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George Osborne MUST now U-Turn 'Granny Tax'!
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However having checked for this year I have discovered it's totally removed at £116,210 and not £150k as I thought so apologies for that.
No problem, and I apologise if my response seemed overly curt.
TBH, it's all very complex, and all in a constant state of flux. The rules on what you can put into a pension and get tax relief are even worse, so it's little wonder that no-one has a clue what's going on from year to year.
Oh, and while we're on the subject of allowances being frozen (and no, not "FROZEN FORREEVA!") the capital gains tax allowance has now been frozen for a couple of years.
Time for a petition?
I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
what would you do if you were residing in France they are planning to increase the taxes to 75%
I'd leave France. Next question.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
I assume that you are obviously happy about the tax increase proposed for there then and wondering what everyone here is moaning about:D:D0
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I assume that you are obviously happy about the tax increase proposed for there then and wondering what everyone here is moaning about:D:D
I wouldn't say I'm happy about any tax increase, particularly knee-jerk ones aimed at punishing high-achievers and playing to the crowds, rather than actually raising meaningful sums that will help the economy.
However, where taxation is being simplified, and various allowances harmonised, I'm all for it. Yes, some may bleat that they are losing out (which is rarely the case as we've seen in this thread) but simpler is usually better, and in the long term tends to benefit everyone.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
gadgetmind wrote: »No problem, and I apologise if my response seemed overly curt.
TBH, it's all very complex, and all in a constant state of flux. The rules on what you can put into a pension and get tax relief are even worse, so it's little wonder that no-one has a clue what's going on from year to year.
In a very similar way to the age allowance clawback. If I recall this was scrapped in the interests of simplifying the tax system. just another example of GO being economical with the truth.The only thing that is constant is change.0 -
Tax was an error, it was reduced NI stamp I meant, but thanks for being clever enough to spot it.
I don't know why I bother, but here goes...
It's fine for you to talk about 'women doing hard physical work' but then to make snide cracks when I point out that I, and many like me, did physical work. You may sneer at the work I did. It only resulted in my needing hip replacements before my 50th birthday, but fine - I knew my way around the system. It didn't get me to the top of the NHS waiting-list any quicker, though, and I ended up having to pay for the second one myself.I never said that other people did not do physical work, I merely pointed out that it takes a toll on some people’s health, but hay bully for you that you were in the right place if you happened to pass out from all that running up and down!
Ah yes, it did have a good pension scheme, but very many women whom I knew chose not to join it. Some deliberately kept their hours below full-time so that they needn't join. They wanted 'money in their pocket now'. Short-sighted, many laughed at me at the time, but I know some who are bitterly regretting it now. Their choice, they have to live with it. Also, DH never had a pension scheme in any of his jobs. One employer was told to pay more into the company pension scheme which was under-funded, he responded by going bankrupt. What DH has now is SERPS which you only get if you WEREN'T in an employer's scheme. I get some too because I wasn't in the NHS all of the time.The health service always had a good pension scheme going, but that does not mean that all employers had a pension scheme for their employees.
See above. Familial bony abnormalities, too much physical work resulting in early wear on the hip-joints requiring hip replacements at a much earlier age than usual.Also some people may have certain condition that may hinder them from being able to run up and down like you. You cannot generalize and assume that everyone should be like you when they were younger, being in your profession that should surely be as plain as the nose on your face.
And what would I gain from saying 'oh, if I was in this or that country I would get this or that pension'? I'm not in this or that country, I'm in England and I have no wish to live anywhere else.Not comparing other countries is way of deluding yourself that the UK gives a good pensions to ALL as opposed to the few that was fortunate enough to be in a well-paid job as well as savvy/ smug enough to be employed by an organization that gave their staff a reasonable pension scheme to contribute toward for their retirement.
There has been a lot of comment about this present government and the previous one. Be it known to all, I don't support any of them. None of the 3 main parties. A lot has also been said about millionaires. I don't mind politicians being millionaires, what I really do object to is that so many of them have some straight from school/university straight into the political world. The political party of which I'm a member, which I DO support, has no millionaires, but every single candidate it has ever put up has had another career and knows about the ordinary world.
I haven't been 'running around' today (unfortunate phrase which I regret using) but I have been doing some walking, leafletting around new housing on the outskirts of Hemel Hempstead where, apparently, they are having a by-election soon. We're a small party whose whole ethos is 'putting England first' but, being small, we have few resources and come election-time it's all hands to the pumps. Never mind. We had a nice lunch afterwards anyway and came home feeling we'd done our best.Bully for you again, but some of us did not remarry therefor had to bring up a family on by on their own without the help of a second income, not everyone likes to change partners, if we all did that then all women and perhaps men would be so much better off financially and able to do all that extra training without benefits.
I did not remarry until I was 66 and therefore the point about bringing up a family alone did not arise. Both daughters were independent long before my first husband died. What did happen, though, was that widowhood coincided with redundancy leaving me with a mortgage to pay. I was poorer between 1992 and 1997 than at any time since my childhood.Also, just to remind you there has been a recession before so jobs were not always available like there were when everyone was purchasing 2 and 3 house for their pensions but that bubble burst and they are running around like a headless chickens now.
I am well aware that there have been recessions before. From memory, there was one in the early 90s, which was when I was made redundant from a senior NHS job. DH has been made redundant 5 times in the course of his career, and I'm not even sure whether he includes the time that Vaughan Engineering went bankrupt, that was the early 80s I think.
I don't know of anyone who has been buying 2 or 3 houses for their pensions - I hope you don't think that was me? I have only ever bought one house at a time and that was to live in.[FONT=Times New Roman, serif]Æ[/FONT]r ic wisdom funde, [FONT=Times New Roman, serif]æ[/FONT]r wear[FONT=Times New Roman, serif]ð[/FONT] ic eald.
Before I found wisdom, I became old.0 -
zygurat789 wrote: »In a very similar way to the age allowance clawback. If I recall this was scrapped in the interests of simplifying the tax system. just another example of GO being economical with the truth.
No, not really. Removing the age allowance claw back by providing the same allowance to (nearly!) everyone makes my retirement projection spreadsheets much simpler. Some complex tax calc equations just disappear and the overall effect is close to neutral.
The recent (last 304 years) changes to the caps on pension contributions are byzantine and my spreadsheet is thus stunningly complex. It cost me £1500+ in accountant's fees just to sanity check it all. And next year, it might all change.
Tax and pensions *must* all keep getting simpler, with streamlined changes that can be understood by all, or no-one will know where they're going to stand.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
gadgetmind wrote: »Sorry, but that's twice someone has mentioned £150k as the point where personal allowance starts to be clawed back.
I knew it started to be clawed back at £100k but for some reason I thought it wasn't until £150k when you lost it completely. Sorry.It used to be in two tranches, with trigger points at £100k and £150k, but it's now all the the lower number.
What was it that used to happen at £100k and £150k? I think I may be thinking back to then.0 -
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I assume that you are obviously happy about the tax increase proposed for there then and wondering what everyone here is moaning about:D:D
Hello Teajug (lovely name that, and I do love a nice cup of tea).
I looked at your profile and blimey, you have made some threads here and very interesting ones as well. Good on you.
It is a bit of a treadmill here you know:eek: and some people can be really obnoxious. I get accused of not wanting to debate, but I do try with everyone who joins this debate. I mean I have spent an awful lot of time trying to debate and talk to some here.
However, my patience is not what it used to be and I think "Why should I spend my time trying to reason with this person any longer? I get the feeling that some are just here on a wind up and are not wanting to seriously debate the issue at all.
Out here in the real world what does one do if it is pretty obvious that a person is not very nice and a pain in the rear?
One avoids them like the plague by perhaps crossing the road.:eek:
In this cocoon of a Forum it just has to be the ignore button.;)
It does the job, no offence is meant and they have the same facility as me.
Right, now back to hissing in the wind.;)You've heard the budget speech now you've been told. Make lots of cash then die before you're old 'Cause we're gonna Tax Gran that's what it is We're gonna Tax Gran freeze her allowances. You better hope next winter isn't cold. We're gonna Tax Gran, we're glad she's there.To subsidize the Billionaires. We're gonna Tax Gran and this is wrong!0
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