Here's how much the state pension triple lock and other benefits could rise by in April 2024

badmemory

I am quite happy with 80% of whatever, after all in my working life I was only getting 67% of any increase.  I'm just waiting for them to decide to make us pay NI.  Now that would not be good.

molerat

badmemory said:

I am quite happy with 80% of whatever, after all in my working life I was only getting 67% of any increase.  I'm just waiting for them to decide to make us pay NI.  Now that would not be good.

I would be happy with 80%, looks like they will only let me keep 79% of next year's increase

As for your second comment, never going to happen !

dealyboy

Of course @molerat ... at least it's not only 59% ... maybe we should all be Scottish now.

Qyburn

dealyboy said:

Of course @molerat ... at least it's not only 59% ... maybe we should all be Scottish now.

The Scottish 19% "Starter Rate" means you pay less tax than the rest of the UK if your income is under around £26k.

But HR is now 42%, not 41.

dealyboy

Thanks for your correction @Qyburn which I fully accept.

I relied on memory followed by The Scotsman ... https://www.scotsman.com/lifestyle/money/the-tale-of-two-tax-systems-how-scottish-and-english-income-tax-rates-differ-4235654.

molerat

Qyburn said:

dealyboy said:

Of course @molerat ... at least it's not only 59% ... maybe we should all be Scottish now.

The Scottish 19% "Starter Rate" means you pay less tax than the rest of the UK if your income is under around £26k.

But HR is now 42%, not 41.

£27860 is the even point

Qyburn

dealyboy said:

Thanks for your correction @Qyburn which I fully accept.

I relied on memory followed by The Scotsman 

I did see that article, I can't understand why they dont mention the 19% and 20% bands. I guess they expect their readers all to earn more than the figure kindly provided by Molerat, so their statement "you pay more tax" is correct.

The figure I need to pay attention to is the top of the 20%, since our pensions are unequal I need try and keep out of 21% myself.

molerat

The figure I need to pay attention to is the top of the 20%, since our pensions are unequal I need try and keep out of 21% myself.

Which is £25688 but can be pushed to £29288 by contributing £2880 to a SIPP.

It is strange doing all this because I have never had to actively manage my tax affairs before, now having to sit down and scrutinise everything.  Looks like we will be binning the marriage allowance for next year as we will only be around £8 better off with it but by keeping her allowance MrsM will have room for another £1260 interest which may be needed.

dealyboy

Having read your replies  I think I'll stay English after all

Qyburn

molerat said:.

It is strange doing all this because I have never had to actively manage my tax affairs before.

Same here, now I'm doing things like working out if her income can be kept low enough to leave some of the savings starter rate, without mine going above the 20% band. But if you work it out some these rate changes hardly make any differernce. Tbe 19% band saves only £21.62 a year.