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I'd like to see some potholes repaired 1st
Budget
- Thread starter motorbiking
- Start date
I'd like to see some potholes repaired 1st
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The average person approaching retirement has aound £100,000 in their pension scheme.
Sadly, a great many have less.
Biking does not comprehend the word "modest."
Around 70pc of pensioner households have an income from a private pension. In total, 98pc receive the state pension.
According to the ONS, the median average UK pension pot is £32,700, yet this varies significantly depending on age and pension type. For 25-34 year olds, it’s £9,300, but for 55-64 year olds it rises to £107,300."
www.telegraph.co.uk
Sadly, a great many have less.
Biking does not comprehend the word "modest."
"What is the average pension pot in the UK?
According to the latest figures from the Department for Work and Pensions, the average single pensioner has an income of £13,884 a year. For couples, that jumps to £29,172 between them. This is after housing costs.Around 70pc of pensioner households have an income from a private pension. In total, 98pc receive the state pension.
According to the ONS, the median average UK pension pot is £32,700, yet this varies significantly depending on age and pension type. For 25-34 year olds, it’s £9,300, but for 55-64 year olds it rises to £107,300."
The average UK pension pot, and what makes a good one
Telegraph Money reveals how much retirement income you need – and how to save for it
www.telegraph.co.uk
And in this example being married or a civil partnership makes good sense as nothing would be due under IHT until after the death of both partners and then it’s only when they have over £1 million passing down the blood line
This would apply to us and I’m happy for the amount over the limit to be taxed for iht
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Poor Aveatry had a little rant and soiled himself
People can't afford to live on the wages they currently get, there are millions in full time work and suffering food insecurity
Motorbiking doesn't want wages to rise.
That tells Motorbiming wants people to earn a wage that doesn't given them enough to pay to eat enough.
I'm sure Aveartry will do the decent thing and apologise for his unnecessary rant.
That's a fair and honest answer.
So was I. Apprentice mechanic. 32p an hour. £12.80 a week.
So they are going to unfreeze it just before the next election? How generous.
I guess that’s why they’re unpopulistSo there aren't any hidden agendas behind unpopulist policies?
An interesting comment. Labour have explained the reasons for the shift in the budgets plan. Black hole. There is support for that and it gets worse if the fiscal aspects on spending are clamped harder than they have been. All expenditure is included. Then look at objectives - they are what would be expected from Labour.
MBK "comments". Some extracts from a link.
Part 1 of this consultation introduces and summarises the changes to Inheritance Tax on pensions announced at Autumn Budget 2024, including the rationale for change.
Part 2 sets out the background to different types of pension schemes and summarises how discretionary and non-discretionary pensions are currently treated for Inheritance Tax purposes. It sets out in detail how the new changes will operate in practice from 6 April 2027, including how any Inheritance Tax due on pensions will be calculated, reported and paid to HMRC, and how relevant information will be exchanged between PSAs, PRs, beneficiaries and HMRC.
1.1. Most estates in the UK do not pay Inheritance Tax. In the coming years, fewer than 10% of estates annually are forecast to have an Inheritance Tax liability due to a generous combination of nil-rate bands, exemptions and reliefs. The Inheritance Tax nil-rate band allows all estates to pass on at least £325,000 to beneficiaries without incurring an Inheritance Tax charge.
1.3. Building a fair tax system also means ensuring that tax reliefs are providing value for money and achieving their intended outcomes. Tax relief on pensions is an important incentive for savers. It is also one of the most expensive reliefs in the personal tax system, with gross Income Tax and National Insurance contributions (NICs) relief costing £70.6 billion in 2022 to 2023, up from £68.1 billion in 2021 to 2022. It is therefore crucial to ensure that tax reliefs on pensions are being used for their intended purpose – to encourage saving for retirement and later life.
1.4. In recent years, pension schemes have been increasingly used and marketed as a tax planning tool to transfer wealth without an Inheritance Tax charge, rather than for their intended purpose of funding retirement. This has been exacerbated by certain changes in pensions tax policy over the past decade. The introduction of pension freedoms in 2015 removed a 55% charge for pensions funds which remained unused at death and the abolition of the Lifetime Allowance in March 2023 removed the cap on the amount of tax-relievable pension savings an individual can accumulate over their lifetime. This means that individuals can accumulate unlimited tax-free savings in their pension, draw on other means to fund their retirement and leave their unused pension assets to be inherited by beneficiaries without any Inheritance Tax charge.
2.13. A small number of specified pension benefits will remain outside scope for Inheritance Tax, including where funds can only be used to provide a dependants’ scheme pension. These are currently out of scope in non-discretionary schemes and so will remain out of scope under this change. Annex B provides a full statement of the types of pension benefits which the government proposes will be in and out of scope of Inheritance Tax under the new rules.
So when the dependent dies clearly any left will be taxed.
what's all the moaning about going for a few beers tonight knowing I'll be 5 pence better off
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I don't think they are suggesting a cohabiting couple creates a dependant relationship, but it would be a good move if it did.An interesting comment. Labour have explained the reasons for the shift in the budgets plan. Black hole. There is support for that and it gets worse if the fiscal aspects on spending are clamped harder than they have been. All expenditure is included. Then look at objectives - they are what would be expected from Labour.
MBK "comments". Some extracts from a link.
Part 1 of this consultation introduces and summarises the changes to Inheritance Tax on pensions announced at Autumn Budget 2024, including the rationale for change.
Part 2 sets out the background to different types of pension schemes and summarises how discretionary and non-discretionary pensions are currently treated for Inheritance Tax purposes. It sets out in detail how the new changes will operate in practice from 6 April 2027, including how any Inheritance Tax due on pensions will be calculated, reported and paid to HMRC, and how relevant information will be exchanged between PSAs, PRs, beneficiaries and HMRC.
1.1. Most estates in the UK do not pay Inheritance Tax. In the coming years, fewer than 10% of estates annually are forecast to have an Inheritance Tax liability due to a generous combination of nil-rate bands, exemptions and reliefs. The Inheritance Tax nil-rate band allows all estates to pass on at least £325,000 to beneficiaries without incurring an Inheritance Tax charge.
1.3. Building a fair tax system also means ensuring that tax reliefs are providing value for money and achieving their intended outcomes. Tax relief on pensions is an important incentive for savers. It is also one of the most expensive reliefs in the personal tax system, with gross Income Tax and National Insurance contributions (NICs) relief costing £70.6 billion in 2022 to 2023, up from £68.1 billion in 2021 to 2022. It is therefore crucial to ensure that tax reliefs on pensions are being used for their intended purpose – to encourage saving for retirement and later life.
1.4. In recent years, pension schemes have been increasingly used and marketed as a tax planning tool to transfer wealth without an Inheritance Tax charge, rather than for their intended purpose of funding retirement. This has been exacerbated by certain changes in pensions tax policy over the past decade. The introduction of pension freedoms in 2015 removed a 55% charge for pensions funds which remained unused at death and the abolition of the Lifetime Allowance in March 2023 removed the cap on the amount of tax-relievable pension savings an individual can accumulate over their lifetime. This means that individuals can accumulate unlimited tax-free savings in their pension, draw on other means to fund their retirement and leave their unused pension assets to be inherited by beneficiaries without any Inheritance Tax charge.
2.13. A small number of specified pension benefits will remain outside scope for Inheritance Tax, including where funds can only be used to provide a dependants’ scheme pension. These are currently out of scope in non-discretionary schemes and so will remain out of scope under this change. Annex B provides a full statement of the types of pension benefits which the government proposes will be in and out of scope of Inheritance Tax under the new rules.
So when the dependent dies clearly any left will be taxed.
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Lets just have a little tot up...
8 Then there are some on here who will completely make things up that you said and heavily edit your post to fit their point,
9 or will make things up that you are thinking and post them in quote marks like its something that you actually said.
10 Then there are those on here who deliberately try to antagonise the poster to try and get the thread shut down or the poster banned.
8 Then there are some on here who will completely make things up that you said and heavily edit your post to fit their point,
yup, I think we are caught up.
1 "no it doesn't"
8 Then there are some on here who will completely make things up that you said and heavily edit your post to fit their point,
9 or will make things up that you are thinking and post them in quote marks like its something that you actually said.
10 Then there are those on here who deliberately try to antagonise the poster to try and get the thread shut down or the poster banned.
The average person approaching retirement has aound £100,000 in their pension scheme.
Sadly, a great many have less.
Biking does not comprehend the word "modest."
"What is the average pension pot in the UK?
According to the latest figures from the Department for Work and Pensions, the average single pensioner has an income of £13,884 a year. For couples, that jumps to £29,172 between them. This is after housing costs.
Around 70pc of pensioner households have an income from a private pension. In total, 98pc receive the state pension.
According to the ONS, the median average UK pension pot is £32,700, yet this varies significantly depending on age and pension type. For 25-34 year olds, it’s £9,300, but for 55-64 year olds it rises to £107,300."
The average UK pension pot, and what makes a good one
Telegraph Money reveals how much retirement income you need – and how to save for it
8 Then there are some on here who will completely make things up that you said and heavily edit your post to fit their point,
9 or will make things up that you are thinking and post them in quote marks like its something that you actually said.
yup, I think we are caught up.
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