Could Basic Rate Tax Rise By 5p?

peterg1965

Harry_Powell wrote: »

Clearly the agenda of a non-drinking, non-smoking, non travelling, non-investing, non-higher rate tax payer who also isn't an MP, nor called Tony Blair.

Are you calling me raving?

I drink (don't smoke), long haul foreign holiday fairly regularly, I invest 30% of my salary in pensions and ISAs and I am into the higher rate tax bracket by about £30K. But you are quite correct, I am not an MP and please don't call me Tony.

So where should the axe fall?

Harry_Powell

peterg1965 wrote: »

Are you calling me raving?

I drink (don't smoke), long haul foreign holiday fairly regularly, I invest 30% of my salary in pensions and ISAs and I am into the higher rate tax bracket by about £30K. But you are quite correct, I am not an MP and please don't call me Tony.

So where should the axe fall?

Where did I imply that you were 'raving'?

Old_Slaphead

nollag2006 wrote: »

Like Financial Services?

:rotfl:

Agreed - IMO a bunch of selfseeking crooks

tomstickland

We have been living through a phoney war, mainly because of the electoral cycle

I agree with this and it's one reason why I'm not going to consider moving house until after the election.

Talking about Quangos, the latest Private Eye has info on the new quango that will administer NEST (The National Employment Savings Trust - NEST on 7th January 2010.) The top post pays £220K and the next one something like £190K.

bendix

Harry_Powell wrote: »

Where is that?

Bermuda

Actually, it's 4.75%, but there are a couple of add ons.

Of course, i could locate myself in the Cayman Islands office, and pay zero percent ;-)

Harry_Powell

bendix wrote: »

Bermuda

Actually, it's 4.75%, but there are a couple of add ons.

Of course, i could locate myself in the Cayman Islands office, and pay zero percent ;-)

With those sorts of options, why would anyone stay in the UK, regardless of tax incentives?

peterg1965

Harry_Powell wrote: »

Where did I imply that you were 'raving'?

Maybe it was ranting .... i am cixelsyd

bendix

mitchaa wrote: »

In order to pay £50k in income tax in the space of a year, you must be a £150k earner.

If this is the case, you are going to see a rise come April anyway as your personal allowance of £6475 is withdrawn down to 0 and you enter the 50% tax rate at earnings over £150k.

So you will definitely be paying a considerable amount more tax in around 10 weeks time anyway. It must be a right bug*er having to survive on £8kpm

Sod moving for financial reasons though. If you are born and bred in this country with friends and family around you, you would have to be a severely greedy and selfish individual to up sticks just to save a few bob.

The changes in April can be offset (at least for a year) by increasing pensions contributions. Not an issue, although that option runs out in 2011.

As for your other comments, you have absolutely no idea about my personal commitments. I have no ties to the UK, despite being born here. In fact, I have much stronger ties to people in other countries.

I would consider moving for one reason. I work to provide for my future. In the UK up until now I have been prepared to sacrifice lifestyle for that future. Now that the Government has decided to tax me more - presumably so that more obese families in Liverpool can indulge in their Monster Munch addiction - the sacrifice is no longer worth it.

It is PRECISELY for my family and loved ones' future that I'm actively considering making the move.

I work for them, not the 2.5m people on incapacity benefit.

Unfashionable and greedy? Perhaps. I don't give a damn.

tartanterra

As everyone one else is at it, here's my predictions:

1. VAT to 20%.

2. Rise in basic income tax threshold and a rise in basic and higher tax rates, having the effect of giving anyone earning over £25K, a bit of a kicking, whilst saying they are helping the poor.

3. Slash and burn of Public sector jobs. Probably, of the more useful employees. Couldn't live without nappy/gypsy/5 a day co-ordinators; could we!

4. Slash and burn of Quangos as a populist measure, but it won't be as deep as they pretend, as ex MP's will be looking for other jobs, where they can do very little in return for pop star wages

4. No change to MP's pay, priveledges or pension scheme.

It will happen soon after the election to give everyone a few years to get over it....................................and it won't make the slightest bit of difference.
With the record levels of debt the Country is now in, the new PM might as well stand on top of Big Ben and p!!! into the wind for all the difference it's going to make .

Any takers?

Nessynoo

If income tax rises by 5p per £1, what about reducing all benefit payments by 5p per £1???????