'Labour's attack on pensioners is just the start - and your inheritance is likely to be next,' says Kevin Foster
Inheritance is likely to be next in Labour's "assault on the 'rich'" says Kevin Foster
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It’s an instinct for any parent to ensure their children and eventually grandchildren are provided for and will be even when they are no longer around.
Alongside this many families pride themselves on having built a business which has been trusted by generations of customers, due to generations of the same family running it.
Other families proudly trace the lineage of their farm, a place where the land has defined the generations and where each generation has passed on the next knowledge of the seasons and how to farm it.
These values are the bedrock of what conservatives believe in. Family. Self-reliance. Tradition. Receiving the fruits of your own labour.
Yet socialism has very different values. The politics of envy, of only having what the state believes you should have and of not providing for yourself, but instead depending on the state to provide for you. Hence why inheritance is likely to be next on Rachel Reeves hit list.
The attack on pensioners is just the start of Labour’s assault on groups they view to be “rich”, even if many of us would question how this justifies taking £200 off a pensioner on £14,000 a year to reward many already well-paid public sector workers.
Chancellor Rachel Reeves has announced the Winter Fuel Payment will be means-tested from this year
PA
The concept of inheritance, handing on your life’s work to the next generation, families rather than the state making provision for their children, will be next.
It will be dressed up as only hitting “the rich”. Labour will tell anyone who will listen it is a tax which currently only affects 5% of estates, a tax only for “tory toffs” they will say. Yet this misses the impact of rising house prices which will steadily expand this number as more are pushed over the threshold.
They will also revive Labour’s old stealth tax tactics to attack the inheritance many would expect to receive. They started by scrapping plans for a care costs cap, which means many will continue to see their life savings disappear in nursing home fees.
Next could be suggestions capital gains tax relief should be scrapped on inherited homes and businesses.
Currently, you inherit at their present value, rather than having to work out what capital gain was made since purchase/creation by the (now) deceased person.
The Institute for Fiscal Studies argues this discourages things from being sold and families instead want to pass it onto their children. Their argument confirming, that they know the price of everything but the value of nothing, especially a home or business.
Don’t be surprised if Rachel Reeves finds this a handy way of raising extra taxes. They are simply “abolishing a relief” she will say.
But imagine having to work out how much gain has been made on a home bought by your parents decades ago.
Another target may be the countryside, where generations have owned and worked their land, investing plenty of toil and sweat, whilst holding traditional British values Labour have never shared.
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Back in the 1940s, a Socialist Government toyed with the idea of openly nationalising farms.
In the 21st century they will be more discrete.
Ending relief on an agricultural inheritance would, in their view, not hit Labour voters, but would end potentially centuries of tradition on the altar of envy.
The “richest” and “aristocrats”, who Labour will cite as the targets of this raid to fund their priorities, will be the most able to avoid it or move their wealth abroad. Leaving the children of those who aspired to buy their council house or build up a family business to pick up the bill.