Budget today, any last minute predictions?

ColdIron

Sterlingtimes said:

Would investing in FTSE, for instance, be a British investment? Would it matter that FTSE companies invest overseas?

No one knows yet, there is a consultation taking place

RogerPensionGuy

Sterlingtimes said:

Is the date for LTA abolition known?

I think the LTA is essentially being nearly fully removed on the 5th April2024.

Then on the 6th April2024, the LTA has gone, but they are currently keeping maximum TFLS of 268K based on 25% of the last figure applied to the LTA of 1.073M.

I've been listening to various feedbacks from the budget today, opinion seams to be it won't likely change an election outcome. 

So unless Labour get in terrible trouble for any reasons the next 6 months, maybe another push at the autumn statement and then an election soon after. 

The autumn statement could be very early I suspect, maybe early September. 

From a personal point of view, no great shocks and my plans look unchanged by a non shocking budget. 

Sterlingtimes

RogerPensionGuy said:

Sterlingtimes said:

Is the date for LTA abolition known?

I think the LTA is essentially being nearly fully removed on the 5th April2024.

Then on the 6th April2024, the LTA has gone, 

Thank you, Roger, for your encouraging response. My fear concerns reintroducing the LTA test at age 75 if a Labour Government says, "Let's act as though the LTA abolition never happened in the first place."

prowla

Tax thresholds frozen, so tax goes up.

NI reduced so they can say they are cutting tax.

Net result = Treasury wins.

RogerPensionGuy

Sterlingtimes said:

RogerPensionGuy said:

Sterlingtimes said:

Is the date for LTA abolition known?

I think the LTA is essentially being nearly fully removed on the 5th April2024.

Then on the 6th April2024, the LTA has gone, 

Thank you, Roger, for your encouraging response. My fear concerns reintroducing the LTA test at age 75 if a Labour Government says, "Let's act as though the LTA abolition never happened in the first place."

For information in the past when the LTA was tinkered with in a downwards direction, they allowed sensible various different protections, a bit of a jumble in my opinion, but some situations were very helpful espically if funding input of pensions could be stopped. 

The above allowed pension groath and I think some situations also allowed new inputs, all very confusing IMHO. 

Everything I had read in the year since the LTA was put in the bin feels that if the LTA or another tool to punish prudent pension savers was to be introduced, they would indeed di as previously and fairly sensible protections would be available. 

So I'm hoping when Labour jump in and indeed reintroduce an LTA or lookalike and pick a figure they like plus probably remove the 268K TFLS figure and pick another, they will indeed put in place sensible various protections and make pensions understanding even harder for everyone, but at least the protections should be helpful. 

It's funny that scrapping the LTA was supposed to help keep more people working and I feel that's good, but with Labour saying they will play hardball with the LTA on their arrival in government, it did the opposite for me and because I have little faith in the last 18 years of pension football, I stopped working and doing various pension stuff before the next election. 

For information, it takes about 35 days approximately from announcing an election to holding it, so I have just enough time to do my pension transactions in that space.

The links below maybe of interest to some.


☆☆☆

https://taxscape.deloitte.com/article/pensions--lifetime-allowance-protections.aspx

☆☆☆

https://commonslibrary.parliament.uk/research-briefings/cbp-9921/

QrizB

prowla said:

Tax thresholds frozen, so tax goes up.

NI reduced so they can say they are cutting tax.

Net result = Treasury wins.

Those earning their income pay less, those relying on investments pay more. A small rebalancing from the bourgeoisie to the proletariat

Hoenir

Pat38493 said:

Have they considered the possibility that nobody is investing in UK equities because they have been performing poorly for at least the last 10 years, arguably due to mismanagement of the overall governance of the country and economy?  

Your comment is fundamentally flawed. Given up refuting it now as heard it so often for over many years. Concerning that people are investing in equities that haven't grasped the basics of. 

Eldi_Dos

QrizB said:

prowla said:

Tax thresholds frozen, so tax goes up.

NI reduced so they can say they are cutting tax.

Net result = Treasury wins.

Those earning their income pay less, those relying on investments pay more. A small rebalancing from the bourgeoisie to the proletariat

So I joined the bourgeoisie when I retired, amazing.Think I will have a piece of cake with my coffee tomorrow as befits my new station in life.

Grumpy_chap

Eldi_Dos said:

So I joined the bourgeoisie when I retired, amazing.Think I will have a piece of cake with my coffee tomorrow as befits my new station in life.

Oh, the new bourgeoisie - coffee and cake!  How unbecoming.
Everyone knows it should be tea and cake 😉

LHW99

Grumpy_chap said:

Eldi_Dos said:

So I joined the bourgeoisie when I retired, amazing.Think I will have a piece of cake with my coffee tomorrow as befits my new station in life.

Oh, the new bourgeoisie - coffee and cake!  How unbecoming.
Everyone knows it should be tea and cake 😉

Compromise - tea and coffee cake