Labour's Death Tax Proposal

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Labour's Death Tax Proposal

Post  El Guapo on Wed Feb 10, 2010 5:10 am

Picture the scene...

You leave school at 18. You find employment and you work steadily all your life and pay all your taxes. You'd think once you hit retirement the Government might give you a break but oooooh no! This Labour government now want to slap a tax on your death!!

The Tories unveiled ads claiming the £20,000 levy would pay for Gordon Brown's plans to provide free care for the elderly.

Health Secretary Andy Burnham refused to rule out imposing a charge on people's estates after they die - raising fears grieving relatives will face huge bills.

Shadow health secretary Andrew Lansley called on the PM to "come clean" on his plans.

He said: "Behind closed doors, ministers are secretly planning a death tax of up to £20,000.

"But even that would not raise enough to pay for this new National Care Service.

"That's why Labour are also planning to take away cash disability benefits from the elderly and cut money from the NHS."

The Conservatives - whose R.I.P Off ad campaign takes a dig at Labour by featuring a dying rose on a grave - say they would make people pay a one-off £8,000 fee to pay for their care in old age.

The PM has said he wants to end the system where some elderly people have to sell their homes to pay for care.

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The death tax plans are among a range of options being considered by Labour.

Mr Burnham insisted they were not the "lead options".

And he blasted the Tories' proposals, saying: "I do not believe that a flat levy of that kind would be the right way to go."

Shadow Treasury secretary Philip Hammond said: "For those with the most modest savings, Labour's plans could leave them with nothing."
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Re: Labour's Death Tax Proposal

Post  Guest on Wed Feb 10, 2010 5:45 am

All my money i will give to the kids before i die, if i die a pauper they can sue me...mind you they probably have a agent down there.. Mad

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Re: Labour's Death Tax Proposal

Post  El Guapo on Wed Feb 10, 2010 5:51 am

That doesn't work either I'm afraid Colin!

Lifetime gifts are subject to the 7 year inheritance tax rule. If you die within 7 years of giving the gift then a proportion of tax is payable depending on how many years after the gift you die.

The best advice for anybody with a sizeable estate is to take advice from a good Probate lawyer. A good Will, if worded properly, can greatly reduce your tax liability.
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Re: Labour's Death Tax Proposal

Post  Guest on Wed Feb 10, 2010 6:19 am

I am ok then i am skint

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Re: Labour's Death Tax Proposal

Post  El Guapo on Wed Feb 10, 2010 6:20 am

lol!
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Re: Labour's Death Tax Proposal

Post  EarthsAngel on Wed Feb 10, 2010 7:39 am

They need to raise funds for all these Immigrants,layabouts and scum bags. Why is it that being hard working and decent always costs so much? Why should decent, hard working tax payers be penalised at every turn? Maybe everyone should go onto benefits, get free homes, everything on a plate. It makes me sick!

If I lived there, I would make sure my money was safe from those thieving bastards!

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Re: Labour's Death Tax Proposal

Post  Chelseaboy on Wed Feb 10, 2010 11:37 am

ColinS wrote:I am ok then i am skint

Lmao colin
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