Tax Rebate help

McKneff

It's no good . I give up, you cant teach the unteachable..

I know exactly how public spending is funded. Who ever taught you, I hope you got your money back if you paid for your education.

One big pot my !!!!...........:rotfl::rotfl::rotfl::rotfl:

I'm off, Ive wasted far too much of my precious time which I will never get back....

Daedalus

McKneff wrote: »

It's no good . I give up, you cant teach the unteachable..

I know exactly how public spending is funded. Who ever taught you, I hope you got your money back if you paid for your education.

One big pot my !!!!...........:rotfl::rotfl::rotfl::rotfl:

I'm off, Ive wasted far too much of my precious time which I will never get back....

HAHA, oh god, you genuinely have no idea do you? WOW, point to the pot with your national insurance contributions are sitting ready to be paid out for your pension? Why do we have massive unfunded pension liabilities? Sorry to break it to you, but you, like everyone else, haven't paid enough tax.

Please stop digging.

Savvy_Sue

I had to go take a look about this question, and I know it's only Wikipedia, but

The National Insurance Funds are used to pay for certain types of welfare expenditure and National Insurance payments cannot be used directly to fund general government spending. However, any surplus in the funds is invested in government securities, and so is effectively lent to the government at low rates of interest. National Insurance contributions are paid into the various National Insurance Funds after deduction of monies specifically allocated to the National Health Services (NHS). However a small percentage is transferred from the funds to the NHS from certain of the smaller sub-classes. Thus the four NHS organisations are partially funded from NI contributions but not from the NI Fund.[6]

So I'd say there IS a pot, or rather several pots, but my pension contributions probably aren't sitting in it, they've been lent to some other govt. dept until needed.

jimmo

Daedalus wrote: »

No it doesn't, NI is no different to income tax, or VAT, or fuel duty. It all goes into one big pot. NI may impact on what benefits you qualify for, but it has no relation to what is paid out.

I am surprised you have worked for 45 years and have no idea how public spending is funded.

I think you are absolutely right. All our taxes go into one pot and contribute towards our county’s overdraft but the overdraft keeps increasing.

What puzzles me is your concept of fairness.

Income Tax is calculated on an annual basis.

National Insurance for the employed is calculated on a pay period basis.

Different rules but are they both fair or both unfair?

In your particular circumstances you seem to have fallen foul of the National Insurance rules but, at the same time, maybe unwittingly, have taken advantage of the Income Tax rules.

Cleverer people than you and me arrange their affairs to minimise their overall tax bill but fairness, quite frankly doesn’t come into it.

Knowing the rules is one thing. Playing the rules is another, but bleating about the rules gets you nowhere unless your are a politician.