Protecting pensions from politicians - or preparing for a Labour coalition

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  • pollypenny
    pollypenny Posts: 29,393 Forumite
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    seven-day-weekend wrote: »
    If Labour win, I will ask my financial advisor to organise my assets into an account on the Isle of Man.

    I'm already drawing Pensions - State and LGPS.



    I'm shocked you even think that, SDW. I believe that you are a Christian, but how the heck does this square with Christian teaching.

    Render unto Caesar that which is Caesar's. ie , pay your taxes, in order to help those less fortunate than you.

    And my mantra, sorry I have to post it again - a mature adult in a democracy pays her taxes.
    Member #14 of SKI-ers club

    Words, words, they're all we have to go by!.

    (Pity they are mangled by this autocorrect!)
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
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    pollypenny wrote: »
    I'm shocked you even think that, SDW. I believe that you are a Christian, but how the heck does this square with Christian teaching.

    Render unto Caesar that which is Caesar's. ie , pay your taxes, in order to help those less fortunate than you.

    And my mantra, sorry I have to post it again - a mature adult in a democracy pays her taxes.

    I have said repeatedly that I am not talking about paying my taxes. I am quite happy to pay my taxes. I just had some naif idea that I could take my savings and put them there, so the a Marxist Government could not take them off me. I realise now that it was a bit of a silly comment. Haven't you ever opened your mouth without thinking?

    Anyway I have been yellow carded because someone on this thread reported me, so I don't wish to say any more.
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • Malthusian
    Malthusian Posts: 10,941 Forumite
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    pollypenny wrote: »
    how the heck does this square with Christian teaching.

    If putting your money in an Isle of Man account was actually an effective way of avoiding tax, then it would square with Christian teaching in exactly the same way as putting your money into an ISA or a pension does. No man is obliged to order his affairs in order to maximise that which is Caesar's. I am not aware of any Christian teaching that conflicts with common law in this regard.

    The problem is not Christian teaching but the fact that putting your money offshore does not actually reduce Caesar's due for most UK residents.
  • thepurplepixie
    thepurplepixie Posts: 3,602 Forumite
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    seven-day-weekend wrote: »
    I have said repeatedly that I am not talking about paying my taxes. I am quite happy to pay my taxes. I just had some naif idea that I could take my savings and put them there, so the a Marxist Government could not take them off me. I realise now that it was a bit of a silly comment. Haven't you ever opened your mouth without thinking?

    Anyway I have been yellow carded because someone on this thread reported me, so I don't wish to say any more.

    What does yellow carded mean?
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
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    thepurplepixie wrote: »
    What does yellow carded mean?

    Same as it does in football.
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • thepurplepixie
    thepurplepixie Posts: 3,602 Forumite
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    seven-day-weekend wrote: »
    Same as it does in football.

    Means nothing to me, I'm not a football fan.
  • pollypenny
    pollypenny Posts: 29,393 Forumite
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    Malthusian wrote: »
    If putting your money in an Isle of Man account was actually an effective way of avoiding tax, then it would square with Christian teaching in exactly the same way as putting your money into an ISA or a pension does. No man is obliged to order his affairs in order to maximise that which is Caesar's. I am not aware of any Christian teaching that conflicts with common law in this regard.

    The problem is not Christian teaching but the fact that putting your money offshore does not actually reduce Caesar's due for most UK residents.



    No, it doesn't equate to using an ISA. To stash money in the IOM requires considerable contrivance, rather than walking into your bank.

    The situation of the IOM and Channels Islands is an anomaly, anyway.
    Member #14 of SKI-ers club

    Words, words, they're all we have to go by!.

    (Pity they are mangled by this autocorrect!)
  • EnglishMohican
    EnglishMohican Posts: 177 Forumite
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    pollypenny wrote: »
    ...... To stash money in the IOM requires considerable contrivance, ......

    I am intrigued that you know that. Presumably you have investigated how to do it? I wonder why?
  • woolly_wombat
    woolly_wombat Posts: 819 Forumite
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    michaels wrote: »
    So what is the answer - stuff isas now?

    Anne Ashworth, writing in the Times (behind paywall) has been urging folk to utilise pension and ISA breaks sooner rather than later:
    https://www.thetimes.co.uk/article/its-time-to-be-your-own-chancellor-gwlndl503

    "As we predicted last week, the pension tax reliefs may be reduced again, since the government will require funds to reverse the austerity measures that so displeased a large swathe of the electorate.

    The better-paid should expect the pension contributions caps — the £1 million lifetime allowance and the £40,000 annual allowance — to be lowered once more......

    In light of possible tax rises, this is the moment to be thankful for Isa-fication, the era between 2010 and 2016 when individual savings accounts of various types were the answer to the thrift deficit.

    Since Mr Hammond may not be keen on these schemes, take time to explore Isa opportunities in depth......    "

    Anyone who can afford to do so might like to utilise these tax breaks sooner rather than later.

    Particularly now that Paul Lewis of Moneybox has written in the FT that ISAs should be abolished since they only benefit the better off!
  • jamesperrett
    jamesperrett Posts: 1,009 Forumite
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    EnglishMohican wrote: »
    I am intrigued that you know that. Presumably you have investigated how to do it? I wonder why?

    30 years ago the big banks all had offshore operations allow people to avoid tax - and we're not talking about only well off people. So anyone that has been saving for a while would probably know about offshore accounts and how things have changed. I remember covering them in my O level economics.
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