Death Taxes

Add a Comment

Comment by Geoff Pearse on February 24, 2010 at 4:05pm

Margaret - Yes, if it ever gets off the ground, it will have to be something like you have outlined. As far as I can see there is some cross-party and elector agreement for providing for care costs, the party jostling is only to gain political credit for the idea. But as I said in my post, what worries me is if governments and councils jump on the idea and start adding other taxes as the councils already have suggested for council tax.

Comment by Margaret Goodwin on February 24, 2010 at 1:59pm

Yes, you're right Geoff.....I do tend to go off on one or other of my political hobby horses! I do need reining in when I start.
I am sure the idea is to put a levy on anyone who has a property to dispose of. It seems to me that the choice will be to either pay a lump sum on retirement as a form of insurance against any care the state may have to provide for you in or out of your home or make private arrangements for your care independent of the state or make a fixed payment from your estate whether you have had care or not. The main point seems to be the ability to stay in your own home and if you pay the lump sum on retirement or from your estate you may get little or nothing for it. The only advantage I can see is if it's paid out of your estate your beneficiaries rather than you feel the pinch. If you are wealthy enough to make independent arrangements none of it really matters to you as the sum suggested will be a drop in the ocean of your estate.
Now, where were we?.....oh yes, nationalisation.......

Comment by Geoff Pearse on February 23, 2010 at 11:26am

Mmm - I don't want to go off into the benefits or otherwise on nationalisation v privatisation, etc or we will forget what this post is about! I think I heard it once said that a man would die happy if he was able to spend his his last penny on the day he died. I go along with that and my kids know it. They are all better off than my wife and I anyway. No, it is the un-thought-out symptom, so common with all politicians, especially close to an election. For example, will everyone pay a levy, whether they have had care or not? Will it make people 'drain' what they have so there is little left? Will what comes from the few, pay for the costs of care for all? I just don't think it will work.

Comment by B on February 23, 2010 at 9:45am

The so called 'Death Tax' is part of a package where one pays a levy, on retirement the levy will fund 'Care', or on death the levy will go into the 'Pot' ... seems good to me! and if I did not need Care upto my death, I would consider myself to be very privileged.

Comment by Cowboy on February 23, 2010 at 12:36am

Yes Margaret I agree in pricipal but I do know several people who have gradually drawn money out over a period of time and that money has been used indirectly to finance their family. I'm sure this will happen more and more.
People will learn not to leave too much. --- Hank

Comment by Margaret Goodwin on February 22, 2010 at 6:29pm

There will always be another tax to invent and taxes will always go up. It costs money to run a country and any government gets that money from its people in the form of taxes of various kinds.The more civilised you want your country to be - the more it costs. All the infrastructure it takes such as Police, NHS, Social Services etc have to be maintained for the benefit of all - at the cost to all.
Before privatisation of such things as Transport and the Utilities there was a much more even playing field for the consumer and any dividends were put into the national pot instead of the private bank accounts of the minority.You can't have your cake and eat it - as we have all found out with the global financial crisis. I can't see what difference it makes if you are over a certain age. If you live beyond your means in your 30s you have to liquidate your assets to meet your debts. If you choose to buy a service you have to pay for it with whatever means you have. Why should the majority subsidise private care so that the few can leave an inheritance to their children? The proposal to pay the bill 'after death' means those who are able can remain in their home but the bill gets paid in the end out of the proceeds of your estate and the beneficiaries know that, and how much, in advance so can plan accordingly.

I think it's an excellent idea and I hope it's not just electioneering.