ISA limit reached.

colsten

Ed-1 wrote: »

The FSCS limit is actually going to be increased back to £85,000 from £75,000.

And it's an industry guarantee scheme, not a government one.

colsten

grey_gym_sock wrote: »

most of it goes on the things that make us a civilized society (in so far as we are one ): state pensions, the NHS, education, public safety, social security, infrastructure, etc.

Perhaps ArmyDilllo will donate his state pension to a good cause, and pay for all his health treatments privately.

darkidoe

dunstonh wrote: »

They are real. We have several clients with over a million on ISAs.

I am curious. How long have they been contributing to the scheme??

dunstonh

darkidoe wrote: »

I am curious. How long have they been contributing to the scheme??

Don't know about all of them as some we took on as clients later. However, one I do know that started in the 90s with me as their adviser. So, that 25 years. They were PEPs, including somedemutualisation shares which you could PEP on issue.

ArmyDilllo

Ed-1 wrote: »

The FSCS limit is actually going to be increased back to £85,000 from £75,000.

Ooo!
Thanks Ed'.
I'd missed that (not into banking too much nowadays).

:j

ArmyDilllo

grey_gym_sock wrote: »

what a load of anti-social nonsense.

An interesting response from a (the) Money Saving Expert forum, thank you.
And seemingly confused.
My refuse and police protection comes from locally collected community charges (which I have not found a way around yet and will still have to suffer in retirement, as mentioned).
My State pension and NHS benefits are provided through National Insurance, not Income tax.
I have paid for everything you mentioned all my working life.

I have spent three years of my career out of work, unemployed, not by choice.
The govt. paid me £65.00 per week for six months (as a disability benefit after a nasty road accident) and nothing else.
Zero.
Didn't even cover my transport to hospital, which went on for fifteen months.
So much for all those ethically conscious contributions I'd made until then.

I shall write to all those MP's (and everyone else) who have done as I have and are ISA millionaires, advising them to cease and desist immediately.
Hopefully you will be contributing more than your fair share of income tax to help the nation out of its' current spot of bother.

What I'm doing is not-tax-evasion; like some dodgy off-shore investment fund.
It is all legitimate and tax-efficient; using vehicles created, sponsored and repeatedly approved and condoned by the U.K. government and HMRC (and me).

I will still draw from pensions which produce a taxable income.
I just plan to only up to my personal tax allowance from them.
Go to your bank, HMRC, or any financial adviser and ask them to condemn me.
They'll advise you to do the same and then charge you for it.

atush

Pincher wrote: »

Sounds like a goal to aim for.

With modern medicine, and the blood of virgins, I should be good for another 30 years. £20k a year will make it £600k already.

Problem is, unless they change the inheritance threshold, 40% is going to the Treasury. :mad:

Can't even say over my dead body, because that is precisely how they collect my 40%! :eek: Instead, have to live forever, and watch my pile grow.

Just where you think you will find said virgins, and get them to give you their blood, is another question entirely.

colsten

ArmyDilllo wrote: »

My State pension and NHS benefits are provided through National Insurance, not Income tax.
I have paid for everything you mentioned all my working life.

National Insurance is essentially a tax that working people cannot avoid. You have not paid for your state pension - it's other people that pay your state pension, through their NI.

Aside from that, the National Insurance Fund has required a £9.6bn grant from general taxation in the last financial year, and £4.bn the year before because the NI contributions weren't sufficient to pay for all the benefits that needed to be paid.

ArmyDilllo

colsten wrote: »

National Insurance is essentially a tax that working people cannot avoid. You have not paid for your state pension - it's other people that pay your state pension, through their NI.

Aside from that, the National Insurance Fund has required a £9.6bn grant from general taxation in the last financial year, and £4.bn the year before because the NI contributions weren't sufficient to pay for all the benefits that needed to be paid.

I'm not sure I understand your point.
I will still only receive a [state] pension based upon my N.I. contributions and which I cannot access for another nine years; The government recently breaking the original contract we agreed, when I started earning, of providing me with an income when I reached 65 years and not 66 which it recently imposed (some got even longer sentences).
My personal pensions and savings will provide anything else I need until and after that.
I worked, sacrificed, planned, and paid for those myself.
I have paid income tax on my earnings.
After tax, I then invested the rest as I was able.
There is no way on this earth or any other I intend to pay tax twice on it.
I already have to pay 20% on anything I spend, even without paying income tax again on it, so I'm paying 40% right there.
Plus, as I mentioned; Community charges, road tax, insurance tax, airport tax, fuel tax, booze tax, flight tax, inheritance tax......
Pay more?
Suuuuure.

darkidoe

ArmyDilllo wrote: »

I'm not sure I understand your point.
I will still only receive a [state] pension based upon my N.I. contributions and which I cannot access for another nine years; The government recently breaking the original contract we agreed, when I started earning, of providing me with an income when I reached 65 years and not 66 which it recently imposed (some got even longer sentences).
My personal pensions and savings will provide anything else I need until and after that.
I worked, sacrificed, planned, and paid for those myself.
I have paid income tax on my earnings.
After tax, I then invested the rest as I was able.
There is no way on this earth or any other I intend to pay tax twice on it.
I already have to pay 20% on anything I spend, even without paying income tax again on it, so I'm paying 40% right there.
Plus, as I mentioned; Community charges, road tax, insurance tax, airport tax, fuel tax, booze tax, flight tax, inheritance tax......
Pay more?
Suuuuure.

I have been reading and thinking about this. Income taxation is really high on for the UK compared to everywhere else in the world. However you have to balance that against the social/welfare state you have. How much taxation is reasonable. The way I see it, the wealthy seems to have more wriggle room to maneuver around taxes compared to the lower income earners. It is all good sense to be savy about taxation and keep on top of ways to reduce taxes as much as you can.

There was a post I read which was profound and put it in a clear way why we should we keep track of it more closely. Say if you are paying the higher tax rate (40%), for every 5 day week that you work, 2 days pay goes to the tax man and you only get to keep 3 days pay. How painful is that? I feel sore just thinking about it.