UK Families will be forced to pay tax on heirlooms

I think this law may hit a huge snag when and IF trying to make it legal.

Its call the Queen, she has so many heirlooms but I think the politicians would find a way to 'exempt' her from having to pay it.

Wouldn't worry, this is a libdem policy - they couldn't pass you the salt never mind a bill as ridiculous as this.

Originally posted by doobydoll
We'll soon have to pay tax on the tax we pay.

We already do. Any tax we pay after our gross earnings have been taxed is essentially double taxation or a 'tax on tax'. By this I mean VAT (purchase tax) and Council Tax.

Originally posted by CaptainOblivious

Just a few small points for all of you that actually believe the absolute gibberish this no information having poster raped your eyes with:
...
I would direct you to the Sovereign Grant Act of 2012 for verification on it.
...

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.

People in glass houses really shouldn't throw stones, or should at least try a "simple Google search" to get the name of the statute right

reply to post by D8ncer

I wouldn't worry people. This is a Lib Dem proposal that the Coalition won't enforce. Therefore the Libs would have to win the election to implement it and that won't be happening any time soon - they will be far too busy trying to stop the ignominy of a complete collapse of power.



On a historical note, the reason Britain was so desirable for the Vikings was our tax system and our Mints. Quite simply, in an era when Scandinavia had 3 mints over the region, there were over 60 in England alone - and a tax system had been developed that consistently generated huge wealth.

In other words, we had the tax system down pat pre Viking invasion. Any tax policies over a thousand years later than this shouldn't be a surprise at all, they are probably a rehashing of something that has already been done beforehand!

So what is this, an idiot tax?

That's okay, you can sell your possessions, skip the tax, and then watch as your region becomes culturally impoverished because people are now hesitant to own things from generations of their own family's hard work. If I were your ancestors and I had known that your region was coming to this, what would be the point of even working for one's children? As if you ever had free range of ownership to begin with under monarchy-style rulerships and laws. They are bleeding your possessions slowly instead of simply removing them, auctioning them, and selling the proceeds to their local protection racket, whatever it may be.

I haven't read about nitpicky taxation like this since the Old Testament.

Pretty simple way to avoid it, if anyone can forsee the unfortunate event of a loss, put all your "heirlooms" on sale on ebay for £1 and have a family member buy them back. That way you didnt inherit anything.

Oh and if it is unexpected then any heirlooms you may infact have you bought them off a guy called "wee bob" at a car boot sale at that place you cant remember years ago.

Pretty much the most unenforceable tax I can think off really.

reply to post by Tuttle
My thoughts exactly. It really is only the good little worker bees who are likely to comply, same ones would probably phone the police if they saw the standard old guy at an an average pub selling imported 'tax free' tobacco/cig's.

i say if they implement this tax in uk nbility should be included starting with her royal Majesty queen elizabeth otherwise this tax should be considered unlawful.

reply to post by proteus33
I'm surprised you called her the majesty bit, I just call her the unelected head of state and regularly deface banknotes to reflect this. Childish of course, but mildly amusing.
It does say a lot when the government tax department is formally called Her Majesty's Revenue and Customs though, HMRC.gov.uk.

reply to post by MysterX


Aye, it's quite ironic really. All the threads on ATS supporting the "99%" and criticising the "1%" and as soon as legislation is proposed that only affects the "1%" - the very rich - ATSers are up in arms.

Actually, makes you wonder ......

Originally posted by DataWraith
I think this law may hit a huge snag when and IF trying to make it legal.

Its call the Queen, she has so many heirlooms but I think the politicians would find a way to 'exempt' her from having to pay it.

Well most of them aren't hers. But yes, she would be amongst the rich people in Britain affected by this proposed legislation. Along with various bankers, supermarket owners, politicians etc. No wonder folk on ATS are so opposed to it!

It’s only a proposal by the Liberal Democrats. Therefore it’s hardly likely to get very far.

What I find depressing in politics is the popularist agenda against anyone who has been successful. Not everyone with a few quid in their pocket is a scumbag banker and most people who are high earners pay vast sums of tax already and are not tax dodgers.

Regards

reply to post by paraphi


Yeah, I don't actually agree with this proposal. I just find it amusing that ATSers are so up in arms about legislation aimed only at the richest members of society

Originally posted by paraphi
most people who are high earners pay vast sums of tax already and are not tax dodgers.

Tax 'avoidance' is not illegal, tax 'evasion' is.
I'm self employed and use any legally defendable avenue I can to avoid tax. It's also possible for employees, as intimated in a previous reply of mine in this thread.
Statute laws create a framework for us to climb through. Multi-national corporations do not exclusively enjoy the path of tax liability reduction.

reply to post by D8ncer


Isn't there already an extremely high Tax on everything in the U.K.?
Life=Tax(s) for you guys. Very Sad.
Y'all should "Do" Something about it.

If the middle to upper classes start to sell their gold to avoid this tax, the poor and working classes ain't gonna buy it, because they're too skint...plus they'll have to pay the tax on it.

If the hoarders of such precious metals decide to sell to avoid such taxation - who's gonna buy it? The truly wealthy 1%...I'm asking myself, is this the untimate goal? I keep hearing people say that WHEN the economy fails, we will be trading in precious metals, etc...not if we ain't got any.

Maybe I'm being overy paranoid, don't know. I don't like it, though.

Originally posted by Youareallschizophrenic
Y'all should "Do" Something about it.

I agree.
Every 'employed' UK person is able to register as a sole trader business and offset losses in their self employment against the tax they pay in their employed pay slip. If anyone can't figure the potential work life opportunities out for themselves then they are probably the same people who would blindly comply and end up paying the tax in the OP.

reply to post by Youareallschizophrenic


I'm in the UK - sadly, ain't nobody gonna do jack**** here. You'd be lucky if 0.00001% of the population even hear about thse issues or care enough to pay attention when it's screamed in their faces.

I want to do something, but I'll end up in jail...because I'd be lucky to muster up a squad of about 3 people with the nuts to fight back.

Maybe if we had guns...then again, those who do have a legal right to guns and actually own guns are in a similar position and still ain't using them. Meh.

I laugh when the UK is talked about as if we're much further gone than in the states...to be honest I think we're on an equal par, the american nation watched the ATF burn people at waco and witnessed a similar event with Dorner...still nothing.

When they openly murder a UK citizen live on television - regardless of his crimes - and the people sit back and allow it like they did with David Kelly...I think I'll cease hope, curl up in a little ball and die right there.