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Granny Tax Hysteria
Comments
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Ichewmylegoff wrote: »i don't either and i hadn't bothered to work it out. however:
the age related allowance is £10,500 now.
if it had increased with inflation (assuming 5.2% would be the figure used) it would be £11,046.
£546 increase x 20% = £109.
but of course you have to earn at least £11,046 in order to get the whole £109. So may be due to people earning between £10,500 and £11,046.
It's also clawed back if you get more than 24k. I will be about £200 a year worse of when I get to 65 compared to if the changes hadn't happened. But as I said before I don't see why I should get the extra allowance.0 -
You have a language problem chewy. It's not that you're not expressing yourself clearly. You are.
The problem is you'll never convince Labour voters like StevieJ that it wouldn't be a bed of roses under Milliband and co.
As you say they'd have us all better off and no-one having cuts.
Nice.
Don't know why this lot haven't thought of that. tut.0 -
The irony of this situation is that the wealthier pensioners (income over £28k) will be cheering on this budget, with their gains from the accelerated personal allowance along with the 5.3% state pension rise..'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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JonnyBravo wrote: »You have a language problem chewy. It's not that you're not expressing yourself clearly. You are.
The problem is you'll never convince Labour voters like StevieJ that it wouldn't be a bed of roses under Milliband and co.
As you say they'd have us all better off and no-one having cuts.
Nice.
Don't know why this lot haven't thought of that. tut.
A strange post considering I have earlier stated that I don't see why pensioners should have more advantageous allowances then a poorly paid working teenager, never made sense to me.
http://forums.moneysavingexpert.com/showpost.php?p=51944447&postcount=82'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
You continue to ignore the fact that the value of the pound is a variable, not a constant.chewmylegoff wrote: »the only reason they will have to pay income tax is because their incomes have increased to put them through the current threshold.
So your idea of index-linking is that you lag behind when inflation is rising and run ahead when it's falling.chewmylegoff wrote: »3.2% which is in line with inflation, which is falling
Pensions and benefits haven't caught up with 2010-11 inflation yet."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
The default is that the over-65 allowance would have increased in line with the under-65 allowance, to maintain the differential.chewmylegoff wrote: »if it had increased with inflation (assuming 5.2% would be the figure used) it would be £11,046.
Only increasing in line with inflation, i.e. not increasing at all in real terms, would itself be a species of freeze.
No this is not where the £80 figure comes from."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
The point of it was that people would be able to supplement their State pensions with some additional income from a works pension, or savings, or working, without falling straight into the maw of the taxman.A strange post considering I have earlier stated that I don't see why pensioners should have more advantageous allowances then a poorly paid working teenager, never made sense to me.
A lot of people already feel that there's no point in providing for their retirements because, whatever they can provide for themselves, the government will take it away in lost means-tested benefits. Tax is just another nail in the coffin. More people will start wondering if it's worth paying into a pension fund at all."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
The point of it was that people would be able to supplement their State pensions with some additional income from a works pension, or savings, or working, without falling straight into the maw of the taxman.
A lot of people already feel that there's no point in providing for their retirements because, whatever they can provide for themselves, the government will take it away in lost means-tested benefits. Tax is just another nail in the coffin. More people will start wondering if it's worth paying into a pension fund at all.
A pensioner on £24k with mortgage paid off and possibly investments and cash tucked away in ISA accounts, not to mention all the freebies they get, is not in any way a deprived human being in need of extra tax perks like age allowance. I admit further down the scale where means testing comes into play it is a whole different kettle of fish and obviously not as conclusive.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
As a pensioner - even with some superan to top up my pension I have to live on half my former salary. We don't all have gold plated pensions you know. Lots of pensioners only get around £10 - 12,000 a year before tax and many are not fit enough to work to supplement it. That income is largely taken up by the basics of life ie food, utilities, heating... UK pensioners are amongst the worst off in Europe. Apart from Greece!!
http://www.thisismoney.co.uk/money/pensions/article-1678627/Pension-poverty-UK-among-Europes-worst.html
http://www.thefreelibrary.com/UK+pensioners+among+poorest+in+Europe.-a02049565770 -
By simplifying the tax system it will cost us all less to administer.
We won't require hordes of HMRC staff endlessly issuing new tax coding notices.0
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