that<00:00:00.900> they<00:00:01.079> could<00:00:01.199> then<00:00:01.319> use<00:00:01.500> to<00:00:01.979> compete<00:00:02.879> with

that they could then use to compete with

that they could then use to compete with your<00:00:03.600> kids<00:00:03.780> to<00:00:04.140> buy<00:00:04.440> property<00:00:04.860> and<00:00:05.040> I<00:00:05.160> think

your kids to buy property and I think

your kids to buy property and I think when<00:00:06.720> you<00:00:06.839> think<00:00:06.960> about<00:00:07.140> the<00:00:07.319> tax<00:00:07.500> system

when you think about the tax system

when you think about the tax system I<00:00:09.000> think<00:00:09.059> another<00:00:09.240> story<00:00:09.540> that<00:00:09.720> illustrates

I think another story that illustrates

I think another story that illustrates it<00:00:10.260> quite<00:00:10.440> well<00:00:10.559> is<00:00:10.980> you<00:00:11.280> know<00:00:11.400> I've<00:00:11.519> Got

it quite well is you know I've Got

it quite well is you know I've Got Friends

Friends

Friends um<00:00:13.980> you<00:00:14.340> know<00:00:14.400> I<00:00:14.519> think<00:00:14.820> of<00:00:14.940> one<00:00:15.120> friend<00:00:15.360> who's

um you know I think of one friend who's

um you know I think of one friend who's you<00:00:16.139> know<00:00:16.199> very<00:00:16.440> well<00:00:16.619> educated<00:00:17.039> and<00:00:17.220> he<00:00:17.400> earns

you know very well educated and he earns

you know very well educated and he earns probably<00:00:17.880> about<00:00:18.180> three<00:00:18.480> times<00:00:18.660> average

probably about three times average

probably about three times average income<00:00:19.260> now<00:00:19.440> and

income now and

income now and he<00:00:20.820> lives<00:00:21.060> with<00:00:21.180> his<00:00:21.359> mom<00:00:21.539> to<00:00:21.840> try<00:00:21.900> and<00:00:22.020> save<00:00:22.140> up

he lives with his mom to try and save up

he lives with his mom to try and save up money<00:00:22.439> to<00:00:22.619> buy<00:00:22.740> a<00:00:22.920> house<00:00:23.180> and<00:00:24.180> because<00:00:24.480> he's

money to buy a house and because he's

money to buy a house and because he's earning<00:00:24.960> higher<00:00:25.199> than<00:00:25.199> average<00:00:25.320> income<00:00:25.680> he

earning higher than average income he

earning higher than average income he probably<00:00:26.039> pays<00:00:26.460> you<00:00:26.699> know

probably pays you know

probably pays you know above<00:00:28.080> 50<00:00:28.320> percent

above 50 percent

above 50 percent if<00:00:29.760> you<00:00:29.820> include<00:00:30.060> National<00:00:30.180> Insurance<00:00:30.539> on<00:00:31.019> his

if you include National Insurance on his

if you include National Insurance on his on<00:00:31.320> his<00:00:31.500> income

on his income

on his income um

um

um and<00:00:33.960> when<00:00:34.140> he<00:00:34.260> goes<00:00:34.440> to<00:00:34.500> buy<00:00:34.620> properties<00:00:34.980> those

and when he goes to buy properties those

and when he goes to buy properties those properties<00:00:35.520> are<00:00:35.700> not<00:00:35.820> getting<00:00:36.000> bought<00:00:36.180> by

properties are not getting bought by

properties are not getting bought by people<00:00:36.540> who<00:00:36.719> got<00:00:36.899> given<00:00:37.260> half<00:00:37.680> a<00:00:37.860> million

people who got given half a million

people who got given half a million pound<00:00:38.280> tax-free<00:00:39.180> from<00:00:39.899> their<00:00:40.140> mom

pound tax-free from their mom

pound tax-free from their mom um

um

um I<00:00:43.200> think<00:00:43.320> this<00:00:43.440> kind<00:00:43.620> of<00:00:43.680> highlights<00:00:44.040> what's

I think this kind of highlights what's

I think this kind of highlights what's happening<00:00:44.520> you<00:00:44.760> know<00:00:44.879> my<00:00:45.120> friend<00:00:45.239> is<00:00:45.480> paying

happening you know my friend is paying

happening you know my friend is paying 50<00:00:45.899> because<00:00:46.800> he's<00:00:46.980> from<00:00:47.160> a<00:00:47.340> poor<00:00:47.579> family<00:00:47.700> and

50 because he's from a poor family and

50 because he's from a poor family and that<00:00:48.780> personally<00:00:49.020> buys<00:00:49.379> that<00:00:49.500> house<00:00:49.620> is

that personally buys that house is

that personally buys that house is paying<00:00:50.340> zero<00:00:50.640> percent<00:00:50.700> on<00:00:51.000> their<00:00:51.120> income

paying zero percent on their income

paying zero percent on their income because<00:00:52.020> they're<00:00:52.260> from<00:00:52.440> a<00:00:52.559> better<00:00:52.680> off<00:00:52.860> family

because they're from a better off family

because they're from a better off family and<00:00:53.700> The<00:00:53.879> Duke<00:00:54.059> of<00:00:54.239> Westminster<00:00:54.620> inherits<00:00:55.620> 9

and The Duke of Westminster inherits 9

and The Duke of Westminster inherits 9 billion<00:00:55.980> pound<00:00:56.160> and<00:00:56.399> and

billion pound and and

billion pound and and pays<00:00:58.079> nothing<00:00:58.199> because<00:00:58.379> he's<00:00:58.620> from<00:00:58.800> a<00:00:58.980> very

pays nothing because he's from a very

pays nothing because he's from a very very<00:00:59.219> rich<00:00:59.399> family