The UK “Double Death Tax”

The new Labour government in the United Kingdom has reportedly pushed for a new capital gains tax on assets passed down after a person dies. This would be on top of an existing inheritance tax.

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[expansionproz]

The problem is no matter how much tax they collect, they never use them efficiently. You can tell from bankrupt of local councils who collect yearly imcreasing council tax. All public services are deteriorating

[billstrasburg]

Future people will study today under the topic of "What will humans put up with before they finally revolt?"

[zpatrickz]

You will have nothing and be happy...OR ELSE!

[erikrichardgregory]

You got what you voted for, UK. And we got what we voted for in the U.S., too. Progressive governments are equal opportunity destroyers

[Holdeenio]

Income Tax, National Insurance, VAT, Duty on fuels, alcohol, tobacco, sugary products, dividend tax, capital gains tax, corporation tax, stamp duty land tax, council tax, vehicle excise duty and inheritance tax… the UK has been rife with taxation for years and it’s only getting worse with the latest government party; a bunch of clowns. 🤡

[panmichael]

"Go Where You're Treated Best" - never more apt than here.

[Vallaque]

They are throwing out the productive and importing the unproductive. What could possibly go wrong?

[GSAZYNSKI]

Taxes have nothing to do with benefitting the average citizen (or subject). Taxes benefit politicians and their wealthy campaign donors who cannot make their money in a free and open market.

[rmondave]

It's never ever been about fairness it's always been about how much money the government needs for spending wasting and stealing😅

[lisabeaumont]

“There is a lot more pain in store” for EVERYONE in the UK, except the undesirables arriving by boat…

[saveBRITAIN-en]

Didn't mention the means testing for state pension that we have paid into all our lives. UK residents are being completely screwed.

[richardcontinijr]

So if you're in the UK and you want to leave an inheritance then buy gold sovereigns. They're exempt from capital gains tax. On the inheritance tax side how would they know you gave your kids gold sovereigns for their inheritance?

[davidlopezlive]

One of the issues is that a lot of high income earners find loopholes and ways to divert/avoid paying taxes on a regular basis and then also want to avoid paying taxes at the end but I agree that there is way too much government waste and inefficiencies.

[SeanHendy]

Capital gains tax and inheritance tax are two completely different taxes. NO, they are not going to apply both. That would be stupid. Not saying the current government aren't completely lacking, but what is likely is that they will change the levels of inheritance tax and or capital gains tax, but no, they're not going to apply both. Besides, the budget hasn't even been announced yet.
The biggest take away is that the previous government have for years been talking about doing away with inheritance tax, for the very reason you eluded to, which is that it is wealth accumulated having already paid tax on it several times over and so many people feel that the government shouldn't get to take any of it a second time.
Btw, for anyone interested, the current exemption is the first £350k of an estate. Anything over that amount is liable to inheritance tax.

[christineagnew]

Well Canada isn't much better. Many want out of here too, and those that can already have been.😢😢😢

[hyperreal]

The problem has always been government spending. You don’t need to tax if you don’t spend trillions on BS..

[dh]

Also a problem in Germany. Frist there is an inheritance tax (also on the tax of the capital gains) and then a capital gains tax.

[larynOneka]

How else are they going to keep giving money to Ukraine?

[TheWanderingMason]

Even if it was justified, they're not going to apply it to the people who inherit castles and oil companies, it's going to be the SMEs that actually produce all the GDP in the UK.

[ceciliawinter]

What actually is the value proposition to live in the uk?