We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
yes!!!!!
Comments
-
There are quite a few other types of lump sum payment (which get special tax treatment) that are linked to the LTA (UFPLS being just one example) and the legislation going forward will have to deal with all of these, aswell as the PCLS, as a result of abolishing the LTA.0
-
Can anyone state in what tax year/s the various changes take place?
1 -
keiran said:Can anyone state in what tax year/s the various changes take place?
Print_Budget_2023.pdf (publishing.service.gov.uk)
1 -
ex-pat_scot said:keiran said:Can anyone state in what tax year/s the various changes take place?
Print_Budget_2023.pdf (publishing.service.gov.uk)0 -
zagfles said:Interesting that of that £1.457M potential contributions since 2006, the vast majority of it (over £1M) would have to have been made in the 4 years of the previous Labour govt (2006-2010) when the AA was £250k+, rather than the 13 years under the coalition/Tories when the AA was cut to £50k then £40k then tapered. That just shows how generous pensions were to the rich under Labour!
And as you point out, the Lifetime Allowance meant nobody would have paid in £255kpa for very long even without those factors.
It illustrates how much more attractive the Tories have made pensions since they took over, while at the same time clamping down on the amount you can put in.2 -
They will also need to decide if PCLS already taken counts.....if so, decide on a method of discovery for that (if its not going to count, that hardly seems fair).....then decide if that should be index linked, then decide how far back to go......it's starting to look like it could get messy......sound familiar?0
-
Malthusian said:zagfles said:Interesting that of that £1.457M potential contributions since 2006, the vast majority of it (over £1M) would have to have been made in the 4 years of the previous Labour govt (2006-2010) when the AA was £250k+, rather than the 13 years under the coalition/Tories when the AA was cut to £50k then £40k then tapered. That just shows how generous pensions were to the rich under Labour!
And as you point out, the Lifetime Allowance meant nobody would have paid in £255kpa for very long even without those factors.
It illustrates how much more attractive the Tories have made pensions since they took over, while at the same time clamping down on the amount you can put in.
0 -
MK62 said:They will also need to decide if PCLS already taken counts.....if so, decide on a method of discovery for that (if its not going to count, that hardly seems fair).....then decide if that should be index linked, then decide how far back to go......it's starting to look like it could get messy......sound familiar?It could be very simple. 25% of remaining LTA as at abolision date (April 2024). Then track just like the LTA. No harder than what they do now with LTA.I doubt it'll be indexed. Many think tanks says it's too high and should be £50-100K. So they'll probably let inflation erode it, maybe with an increase in 10-20 years. But at the whim of govt rather than automatically.1
-
keiran said:ex-pat_scot said:keiran said:Can anyone state in what tax year/s the various changes take place?
Print_Budget_2023.pdf (publishing.service.gov.uk)
"We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein1 -
But that's not how democratic politics works. You have to show people you are different to the other side, otherwise why would they vote for you? You have to create divisions, you have to pretend to be on their side, you have to pretend the other side don't care about you and people like you, only their "own sort".
As Winston Churchill said
' Democracy is the worst form of Government in the World,
apart from all the other ones'
It could be very simple. 25% of remaining LTA as at abolision date (April 2024). Then track just like the LTA. No harder than what they do now with LTA
Although I have had the impression from various threads in the past, that the system for monitoring LTA% built up by an individual from different schemes/crystallisations, is rather loose. It seems to rely to some extent on the individual keeping track of it.( although no doubt HMRC would catch up one day ) If that is the case, and I am not really sure, then maybe a more robust system ( central register of some kind) would be needed to prevent too much tax free cash being paid, or at least so it would be picked up very quickly ?
0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards