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A Flat Rate of Tax Relief?
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Correct.
I had been thinking that if anything the Budget would be later this year, to keep it from informing the EU negotiations (not that any other element appears to be successfully being kept secret), so it's interesting that it's quite early.
To briefly pretend to be on topic, given the wider political background right now I can't imagine an overhaul of the pension system. They might not still be around to implement it, much less reap the benefits of an increased tax take in 2-3 years' time and translate it in to spending that the voter can appreciate. If there's anything, it'll be tinkering with the £40k AA, the £150k clawback point, that sort of thing. Would personally love them to abolish the LTA obviously.0 -
ffacoffipawb wrote: »Can't see how this will work regarding employer contributions to defined benefit schemes as they should be allowed for in the same way as salary sacrifice because both would get around this change if they werent changed in some way.
They'd have to find a way to value employer conts to DB schemes that would make them predictable and not create massive spikes, CARE schemes could use the same rules as the annual allowance but FS schemes couldn't really, otherwise some people getting a pay rise could see a temporary massive increase in tax.
But it's do-able. And would be "progressive".0 -
In a way the govt of the day with a max 5 year time horizon is always likely to be in favour of discouraging contributions now to maximise short term tax take even if it means forgoing tax years later when pensions are in drawdown. I am sure most voters care more about how much tax they pay on this months pay packet than tanyhe size of their future pension so it seems the obvious thing to hit.I think....0
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(inc those pushed into higher rate by this)In a way the govt of the day with a max 5 year time horizon is always likely to be in favour of discouraging contributions now to maximise short term tax take even if it means forgoing tax years later when pensions are in drawdown.0
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Correct. Philip Hammond confirmed that UK is to have its first-ever Monday budget. 29 Oct. Why a Monday? Hammond wanted Wed 31st until civil servants pointed out it was Halloween, inviting headlines like “Hammond’s house of horror”. So Monday it is.
His advisers told him it would spook the market...0 -
Very good0
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I think if Mr Hammond tinkers with the current tax relief regulations. He will be signing on at the job centre not long afterwards!0
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