Precautions in case of a Labour win

[Deleted User]

Johnnyboy11 wrote: »

Spare a thought for those with the temerity to live and work in the People's Republic of Scotland, who will most certainly be faced with an out-of-control SNP Government:

"Scotland: Scottish taxpayers pay nothing on earnings up to £12,500, 19pc up to £14,549, 20pc up to £24,944, 21pc up to £43,430, 41pc up to £150,000 and then 46pc on earnings above this level"

Yes, that's an eye watering 41% tax on earnings above £43,430, ouch! And the extra LBTT on additional properties in Scotland is now 4%.

.

What on earth are you on about?

It is a little bit more tax to pay for those who are in a high paying job. It is hardly a socialist policy.

[Deleted User]

Must admit, I am getting swayed by Corbyn’s promises. Wouldn’t it be great when every football supporters’ team wins the league? Cool not to have to go to the toilet ever again. Extra 80 years in average lifespan will come in handy. Free gold jewelry was something Mrs Mordko always wanted. But 5 annual miracles per family seems a bit stingy. He needs to promise 6 and then he’ll have my vote.

zagfles

Davy_Jones_II wrote: »

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.

As pointed out by the BBC's "Reality Check"

https://www.bbc.co.uk/news/50249909

zagfles

westv wrote: »

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

Usually announced in the Autumn statement, or rather budget as that's been moved to the autumn, but this year I guess it'll be announced in a post election budget.

zagfles

Linton wrote: »

I guess that a major driver for increasing personal allowance is to reduce HMRC costs, rather than any concern for hard working families.

Seriously?? The saving in admin will be trivial compared to the loss of tax revenue. Even employees that earn under the PA are in PAYE. If anything admin has probably increased as people who are married and earning under the PA are likely to do the marriage allowance transfer.

zagfles

bluenose1 wrote: »

Good point Linton, I read a Government report that said the poorest earners pay close on 30% of their income on indirect taxes.

This is mainly down to excise duties, eg cigarette, alcohol and petrol tax. For those on lower incomes these are proportionally higher, since alcohol and car usage don't increase in line with earnings, and poorer people are actually more likely to smoke so they pay a larger nominal amount of tax on a smaller income, exacerbating the effect.

MK62

zagfles wrote: »

Usually announced in the Autumn statement, or rather budget as that's been moved to the autumn, but this year I guess it'll be announced in a post election budget.

IIRC it's been frozen for 20/21.......in effect we got two years worth of increase this tax year, when it went from £11850 to £12500. After that the current intention is to link it to CPI.

That said, it could be up in the air again, with a new government coming in......

zagfles

newbinvestor wrote: »

I agree with some of Labour's policies although the taking 10% of company's shares to employees seems a bit unfair. Would much prefer a more central left Labour, if they do lose the election then the silver lining will be that Corbyn and McDonnell will stand down and hopefully they can elect a much better leader.

It's not even that, AIUI it's taking 10% of shares and giving employees a mere £500 in dividends while the state takes the rest. It's basically forced partial nationalisation of private sector companies (UK ones, not foreign ones) disguised to look like an employee profit share.

We get a profit share that's nearly always more than £500, which as with most profit share schemes is discretionary and non contractual, so if this were ever implemented we'd be worse off, and it's unlikely the company would continue with the voluntary profit share when it was forced to hand over 10% to the govt with a few crumbs for the employees.

Silvertabby

“ Good point Linton, I read a Government report that said the poorest earners pay close on 30% of their income on indirect taxes.
Originally posted by bluenose1

zagfles wrote: »

This is mainly down to excise duties, eg cigarette, alcohol and petrol tax. For those on lower incomes these are proportionally higher, since alcohol and car usage don't increase in line with earnings, and poorer people are actually more likely to smoke so they pay a larger nominal amount of tax on a smaller income, exacerbating the effect.

I will never understand how some people can complain about being 'in poverty' - yet can afford to waste £300 per month on filthy cigarettes.

bostonerimus

Silvertabby wrote: »

I will never understand how some people can complain about being 'in poverty' - yet can afford to waste £300 per month on filthy cigarettes.

It might have something to do with the addictive nature of nicotine.