UK Families will be forced to pay tax on heirlooms

Just when you thought we may have bottomed-out in terms of politicians tax stupidity. How could they possibly implement such a thing.

Families will be forced to pay tax on jewellery and other heirlooms under controversial new plans proposed by the Liberal Democrats.

Under the scheme, tax inspectors would get unprecedented new powers to go into homes and value rings, necklaces, paintings, furniture and other family treasures.

Householders would be forced to pay a new wealth levy on the assets with the threat of fines for those who refused to let snoops value their possessions.


Daily Mail Link

reply to post by D8ncer


Not quite 'UK families' really though is it.

The average UK family has no where near the £700,000 - £1.1 Million in assets which would be the level of assets attracting the proposed tax.

Most would be lucky to have assets worth a 1/4 of that figure.

The one's who would fear this proposal the most, would ironically be the one's who HAVE the most.

First they take your guns. Then they do as they please. Slowly but surely you move closer to slavery. They tell you it is to make your life better. While they sip from a 10k bottle of wine, you scrape by. Talk, talk, talk. They promise free money if you lose your job, they promise free money when you retire. They promise free healthcare. The reality is that they run out of other peoples money and you starve. They will be taxing every breath you take before it's over.

reply to post by D8ncer


Clever. The people who have valuable heirlooms won't offer much resistance to these plans.

The under and working classes are unlikely to be affected.

The lower middle and middle classes won't go to the papers because of the embarrassment, they won't tell the inspector to "fuk ov m8 b4 ah get de bois dahn an set me rotty on ya innit" because they have too much to lose.

The upper middle classes will agree with whatever the old boys get up to, until it affects them, then act all outraged with their acquaintances at their wine and cheese parties.

The actual upper classes have it all in swiss banks anyway.

The class system is alive and well in modern Britain, I for one, welcome our new toff overlords.

Interestingly, this is basically a sort of poll tax, akin to the one introduced by Thatcher which caused massive riots. What this tax does though, is takes away the element of society affected by the poll tax which is likely to riot - the underclass with nothing to lose and the working class with dignity. As I said, the middle classes who can afford to pay this tax will just get all uppity about it in private.

reply to post by MysterX


You'd be surprised, especially with it including homes.

reply to post by Dispo

Whatever the income or social status of the people this affects, I find it disgusting that any governing body takes it upon themselves to tax personal belongings, or inheritance. These people should be outraged.

The worst part is, all governments in the supposed "free" world do this, and we accept it.

First it is sod all to do with the government what 'jewellery' you may hold.
Here's a thought - earn some dosh, get taxed on it, go out and buy something, then get taxed again!
Plus it's a slippery slope. What about the gold and silver some people are stashing?

Im just surprised they haven't suggested reintroducing the window tax. Give them time.

reply to post by D8ncer

In the US they already tax what you inherit when a family member dies.
People see to not understand that it is time to collectively slap our governments on the nose.
It just takesa a group of people saying no you aren't doing this to this person. To refuse to pay at the risk of jail and fight it al lthe way.
We own the government so they don't have claim to anything of ours. They will not stop new taxes will keep popping up.

There is and will be an undeniable immminent breaking point.

We are all in it together says camoron in downing street. Got to get every last penny thats going, after all the banksters need a bonus for saving us all.

In reality, only those who regularly comply like good little worker bees are going to be affected by this.
As with any legislation I keep myself aware of, my loved ones would know privately what was happening with my expensive trinkets. Government is only involved in your circumstances as much as you inform and allow it to do so.
I certainly know how I would circumnavigate such a situation.

We'll soon have to pay tax on the tax we pay.

reply to post by doobydoll
Work around it then, tax 'avoidance' is not illegal in the UK, tax 'evasion' is.
Even if you are a PAYE employee you can also be self-employed, and any losses from such self employment can be refunded from the tax you pay as an employee. Legislation is not influenced by any enjoyment which may or may not be gained from pursuit of the loss-making self employment.
Statutory laws can be very useful because they describe the framework we are working with.
I generally comply with UK laws, but I constantly look towards my own agenda in any legislation, it is a legal game, nothing more.

Goodness.

I wonder what the tax will be on the crown Jewels and Buckingham palace????

Oh, the 1% are exempt??? What a flipping shock.

Originally posted by starchild10
First it is sod all to do with the government what 'jewellery' you may hold.
Here's a thought - earn some dosh, get taxed on it, go out and buy something, then get taxed again!
Plus it's a slippery slope. What about the gold and silver some people are stashing?

That already happens, and has done since what...the 1st world war?

Earn money - pay income tax and National Insurance tax - buy goods and services - pay more tax in the form of VAT or IPT.

Only now, they are proposing what amounts to a wealth tax on goods that have aready been essentially taxed thrice already.

I'm against the idea in principle, but don't agree it would affect the majority of UK families..it won't, most are too skint to be affected, and any crummy property that have managed to scrimp and scrape to buy, is rapidly losing it's equity to a stagnating property market.

But as someone said, all that will happen is the rich will squirrel the goods away or offload a lot of it so as not to attract the tax.

Originally posted by VforVendettea
Oh, the 1% are exempt???

Who exactly is exempt? The immediate royal family are much less than 1%, and while I do not agree with crown exemption regarding taxes, it appears this particular law covers pretty much everyone with expensive trinkets to pass on.

Originally posted by VforVendettea
Goodness.

I wonder what the tax will be on the crown Jewels and Buckingham palace????

Oh, the 1% are exempt??? What a flipping shock.

Just 2 small points...

1) The Royals pay the same taxes as everyone else.

2) The Crown Jewels and Buckingham Palace are owned by the State and not the Queen.

Carry on....

This is just a clever plan by the conservatives to make the mansion tax look bad so when labour use it to gain votes, its been dirtied by this. quite clever really but people are waking up to the 'Nasty party' and the depths they will go to, getting Nick 'the spineless' Clegg to do his dirty work in exchange for some minor favor.

This tax idea sounds very clumsy. I think they should bring in a property gains tax to bring the pseudo-millionaires down to size.

Originally posted by FanarFanar

Originally posted by VforVendettea
Goodness.

I wonder what the tax will be on the crown Jewels and Buckingham palace????

Oh, the 1% are exempt??? What a flipping shock.

Just 2 small points...

1) The Royals pay the same taxes as everyone else.

2) The Crown Jewels and Buckingham Palace are owned by the State and not the Queen.

Carry on....

Just a few small points for all of you that actually believe the absolute gibberish this no information having poster raped your eyes with:

The Queen does not pay one red farthing in taxes. Neither does anyone in her immediate family in line for the throne. NONE.

I would direct you to the Sovereign Grant Act of 2012 for verification on it.

While it states that the Queen pays the same taxes as everyone else...it is a misleading statement at best. First, the Queens personal wealth (300million£) is set aside in a TAX FREE TRUST until a new monarch succeeds her.

Second, 15% of the Crown Estate Revenue is given directly to the Queen to help perform "duties of the crown"...which last year totalled (240million£).
This GRANT is non-taxable as well as it is considered government cash.

While I admit the Queen must pay a capital gains tax, there is also some gray areas there. For instance, the Queen doesnt pay any capital gains tax unless she invests her personal money...which she cannot do while being a monarch...nor can any Duke or immediate family. Much like Obama cannot play the stock market due to conflict of interest.

Comically enough, the exact people who are entrusted to figure out how much money the Queen is owed or owes....called a Commission...are all appointed by the Queen only. No conflict there huh?

Please...before you spout off statements as fact dude, you may wanna at least do a simple Google search to make sure you dont sound stupid. ooops....too late.

That is all...