will there be a massive FTSE crash tomorrow if the Gobbling Millipede gets in?

pjread

michaels wrote: »

You wouldn't if you are already a higher rate taxpayer and relief is restricted to standard rate, therefore it would see an immediate increase in taxed income as many pension contributions are cut back sharply and improvement to the public finances at the expense of reduced pension pots many years in the future, given the average politicans time horizon it is a win-win.

I'm not even sure a basic rate taxpayer would on the whole though. Better off looking at ISA's or maybe even VCT's, at least there's less uncertainty due to unknown future tax rates and typically lower costs (well, ISA's vs pension's anyway)

I guess salary sacrifice will still be the answer either way though, unless they also want to tax employers pension contributions which would be near enough suicidal. In terms of people Labour at least profess to care about, the public sector and unions would love that wouldn't they? So clearly wouldn't happen.

BobQ

michaels wrote: »

You wouldn't if you are already a higher rate taxpayer and relief is restricted to standard rate, therefore it would see an immediate increase in taxed income as many pension contributions are cut back sharply and improvement to the public finances at the expense of reduced pension pots many years in the future, given the average politicans time horizon it is a win-win.

They are planning it for top rate tax payers not HRTs.

michaels

BobQ wrote: »

They are planning it for top rate tax payers not HRTs.

Planning and doing are different...

Castle

michaels wrote: »

Planning and doing are different...

See VAT increase in 2010

vivatifosi

In the last half an hour, since the exit polls have come in, the pound has risen 2c against the dollar.