Inheritance tax ...

[motorbiking]

5754089, member: 271533"]
Oh dear. True but do get more info before you post.
Then, in another change of direction, in his first Budget of March 2023, Mr Hunt announced that from April 2023 the charge on pensions worth more than the lifetime allowance would be set to zero, and that from April 2024 the allowance would be abolished.

Should the pensions lifetime allowance be reintroduced and, if so, how? | Institute for Fiscal Studies

Budget 2023 abolished the lifetime limit on tax-privileged pension savings. Labour has committed to reintroducing it. Would that be a good idea?

ifs.org.uk

Would be good for you to read the entire history in the link.

sorry what are you on about?

Your articles supports my argument:

The number of people paying the charge varied correspondingly over this period, rising from under 1,000 a year in the late 2000s to over 11,000 in 2021–22. But that is not a good measure of the number of people affected by the lifetime allowance (and its abolition), since a large part of its effect will have been to discourage people from exceeding that level. In the extreme case, if everybody chose to stay below the lifetime allowance in order to avoid the charge, nobody would have paid the charge but that would not mean it had no effect: quite the opposite. It is difficult to know how many people would have saved more than the lifetime allowance in a pension in the absence of the charge.

and then it goes on to say..
In 2021–22 £500 million was paid in lifetime allowance charges, implying an average charge of just over £40,000 each for the 11,000 individuals that paid it. The upfront cost of abolition is higher than that, as some people will save more in a pension in response to the reform and will therefore get more upfront tax relief. The Office for Budget Responsibility costed the abolition of the lifetime allowance (combined with the introduction of the new cap on tax-free withdrawals) as an £800 million a year tax cut. But some of this upfront give-away will be recouped later, as the people saving more in a pension in response to the reform will pay more tax on their pension income in future.

 

[JohnD]

You seem to think it's a bad idea to save for a nice retirement and pay tax on your pension when you take it as income?

Another false claim by motorbiking.

He really ought to cut down on that glue.

Some of his fantasies are ridiculous.

 

[carmanmemoranda]

Understand when someone has a different viewpoint? His "Puter says no".

Nothing wrong with a different viewpoint.

Allowing people to be able to live on a wage shouldn't really be a different opinion really

 

[JohnD]

It wont save a penny when people stop saving in their pensions

more fantasy.

 

[motorbiking]

Another false claim by motorbiking.

He really ought to cut down on that glue.

Some of his fantasies are ridiculous.

more fantasy.

back to trolling then.

 

[JohnD]

But you'd like people to pay double tax, perhaps?

The fantasies come thick and fast.

Maybe it's special K?

 

[JohnD]

back to trolling then.

I suppose that's what you're doing, when you make up false claims and pretend someone else said them.

Maybe you should stop.

 

[motorbiking]

maybe you should stop trolling and make a point. any point would be good.

At what point do you think its right for a person to pay double tax on their pension? £1M, £2M £2.5M
What are negative consequences of introducing this extra tax?

 

[JohnD]

Get someone not off his tits on evostik to tell you that I advocate limiting the amount of tax concessions.

Hmm, so Labour will limit the generous tax benefits given to pension schemes.

You'll still get the benefits for more than a million in your scheme, but eventually the tax handouts reach a limit.

H'mmmm.

The pension scheme is intended to encourage people to put a bit aside so they do not suffer poverty in their old age.

Motorbiking wants to increase generous tax handouts to the wealthy.

He doesn't like assistance to the poor.

What next? Free doughnuts for the obese?

 

[diy_fun_uk]

What are Labour promising that you believe? Exactly which manifesto do you believe?

Comes back to what I've said before. It would be very interesting to see the manifesto pledges from the last century of those parties who then governed. Then a table showing each pledge and to what % it was delivered during their time in government.

I bet it would make for some very interesting reading ...

 

[diy_fun_uk]

So you don't need to find extra work for them then.

You do understand what a decent wage means?

Do you ever stop bleating on about decent wage decent wage decent wage.

HERE'S THE REALITY, HERE'S THE FACT...

Not everyone in society earns a decent wage. Has always been that way and will continue to be so.

We can discuss/debate/argue all day long about the rights and wrongs, however it's a fact.

 

[diy_fun_uk]

The road sweeper earns £20k, the GP earns £100k. How much closer do you want the road sweeper to be to £100k, or the GP to £20k?

There are multiple variables associated to the wage we earn.

 

[JohnD]

a decent wage

it's strange that our minimum wage is so low that the taxpayer subsidises low-paying employers by topping up their workers money.

 

[diy_fun_uk]

it's strange that our minimum wage is so low that the taxpayer subsidises low-paying employers by topping up their workers money.

What do you want the minimum wage to be raised to?

 

[JohnD]

a decent wage