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General Election 2015 – Tax Implications?

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Comments

  • coastline
    coastline Posts: 1,662 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    antrobus wrote: »
    It won't make any dent at all. The two Eds have already spent that money twice over.

    Regarding who said what and did what here's a one from the chancellor...surely it makes very little difference whos in power...they just want the job and they'll do anything to get it.

    http://news.bbc.co.uk/1/hi/uk_politics/6975536.stm

    https://www.youtube.com/watch?v=bR_hfQU-4r0
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Cyberman60 wrote: »
    Indeed, but VAT hits people in the pocket every day and adds to inflation, whereas welfare is out of control at 200 Billion a year and there are many other sensible measures available in that area if there is the political will. ;)

    VAT can be targeted at those with money. With a £100 billion gap to bridge welfare will be on the agenda. No one said it was going to be easy. Growth alone is a myth.
  • Cyberman60
    Cyberman60 Posts: 2,472 Forumite
    Hung up my suit!
    Thrugelmir wrote: »
    VAT can be targeted at those with money. With a £100 billion gap to bridge welfare will be on the agenda. No one said it was going to be easy. Growth alone is a myth.

    Trouble is the left wing always raise tax before actually tackling the real problem, and the real problem is unsustainable welfare. :mad:
  • coastline
    coastline Posts: 1,662 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Cyberman60 wrote: »
    Trouble is the left wing always raise tax before actually tackling the real problem, and the real problem is unsustainable welfare. :mad:

    Theres been a big change over the years which has seen income tax relief become part of welfare...which you could say has distorted the picture.
    Years ago a married man had a tax allowance and if you look at the link it was around 50% of the basic tax allowance.
    Today at £10,000 this would be £5,000 if the same ratio was applied.
    This was scrapped around 1999 and became a welfare payment under working tax credits...in one of the links it is suggesting a £31bn payment a year.

    http://www.taxhistory.co.uk/Income%20Tax%20Allowances.htm

    http://en.wikipedia.org/wiki/Working_tax_credit

    http://www.dailymail.co.uk/debate/article-2127602/We-afford-Labour-s-31-billion-tax-credit-monster-Our-welfare-link-rights-personal-responsibility.html
  • TickersPlaysPop
    TickersPlaysPop Posts: 753 Forumite
    Seventh Anniversary 500 Posts Name Dropper Combo Breaker
    We need compulsory voting

    We need a 'None of the Above' option on the ballot paper.

    If the majority vote none of the above we need a re-election, with new candidates....

    This will hopefully lead to a new party .... one that truly represents the people.
    Peace.
  • BobQ
    BobQ Posts: 11,181 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Combo Breaker
    chucknorris wrote: »
    Totally agree, it is the end of pensions as we know it. If they win the election of course, that might just be the policy that stops them winning. There must be some undecided voters who enjoy their 40% pension tax relief.

    Does anyone have the source of this and the other statements of claimed policy quoted by the Fry group?
    Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.
  • BobQ
    BobQ Posts: 11,181 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Combo Breaker
    Jonbvn wrote: »
    An interesting summary from the Fry Group, which may be of interest to some:

    http://www.thefrygroup.co.uk/general-election-2015-party-tax-policy/#.VNyPfPmsWSo
    [/LIST]LABOUR – PARTY POLICY ON TAX
    • A return of the 50% rate for additional rate tax payers
    • Reintroduction of the 10% starting rate of income tax
    • A cessation of higher rate income tax relief on pension contributions


    Clearly Fry's are communicating with its tax avoiding clients.

    As I understand labour's published policy they are just restricting tax relief on pensions of those with incomes above £150K.

    Unless anyone has a sourced statement that says anything else?
    Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.
  • chucknorris
    chucknorris Posts: 10,795 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    BobQ wrote: »
    Does anyone have the source of this and the other statements of claimed policy quoted by the Fry group?

    I briefly looked online, but I only found references that to the highest tax band (45% or 50%) rather than the 40% band. But I must admit that I didn't look for long, so it is possible that they are going after the 40% tax payers.
    Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop
  • antrobus
    antrobus Posts: 17,386 Forumite
    BobQ wrote: »
    Does anyone have the source of this and the other statements of claimed policy quoted by the Fry group?

    See previous post....
    antrobus wrote: »
    There is a conference speech that Ed Balls gave in 2013 in which he talks of "restricting pension tax relief for the very highest earners to the same rate as the average taxpayer".......
    http://press.labour.org.uk/post/62052732090/ed-balls-mps-speech-to-labour-party-annual
  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
    Part of the Furniture 1,000 Posts
    BobQ wrote: »
    Clearly Fry's are communicating with its tax avoiding clients.

    Why does this read in such an accusatory tone.;)

    You do know that tax avoidance is legal, given that even your Dear Leader does it?
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
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