilege. If they don’t want to pay they can leave.

2 ( +2 / -0 )

Inheritance tax is simply communist theft.

Hilarious. Better to learn what "communist" means before coming on and spouting such rubbish.

0 ( +0 / -0 )

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