Protecting your finances now Labour are in charge

Take part of the O/P in terms of scaremongering.

"“They will be after any penny they can get, make no mistake about that! Nothing will be safe from them. I even heard they will be after you if you have a very large garden.”

I see the (oft repeated historically) idea of the so called garden tax is part of a list in the Telegraph from yesterday

Headlines say

“Revealed: all the ways Labour "could" tax your family home
From stamp duty to capital gains, our expert outlines the new prime minister’s options”.

its a list - but it’s all speculation. Its "could"

There are endless “possible” taxes” where one could say

I've even heard that with no reference

is at best hearsay and at worst deliberate doom and gloom fear mongering from the right.

My experience is that HMRC are very quick to follow up on anyone suspected of letting property.

When we bought a holiday home in France, financing it by increasing the mortgage on our home in the UK. HMRC were on ti us in months to confirm that we had bought a holiday home in France and to ask us whether we intended to turn it into a holiday let because any profits from running it were taxable. We said no, the house was for the use of us, family and friends.

We did charge anyone staying there without us, a sum big enough to cover the daily cost of running the house (water,gas, electricity, phone, firewood). But I kept meticulous accounts in order to be able to show HMRC should they mount an inquisition, that, far from making a proft from these occasional visits, we actually subsidised them.

We had a few occasional check calls for the first 10 years or so, but then they stopped.

HMRC check all the property rental sites, Facebook etc for properties to rent and will follow some of them up, if they think there is a taxable income not being decared.

Greta8

Floradora9

I had hoped for an increase in the limit for inheritance tax which the Conservatory government would have brought in . I think it is so unfair to tax whate you have left for your family after paying tax during your lifetime . So many houses now take you over the limit .

Why not give tranches of money to your family now? You will have the pleasure of seeing them benefit while you're still alive. If your other property assets take you over the £1 million threshold, surely that's still an amazing legacy for your children?

The inheritance tax limit is £325,000 so where do you get the million pounds from ? At my age giving away a load of money would still involve inheritance tax as I doubt I would live for the required 7 years to make the money inheritance tax free.

If more taxes= improved public services, that's ok with me.

What I don't get is we currently have the highest taxes in Heaven knows how long yet public services are crumbling in pretty well every respect.

This has been under a government that is reputedly a safe pair of hands with the economy.

Doesn't feel like it somehow.

Did anyone see the Channel 4 programme 'Skint' the other evening? Very informative on successive governments' mishandling of the nations finances over the past 50 years.

Message withdrawn at poster's request.

Anybody else making plans to protect their finances now Labour is in charge?

They will be after any penny they can get, make no mistake about that! Nothing will be safe from them. I even heard they will be after you if you have a very large garden.

Labour hates anybody to have more than one property (except of course Angela Rayner) so we are ending our holiday let property and making alternative arrangements.

There’s a ring of steel going round our savings and investments. We might give some to the kids and we might treat ourselves to new cars or extra special holidays in the near future. 😉

My goodness Primrose-wherever do you get your information from !! Perhaps reflect on the fact that the Tories increased tax on income quite considerably by freezing tax thresholds?

I doubt Keir Starmer is after your garden 🤣🤣

Maybe he's eyeing it up for illegal parties???

Happilyretired123 Do not believe everything you read in the papers or on social media.

The Cosnervatives always talked loudly about cutting taxes while constantly putting them up by stealth, and with all that money coming in we still live in a country of private affluence and public squalor with potholed roads, a failing health service, underfunded schools and defence forces and the most expensive childcare in Europe.

And the Tories didn’t rob us blind? Squandering money on PPE contracts for their mates, increasing tax on earned income, spending millions on Rwanda etc
Luckily most people realise now the Tory promises were hollow (what happened to Levelling Up) and voted accordingly!

I even heard they will be after you if you have a very large garden.

Again, scared or scaremongering about something that was already taxable by legislation enacted under a Tory government. In 1992, John Major was Prime Minister.

Section 222 of the Taxation of Chargeable Gains Act (TCGA) 1992 has been in force for 32 years.

It has always contained provisions to tax gardens which are larger than 0.5 of a hectare (around 1.25 acres) including the site of the dwelling house, unless it can be shown that grounds in excess of that amount are necessary for the enjoyment of the property and not part of a business. The District Valuer decides.

More here for anyone interested.

www.legislation.gov.uk/ukpga/1992/12/section/222

www.taxinsider.co.uk/principal-private-residence-garden-and-grounds

Monica
I don’t believe it especially if it’s in the Daily Mail or Telegraph! I have a lot of confidence in Rachel Reeves and Keir Starmer 🙂

Primrose53

M0nica how very dare you buy a second property! 🤣

However hard you work, however hard you save without relying on anybody else, just quietly getting on with your life there will always be people on the Left who are jealous, accuse you of lacking compassion (???) and are quite willing to try and dob you in.

Nobody is going to tell us what to do with our finances.

Primrose do you think we don’t have a second property because we can’t afford one, and that’s why we are jealous -of you- is that what you’re actually saying?

We read a right wing newspaper but never believe any of the scare tactics it uses.

kircubbin2000

I think the £3000 allowance is the total you can give not to each person.

I know it is, I made a mistake when commenting. I give each of my two sons £1500 per year which is a total of £3000 per annum. GermanShepherdsmum kindly pointed out my error.

Primrose, I agree with you. If folks can afford a second home and pay taxes etc they should be able to have one. Labour supporters seem to be so against anyone having anything much, that is what socialism is all about I suppose.

Happilyretired123

Anybody else making plans to protect their finances now Labour is in charge?

They will be after any penny they can get, make no mistake about that! Nothing will be safe from them. I even heard they will be after you if you have a very large garden.

Labour hates anybody to have more than one property (except of course Angela Rayner) so we are ending our holiday let property and making alternative arrangements.

There’s a ring of steel going round our savings and investments. We might give some to the kids and we might treat ourselves to new cars or extra special holidays in the near future. 😉

My goodness Primrose-wherever do you get your information from !! Perhaps reflect on the fact that the Tories increased tax on income quite considerably by freezing tax thresholds?

I doubt Keir Starmer is after your garden 🤣🤣

Happily Retired if you look at my post just above yours I reveal the "source" reference for the

"I heard they will be after you for large garden"

(Telegraph article speculating on just about everything that could be done - in one of those shock horror Tory articles currently circulating)

LizzieDrip

Floradora of course, anyone who needs care will lose their home to pay for it, such is the dire state of social care in this country. So they won’t be leaving their home to their children anyway.

Perhaps, if everyone paid a bit more tax, social care could be fixed so it wouldn’t take our homes - wow, there’s an idea!

Yet everyone one said taxes were the highest they've ever been, under a Conservative Gov.
So we were paying higher taxes. Weren't we???

Kate1949

Almost 1000 lovely apartments built for the Commonwealth Games standing empty here in Birmingham.

It is things like this which mean I want money already paid in somewhere, to be used wisely.

I remember years ago, as another example, I cant rememebr who, made a programme about how the NHS could save a substantial amount of money in many ways.

We all know of jobs advertised in the last few years, which are controversial.

If money already taken was used better, that would then be a different matter for me.

RosiesMaw

Ladyleftfieldlover

Blimey Primrose! Just the one house to cope with. It appears that a few of you Tory supporters have your knickers in a huge knot. Doesn’t the word ‘compassion’ mean anything to you?

Hear,hear.
There is no magic money tree and if we want a National Health Service, social care for the elderly (like us!) or the disadvantaged , good schools, roads without potholes , enough affordable homes for all - the money has to come from somewhere.
I would rather pay higher taxes for an efficient NHS than have to raid the piggy bank for a hip or knee replacement .
However I may have to let Brabinger go along with the second Bentley and shop at Waitrose instead of Fortnums, but we must all be prepared to make sacrifices.

Yet if the Tories had said that, already higher taxes under them, there would have been bloody uproar, wouldn't there????

Casdon

Germanshepherdsmum

Taxes are far more likely to rise under a Labour government. In some cases it will amount to taking your assets, such as increases in IHT.

Tax rises under the Tory Government were the highest level ever. They froze the personal allowance. Pensioners with savings were not worse off, but millions of working people were. Labour may well tax people with assets more, but that does not mean that the average working person will be worse off under a Labour government. It’s all about perspective, not all about how it affects us personally.

So the reduction in National Insurance from 12% to 10% what was that then, and another 2p by 2027. Guess Labour will cancel that tax cut.

I have been a Tory all my life but I am astonished that those on here who can well afford to pay more taxes to fund social care, the NHS, education etc are ring-fencing their assets so they do not have to pay.
Those of us who are better off, own our homes, have investments should be willing to support those who are not lucky enough to have these.
Okay you say you have worked hard for these things. Most people have worked hard during their lives, the cleaners who cleaned your posh offices, the mechanic who serviced your car, the train driver who took you to work etc.
Please show some compassion - it is what the Conservatives sorely lacked. I welcome the change.

Rosiesmaw I would rather pay higher taxes for an efficient NHS than have to raid the piggy bank for a hip or knee replacement

To each their own.

Whilst hoping for efficient NHS -- I've paid for my knee replacements, piggy bank raided twice, efficiency is too far away - needs must.

The inheritance tax limit is £325,000 so where do you get the million pounds from

In addition to a person's tax free threshold of £325,000, introduced in April 2017 was the home allowance known as the residence nil rate band. This increased the tax-free threshold when someone leaves their home to either their biological children, adopted, foster/stepchildren, children under their guardianship, grandchildren, or great-grandchildren, and their spouses/civil partners. As of 2021, this additional allowance is £175,000, and both the inheritance tax nil rate band and the residence nil rate band are frozen at these figures until April 2028. Therefore, on top of the inheritance tax threshold of £325,000, the total tax-free threshold is £500,000 or up to £1 million for a married couple.

However, the home allowance will only apply if the deceased person’s estate is worth less than £2 million. For every £2 over this threshold, you lose £1, so if an estate is worth over £2.35 million, the residence nil rate band will be lost.

Freya5

Casdon

Germanshepherdsmum

Taxes are far more likely to rise under a Labour government. In some cases it will amount to taking your assets, such as increases in IHT.

Tax rises under the Tory Government were the highest level ever. They froze the personal allowance. Pensioners with savings were not worse off, but millions of working people were. Labour may well tax people with assets more, but that does not mean that the average working person will be worse off under a Labour government. It’s all about perspective, not all about how it affects us personally.

So the reduction in National Insurance from 12% to 10% what was that then, and another 2p by 2027. Guess Labour will cancel that tax cut.

fullfact.org/economy/70-year-high-tax-burden

dragonfly46

I have been a Tory all my life but I am astonished that those on here who can well afford to pay more taxes to fund social care, the NHS, education etc are ring-fencing their assets so they do not have to pay.
Those of us who are better off, own our homes, have investments should be willing to support those who are not lucky enough to have these.
Okay you say you have worked hard for these things. Most people have worked hard during their lives, the cleaners who cleaned your posh offices, the mechanic who serviced your car, the train driver who took you to work etc.
Please show some compassion - it is what the Conservatives sorely lacked. I welcome the change.

Bravo!!!!!!