Right To Buy to end

[poppet2 13]

Of course their kids can't afford to live anywhere of their own as a result and we now have children living with their parents into their 30s... but on the plus side they can look forward to a share of the loot in another 30-40 years when their parents pop their clogs.

 

And therein lies another problem. They will have to pay 40% inheritance tax, currently on any assets worth more than £235k. The tax man requires the money within 3 months.

If they don't have it, which they most probably won't, they will have to take out a loan to pay back the tax man. More unnecessary debt for the children!

The next generation will be living on debt, debt, debt, until they die.

And to cap it all, the amount the children will be left with after they've paid back the loan and interest, will probably be enough to only buy them a garden shed each.

[Ms Macbeth 73]

And therein lies another problem. They will have to pay 40% inheritance tax, currently on any assets worth more than £235k. The tax man requires the money within 3 months.

If they don't have it, which they most probably won't, they will have to take out a loan to pay back the tax man. More unnecessary debt for the children!

The next generation will be living on debt, debt, debt, until they die.

And to cap it all, the amount the children will be left with after they've paid back the loan and interest, will probably be enough to only buy them a garden shed each.

 

I doubt many people in South Yorks will have an estate worth that much. The average house price is more like £150k, and by the time we homeowners pay for repairs and maintenance (new boilers; roof repairs; repointing etc) as well as care home fees the kids will be lucky to get anything.

[poppet2 13]

I doubt many people in South Yorks will have an estate worth that much. The average house price is more like £150k, and by the time we homeowners pay for repairs and maintenance (new boilers; roof repairs; repointing etc) as well as care home fees the kids will be lucky to get anything.

 

Who knows what the inheritance tax threshold will be in 30-40 years time.

I forgot about homeowners having to pay for their nursing homes.

It wouldn't surprise me if banks start expecting their children and grand-children to pay off the mortgage in years to come because of the cost of mortgages.

[Coutts 10]

I doubt many people in South Yorks will have an estate worth that much.

 

Many people DO have estates which far exceed the threshold, nothing that some good forward planning and a limited company can't fix.

 

However, ATED which came into effect on April 1st 2013 has some very serious implications. The goalposts went and got seriously moved! NOT COOL!

[ricgem2002 11]

Many people DO have estates which far exceed the threshold, nothing that some good forward planning and a limited company can't fix.

 

However, ATED which came into effect on April 1st 2013 has some very serious implications. The goalposts went and got seriously moved! NOT COOL!

glad it wont affect many people in the uk. the ones it will affect have been getting away with it for years

[eastbank 10]

Who knows what the inheritance tax threshold will be in 30-40 years time.

I forgot about homeowners having to pay for their nursing homes.

It wouldn't surprise me if banks start expecting their children and grand-children to pay off the mortgage in years to come because of the cost of mortgages.

 

most home owners are wise to the cost of healthcare...that's why they sell up and rent in their later years....then rightly so the government pays the bill....all should be treated the same when it comes to nhs care....free for all....

plenty of one bed council properties to be had for the over 60s....

[Mecky 10]

Apparently its also the Labour way.

 

The Labour Party initially proposed the idea of the right of tenants to own the house they live in, in its manifesto for the 1959 General Election

 

Did they? Do you have any evidence of that because I've been looking for ages and can't find any?

[Se7enhills 10]

You obviously dont look very hard....that took about two seconds to find.

 

http://www.labour-party.org.uk/manifestos/1959/1959-labour-manifesto.shtml

 

 

quote

 

Every tenant, however, will have a chance first to buy from the Council the house he lives in; and all Council tenants in future will enjoy the same security of tenure as rent-restricted tenants.

[Guest]

Did they? Do you have any evidence of that because I've been looking for ages and can't find any?

 

From Wiki:

 

"The Labour Party initially proposed the idea of the right of tenants to own the house they live in, in its manifesto for the 1959 General Election....."

 

http://en.wikipedia.org/wiki/Right_to_Buy

[harvey19 541]

Very commendable of the Labour party in wanting to help working class people to improve their lot.

[Mecky 10]

You obviously dont look very hard....that took about two seconds to find.

 

http://www.labour-party.org.uk/manifestos/1959/1959-labour-manifesto.shtml

 

 

quote

 

Every tenant, however, will have a chance first to buy from the Council the house he lives in; and all Council tenants in future will enjoy the same security of tenure as rent-restricted tenants.

 

Not sure that's the official site, the URL is wrong and even, if it is a legitimate site, they weren't the ones to introduce it. It's a bad piece of legislation in my opinion. You disagree, so what?

Edited June 29, 2014 by Mecky

[Se7enhills 10]

Its not the official Labour Party site; does that make it not the 1959 manifesto?