Politics

[athywhite1958]

2 hours ago, Ani said:

Looking at the impact thing and other than freezing the income tax bands not sure I am hit at all.

 

Changing the salary sacrifice schemes will impact a lot of older folk approaching retirement but suppose if you can afford to be squirrelling money away why should it be tax free ? 

Surely the money they are 'squirrelling' away has already been taxed!

[MancWanderer]

Been busy all day so only seen the headlines. I’ll wait to see what my IFA says about my pensions, the salary sacrifices at work and my savings. Til then I’ve no idea how affected I am

[jmjhb]

Just now, MancWanderer said:

Been busy all day so only seen the headlines. I’ll wait to see what my IFA says about my pensions, the salary sacrifices at work and my savings. Til then I’ve no idea how affected I am

Ooh, look at you with an IFA 😁

[MancWanderer]

1 minute ago, jmjhb said:

Ooh, look at you with an IFA 😁

Haha two redundancies, one divorce, an expensive current wife and advancing years sent me down that route 

[Jol_BWFC]

3 hours ago, Ani said:

Changing the salary sacrifice schemes will impact a lot of older folk approaching retirement but suppose if you can afford to be squirrelling money away why should it be tax free ? 

Also affecting younger (not yet middle aged 😊) folk who are trying to squirrel away for retirement.

I sound/feel a bit like a broken record, but I really did hope governments would be trying to plan for the future by encouraging private pension contributions in order to reduce reliance on state pensions in 40 years’ time. With an aging population it’s a ticking time bomb.

I guess they just look at it as a future government’s problem, not theirs. 

[Tonge moor green jacket]

45 minutes ago, athywhite1958 said:

Surely the money they are 'squirrelling' away has already been taxed!

In terms of pension contributions, it won't have been.

Nevertheless, at the other end, the "pot" will be lower, and therefore reduced taxes on that income/spend etc.

Salary sacrifice also benefits employers too, so any reduction in its take up, would also see a small increase in costs for them.

We keep being told that we all need to save more for retirement as we are living longer etc, so this makes that more difficult. 

Short term boost in taxes though- assuming employers don't decide it is all to much and reduce number of workers, or don't take as many on.

Recent increase in minimum wage is also going to affect them.

[Tonge moor green jacket]

5 minutes ago, Jol_BWFC said:

Also affecting younger (not yet middle aged 😊) folk who are trying to squirrel away for retirement.

I sound/feel a bit like a broken record, but I really did hope governments would be trying to plan for the future by encouraging private pension contributions in order to reduce reliance on state pensions in 40 years’ time. With an aging population it’s a ticking time bomb.

I guess they just look at it as a future government’s problem, not theirs. 

In one.

It will be argued that the 20% on contributions above the cap isn't massive, or is affordable by the better off etc, but after decades of "growth" that may be quite substantial. 

Presumably it will see a reduction in the amount pension companies receive, which in turn will see there ability to invest in the country reduced.

This is something RR is particularly keen on- which of itself is no bad things.

Jam today, plain bread in 40 years.

 

[athywhite1958]

I get pissed off with it because I pay nearly £250 per month on my prison pension because I have the nerve to live beyond pension age and receive state pension

[RoadRunnerFan]

1 hour ago, jmjhb said:

Ooh, look at you with an IFA 😁

I was sorting out some personal finance stuff and wondered if it was worth running by an IFA. Used chatGPT, I'm a management accountant so got a degree of general competence but no personal tax expertise. Was really helpful stress testing scenarios and running different options by it alongside some practical advice on navigating hmrc for a paye slave with barely any experience of dealing with them. 

[Winchester White]

10 minutes ago, athywhite1958 said:

I get pissed off with it because I pay nearly £250 per month on my prison pension because I have the nerve to live beyond pension age and receive state pension

So will we all and give it a few years it will be well more than 250 quid.

[RoadRunnerFan]

12 minutes ago, athywhite1958 said:

I get pissed off with it because I pay nearly £250 per month on my prison pension because I have the nerve to live beyond pension age and receive state pension

Is the Conservative response indignation at Athys 'gold plated public sector pension' or indignation at him having to pay MADMAX on it? 

Either way, its a fucking disgrace. 

[athywhite1958]

10 minutes ago, Winchester White said:

So will we all and give it a few years it will be well more than 250 quid.

Save up in cash and stick it under the floorboards

[Winchester White]

7 minutes ago, athywhite1958 said:

Save up in cash and stick it under the floorboards

That would be the worst thing you could do.

[Cheese]

15 minutes ago, Winchester White said:

That would be the worst thing you could do.

Might save a few quid on energy bills with the added insulation.

[Winchester White]

8 minutes ago, Cheese said:

Might save a few quid on energy bills with the added insulation.

Possibly. My mind bends how some folk think about basic money matters.

[Traf]

7 hours ago, mickbrown said:

Yet to see anything that is going to hit me in the pocket. 

Yeah, it looks like I'm pretty much unaffected. Who knew being poor already would be a positive?

2 hours ago, MancWanderer said:

Haha two redundancies, one divorce, an expensive current wife and advancing years sent me down that route 

Definitely an expensive current wife. Long may it continue  😉 

[MancWanderer]

35 minutes ago, Traf said:

Definitely an expensive current wife. Long may it continue  😉 

Aye, You are the chief beneficiary of her raiding my retirement pot 

[Winchester White]

Very quiet, I thought Bolty et al was predicting tax Armageddon?

[Spider]

25 minutes ago, Winchester White said:

Very quiet, I thought Bolty et al was predicting tax Armageddon?

It’s all just a bit boring.

They wanted the FTSE to be on its arse by 3pm and riots by supper time.

Maybe next time lads.

[bolty58]

10 hours ago, Sweep said:

surely a WWays first, a bit of Langston Hughes

No plaudits please.

[bolty58]

10 hours ago, Sweep said:

.....which of course must contain some details of the budget.

What a balls up

Incompetence or a calculated oiling of the ways?

I think it's safe to go with incompetence.

[bolty58]

8 hours ago, L/H White said:

Lovely 

 

 What a team eh? Smashed the gangs too 

As successful as Liverpool at present. 

[RoadRunnerFan]

49 minutes ago, Spider said:

It’s all just a bit boring.

They wanted the FTSE to be on its arse by 3pm and riots by supper time.

Maybe next time lads.

FTSE 250 (considered a better UK barometer than the more global FTSE100) up 1.42% on the day.

Bloody Rachel from accounts. 

 

[bolty58]

10 hours ago, Ani said:

Did you miss

 

’We are freezing Russian assets….and I do not mean the honourable member for Clacton.’ 

More please. It's like turbocharging.

[bolty58]

10 hours ago, Sweep said:

that was quite amusing

Small things amuse small minds? 😉