We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Can HMRC seize your pension?
Comments
-
purplebanna wrote: »Thanks for the interesting reading.
What's to stop someone young (who is about to be made bankrupt by HMRC) put all of their money in a pension, wait for the debt to the be wiped while living off the state and then carry on life normal, and 30 years later start to claim their pension with no payments to HMRC?
Because if employed, someone would legally need to have minimum wage from an employer, with very few exceptions.
This would for a FTE leave about £1100 a month in any income over benefits.
I don't know how this would work in a BR situation, but I know it can be done for tax planning purposes, whilst claiming some benefits for those with families.
This would generally be tax avoidance rather than avoiding creditors, however.
CK💙💛 💔0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.7K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.8K Work, Benefits & Business
- 603.2K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards