Budget

[Trazor]

Well disguised tax on working people.

Employers will pass extra costs on to their employees, via lower wage increases, and fewer vacancies (the ultimate tax )

Welcome to the new world of Labour.

 

[motorbiking]

No... You don't pay tax on it whilst its in a pension.
No.. Your spouse does not pay tax on it...its tax free up to 1 million to a beneficiary.....

Its used to dodge IHT...whats not to get...its not for you its for your beneficiaries, you can have a regular annuity pension or defined benefit pension as well..

1, yes I know
2. up to 325k. unmarried couples have no ability to pool allowances. I'm not arguing about married people its the other 50%.
3. Yes it's likely to push people to take out poor value financial products. You wont find many people not in union controlled/public sector jobs working today with defined benefits pensions.

 

[ajohn]

2. up to 325k. unmarried couples have no ability to pool allowances.

Not so sure about that as the ability to double it rests with joint ownership and deaths of both. Married or not has cropped up several times so probably this aspect as well.

 

[JohnD]

Isn’t the point that these pension schemes were principally used as a tool to avoid IHT rather than set up a retirement pension

Yes, it is.

They are of the greatest benefit to the richest people. And no benefit to the majority of ordinary working people.

Motorbiking likes them.

 

[blup]

Yes, it is.

They are of the greatest benefit to the richest people. And no benefit to the majority of ordinary working people.

Motorbiking likes them.

It appears to have been an Osborne creation. Selling it as a tax break for the self employed, but knowing it will be as an iht avoidance scheme.

 

[motorbiking]

Yes, it is.

They are of the greatest benefit to the richest people. And no benefit to the majority of ordinary working people.

Motorbiking likes them.

another number 9 again.

I've already said I favour a tiered system of tax so that you don't sting those who have saved a bit for a long retirement only to have it cut short, leaving their partner with a big tax bill they can't afford.

 

[ajohn]

Reeves has stated that people will see a slight decrease in wage rises. May be 1? On the other hand there is an opinion that in the end 90% of people will finish up better off.

Me I wonder. Just like my pension increases tend to relate to CPI As does the cost of goods - often and some.

 

[JohnD]

a bit

If you die with a sack of gold bars, or a fat bank account, or a portfolio of shares, inheritance tax will be due if it exceeds your sllowances.

The same will apply if your wealth is in the form of a pension.

Unsurprisingly, most UK wealth is held by the richest 10%, and mostly as property and pension funds.

Unsurprisingly, these are the people who have been benefitting most from an unwarranted tax concession.

There is no justification for giving special tax concessions to people who pass on their wealth at death in one of these forms more than the others.

 

[motorbiking]

If you die with a sack of gold bars, or a fat bank account, or a portfolio of shares, inheritance tax will be due if it exceeds your sllowances.

The same will apply if your wealth is in the form of a pension.

Unsurprisingly, most UK wealth is held by the richest 10%, and mostly as property and pension funds.

Unsurprisingly, these are the people who have been benefitting most from an unwarranted tax concession.

There is no justification for giving special tax concessions to people who pass on their wealth at death in one of these forms more than the others.

So end tax breaks for married couples

 

[carmanmemoranda]

So end tax breaks for married couples

How much tax does that involve?

Are we talking gold bars etc ?

 

[motorbiking]

If you are married - everything passes to your spouse un taxed.
if you are a cohabiting couple sharing a house owned and an income from a drawdown pension - you get f***

 

[Mottie]

So end tax breaks for married couples

I think JohnD is against married couples as well as those with more money than him.

 

[JohnD]

So end tax breaks for married couples

Oh, you've had a different idea now.

 

[IT Minion]

Won't someone please think about the poor millionaires!?

 

[gas112]

Speaking to a mate this afternoon who employs quite a few people additional NI and minimum wage will cost him a grand a week so 52k a year so will be putting up his prices to cover it . products that sells direct to the public