Precautions in case of a Labour win

caveman38

Silvertabby wrote: »

Raising the personal tax allowance to £11,850 (£12,500 from next April) = over 40% of people don't pay any income tax.

It's £12,500 already - 19/20

Silvertabby

caveman38 wrote: »

It's £12,500 already - 19/20

Oops - senior moment !

westv

I wonder when we'll know what it will be for 20/21?

michaels

Silvertabby wrote: »

Raising the personal tax allowance to £11,850 (£12,500 from next April) = over 40% of people don't pay any income tax.

Cos like NI is so completely different to tax.....

Silvertabby

westv wrote: »

I wonder when we'll know what it will be for 20/21?

Unless things change, it's sticking at £12,500 for 20/21 and then will increase by CPI after that.

Silvertabby

“ The personal tax allowance of £12,500 means that over 40% of people don't pay any income tax.
Originally posted by Silvertabby

michaels wrote: »

Cos like NI is so completely different to tax.....

If the NI LEL was the same as the personal tax allowance, then over 40% of people wouldn't pay a penny towards State pensions, benefits, the NHS etc. Be careful what you wish for.

fizio

Davy_Jones_II wrote: »

No, far, far worse, but it’s strange times we live in when even the Conservatives are so redistributive.

What’s strange is that there are people on here claiming that the conservatives have cut taxes for the rich. They quite clearly have cut tax on lower earners and increased it on higher earners.

I'm guessing that if you look at the super rich with offshore accounts and clever accountants then the tories have done next to nothing to go after them. I'm sure rees-mogg is doing very well with his investment comoany based in the low tax haven of ireland..

mat5664

haf63 wrote: »

I'm guessing that if you look at the super rich with offshore accounts and clever accountants then the tories have done next to nothing to go after them. I'm sure rees-mogg is doing very well with his investment comoany based in the low tax haven of ireland..

The top 1% of earners pay 27% of taxes. The Corbyn mantra of tax cuts for the wealthy is just plain rubbish - the tax take of higher earners has gone up whilst for lower earners it has gone down.

If Corbyn drives very wealthy people to leave, everyone else will have to pay even more tax than the large rises he already plans.

Anyway, back to pensions - the fact remains that Corbyn's nationalisation and workers share plans will decimate pension pots.

Davy_Jones_II

haf63 wrote: »

I'm guessing that if you look at the super rich with offshore accounts and clever accountants then the tories have done next to nothing to go after them. I'm sure rees-mogg is doing very well with his investment comoany based in the low tax haven of ireland..

Even we’re that true (it’s not), that doesn’t argue against the point that I made.

An investment banker on a million pounds a year is what most people would consider rich, and they are hit by all of the measures which I mentioned.

It’s an outright lie to claim that the current government have reduced taxes on the rich.

Twopints

i'd buy some noise cancelling headphones to keep out the sound of the whining right whingers

:beer: