Restoration of the age related allowance

Daniel_Elkington

10 guys go into a pub every Friday. The bill comes to £100. They decide to split the tab according to earnings.

So the richest guy pays £50, the second man £20, the third man £10, the fourth, fifth and sixth guys pays £6 each, the seventh guy pays £2 and the eighth, ninth and tenth guys drink for free.

One week the cost of living, I mean price of beer goes down. The tab is reduced by £10, they decide to split it fairly so they get a proportional discount.

This week the richest guy pays £45, the second guy pays £18, the third guy pays £9, the fourth guy, the fifth and the sixth guys pay £6 each still so the seventh guy joins the rest in drinking for free.

After this session the richest guy comments, "I'm £5 better off now". The second guy says, "well, I only saw £2 of that tenner". The third guy knows whats coming as the three paying £6 say, we didn't get any discount at all, that's not fair at all!

The next week, after the moaning of the rest the richest guy decided to go to another pub and pay £9 for his own drinks. The guys turn up as usual and have to find another £45 between them to fund their usual round. A fight breaks out and they all cease to be friends.

And that, ladies and gentlemen, is why we need to give the rich some tax breaks, because if we don't they will sod off to some other pub and spend their money there!

MonkeyMad

zygurat789 wrote: »

I think people should be taxed on all their income!

Apart from those who you think should have a higher personal allowance than everyone else?

StevieJ

Daniel_Elkington wrote: »

I haven't read all this but would like to insert my 2 pen'orth;

It is a very nice idea to allow pensioners to earn more before they pay tax. However it is just a nice idea.

A few Pensioners at present were part of the baby boom generation. Some bought cheap housing but it didn't seem like it at the time and made a packet off that, although more likely their offspring will make that packet, 5% attended university and had it paid for, Some had compulsory final salary schemes until 1978. They have had three installments of a second state pension.?

They had a rich, rapidly growing economy through the technological revolution, although it never seemed like that.

Hope you don't mind I have made a few corrections Don't get me wrong, the increased allowance level for pensioners never make sense to me,

middlepuss

Pensioners have done better than most other groups. Who else gets a guaranteed pay rise in line with inflation or average wages etc (the Govt's tripple lock)? And unlike workers, pensioners don't have to worry about getting made redundant. Um, then there's the proposed rise in the pension to £140...

And you're complaining because other people's personal allowance is catching up with that of middle-income pensioners?

harz99

harz99 wrote: »

Very few things are ever a "complete and utter waste of time", and as someone said "its not over until the fat lady sings".

So please sign the e-petition at

http://epetitions.direct.gov.uk/petitions/31778

thanks.

65696 now signed.

Thrugelmir

harz99 wrote: »

65696 now signed.

Slow progress better hurry up. At this rate it will be similar to the Equitable Life debacle where many have popped their clogs before receiving due compensation.

margaretclare

StevieJ wrote: »

Hope you don't mind I have made a few corrections Don't get me wrong, the increased allowance level for pensioners never make sense to me,

I like the corrections. I must point out, not all pensioners are of one generation. We - DH and I - are the generation that preceded the baby-boom because we were children during WWII, the baby-boomers are born post-war. There is also another generation preceding us, those who were adults during WWII and are now in their 80s/90s.

I had to smile at 'university'. It was incredibly rare. I got paid a full grant in 1978-81, but I went to university when it was still called 'Polytechnic' and you didn't need Latin to go there. The introduction of the Open University in the 1960s really blew that wide open.

It was also extremely rare to be an owner-occupier. Not until more houses were built in the private sector did that become more affordable.

Daniel_Elkington

Please don't quote me and put words in my mouth. It's rude and offensive.

Well that's the problem with generalisations, you cannot apply them to individuals, they are for general usage and, perhaps, generations.

There is a concept called perspectionism. It applies a lot in this discussion and to those between me and my dad. He reckons that life is easier for the young now than for him. Actually, he struggled when he was young and so life was hard. He has therefore applied that hardness to all who lived at the time, whether they struggled or not. Now he is older he has a fairly comfortable existance and his life is easy. Therefore he applies that live now.

It is very difficult to separate your own experiences from those you speak to, in fact I would argue that it is impossible as you are the avatar of your own experience.

Our future might be brighter when we get there, but I fail to see why the retired now should be protected from this catastrophic turn of events by their sons and daughters, surely it's your job to look after your children.

Tbh, you lose that extra allowance when you hit £22K earnings anyway so this change affects so few people. What will affect more pensioners would be them claiming their credits, billions are missed in benefits every year, which is where these large 'suspense' accounts come from. That would make most of those with just a basic state pension about £2,5K a year better off (and still under the personal allowance). The government is simplifying the state pension to make most of the poor and vulnerable retirees better off. I'd rather spend the money getting pensioners out of poverty.

StevieJ

Daniel_Elkington wrote: »

Please don't quote me and put words in my mouth. It's rude and offensive.

I wasn't putting words in your mouth I was correcting inaccuracies, for example it is clear that most pensioners are not Baby Boomers , it is strange that you as an IFA are not aware of that. BTW you don't lose the allowance at 22k, it is gradually removed.

Pensioners at present were part of the baby boom generation

zygurat789

Thrugelmir wrote: »

Why do US companies base their European headquarters in Eire?

This is factually and has been for some years.

Wise advice is not to do things purely for taxation reasons. It won't be because our tax rates are too high, just read reports how the high incomers are paying tax at low rates.
Once again you are trying to muddy the issues with irrelevancies