Labour again...

bioboybill

Paul_Herring wrote: »

Anyone sacrificing down to the National Living Wage will not be getting 40% tax relief on wages below £50K. It's 20%. At a push, if you're including NI, it's at most 32%. (And on wages above £50K on the same basis it's 42%.)

Yes, I know that. The relief will be tiered. Some at 40%, then 20%. It is ridiculous that people on 40% tax can fiddle their way down to getting benefits though. Maybe they might look at making tax relief on pension contributions a flat rate of 20% at some point, but it's not policy at present.

[Deleted User]

123mat123 wrote: »

Who else would be inclined to instantly grab all their SIPP 25% tax free lump sum if the Tories don't win with a majority. (Assuming they are able)

I don't claim to know much about anything, but Labour winning or being in coalition fills me with absolute dread...

The loss of tax free pension growth compared to any alternative seems a no brainer...

Can anyone reassure me this may not be best course of action...

To me the primary concern is that the capital will flee the moment investors hear words “PM Corbyn”. A sensible approach would be to sell all British assets, particularly gilts, and buy foreign equity and bonds. If possible, move your assets abroad altogether but most can’t do that. The wealthy will be the least impacted by a Corbyn government.

Rheumatoid

bioboybill wrote: »

No, I'm not worried in the slightest, as I don't believe a word of the !!!!!!!! that is churned out by the Daily Mail, Daily Express, or any of the crap that comes out of Tory HQ. I'm more worried about what will happen if the Tories get back in with a majority and drive us over the cliff of a No Deal Brexit at the end of 2020.

I too am more concerned about the implications for the economy and overall personal prosperity of the 'lets get brexit done' at any cost cult.

hyubh

123mat123 wrote: »

...I am concerned they may simply remove the TFLS, it would be an easy policy to implement, and hit the people they want to hit...

This is from their manifesto:

A Labour government will review the tax and pension changes implemented by the Tory government to ensure that the workforce is fairly rewarded and that services are not adversely affected.

But think... what sector of the workforce has comparatively large pension entitlements? And within it, what very well-paid sub-sector only recently successfully kicked up a fuss about a pensions tax specially designed to hit high earners...?

JoeCrystal

hyubh wrote: »

But think... what sector of the workforce has comparatively large pension entitlements? And within it, what very well-paid sub-sector only recently successfully kicked up a fuss about a pensions tax specially designed to hit high earners...?

NHS of course! Do I get a prize?

I am still miffed that the Government is planning to help out with the doctor's tax bills in the NHS scheme. They are fortunate enough to have the NHS scheme in the first place! :mad:

cloud_dog

bioboybill wrote: »

Yes, I know that. The relief will be tiered. Some at 40%, then 20%. It is ridiculous that people on 40% tax can fiddle their way down to getting benefits though.

Soooo, it is ok for an ordinary person earning £49999 to fiddle the system and claim benefits but not someone earning £50001. Slightly blinkered view on things

Thrugelmir

JoeCrystal wrote: »

NHS of course! Do I get a prize?

I am still miffed that the Government is planning to help out with the doctor's tax bills in the NHS scheme. They are fortunate enough to have the NHS scheme in the first place! :mad:

The boost to NHS pensions with an immediate 5% pay rise will have many long serving staff heading for the exits. Final salary scheme plus tax free lump sum. Pensions that the hard working private sector can only dream of.

Rheumatoid

Thrugelmir wrote: »

The boost to NHS pensions with an immediate 5% pay rise will have many long serving staff heading for the exits. Final salary scheme plus tax free lump sum. Pensions that the hard working private sector can only dream of.

Are you implying the public sector do not work hard? I did and have just retired. I have earned my final salary pension thank you.

Paul_Herring

Are you implying the public sector do not work hard?

Are you reading things into that that aren't there?

Rheumatoid

Paul_Herring wrote: »

Are you reading things into that that aren't there?

Well that's up to Thrugelmir to clarify but otherwise there would have been no need to use the term 'hard working'.