Cheap road tax has arrived
- Thread starter pvr
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:w00t: how much
I think someone just read that as £427 per month 
At the summit of the picturesque fens
buzyg said:TitanTim said:That's nothing, wait until Starmer starts means testing for the State Pension
Tim.
Please don't joke about that. I have a genuine fear it may happen.
Wished I was, the winter fuel payments for pensioners is long gone now so won't be surprised they'll be looking at your retirement savings
I'm starting think as I near state pension age just blow what savings I have.
Tim.
buzyg said:TitanTim said:That's nothing, wait until Starmer starts means testing for the State Pension
Tim.
Please don't joke about that. I have a genuine fear it may happen.
That will never happen (without a ridiculously high threshold unlikely to affect anyone but the top 1%) for several reasons.
1) all those with savings will sue the govt for their NI payments for the last nn years
2) all those approaching the limit will spend/hide/give away their savings to get the pension.
3) anyone who implements it will be out of a job very quickly and lose by such a landslide the opposition would get in even if they had Gary Glitter as leader
4) the savings would actually be a lot less than most people think. It would only affect higher rate taxpayers so that's nearly half of the saving gone.
5) it would have to be linked to a Wealth Tax, which would be much simpler to implement standalone and acieve a similar outcome. Say I have £100k invested. In cash it pays me £3kpa, in CTY shares it pays me £5.6k, in BRKB it pays me nowt. In a Cosworth Sierra then it's a car, and how do you tax cars (exempt from CGT atm)? Very easy to for the better off to move assets to skew income figures and move money.
Likely things - align CGT with Income tax, so cash in those gains before the end of next month.
Tinker with IHT - remove a lot of allowances so SIPPs would fall into the Estate, and tighten up on Trusts or increase Trust taxation. Also remove AIM share exemption and some of the business reliefs.
Pensions - the LTA may make a comeback, but more likely is a cap on the pension TFLS from "25% of pot" to "25% with a max of £xxxk". Again only hits the wealthy with big pension pots. Reducing the tax break on contributions is a possibility that penalises Higher Rate payers, could be standardised to (say) 30% but more likely initially capped at 40% (so only additional rate taxpers are affected - the top 3% or so or earners).
VED - put up to 5 grand for 'band M' cars, making the Z4M worthless, and I can't even offset the loss against my sodding CGT bill.
Paul
DevonPaul said:buzyg said:TitanTim said:That's nothing, wait until Starmer starts means testing for the State Pension
Tim.
Please don't joke about that. I have a genuine fear it may happen.
That will never happen (without a ridiculously high threshold unlikely to affect anyone but the top 1%) for several reasons.
1) all those with savings will sue the govt for their NI payments for the last nn years
2) all those approaching the limit will spend/hide/give away their savings to get the pension.
3) anyone who implements it will be out of a job very quickly and lose by such a landslide the opposition would get in even if they had Gary Glitter as leader
4) the savings would actually be a lot less than most people think. It would only affect higher rate taxpayers so that's nearly half of the saving gone.
5) it would have to be linked to a Wealth Tax, which would be much simpler to implement standalone and acieve a similar outcome. Say I have £100k invested. In cash it pays me £3kpa, in CTY shares it pays me £5.6k, in BRKB it pays me nowt. In a Cosworth Sierra then it's a car, and how do you tax cars (exempt from CGT atm)? Very easy to for the better off to move assets to skew income figures and move money.
Likely things - align CGT with Income tax, so cash in those gains before the end of next month.
Tinker with IHT - remove a lot of allowances so SIPPs would fall into the Estate, and tighten up on Trusts or increase Trust taxation. Also remove AIM share exemption and some of the business reliefs.
Pensions - the LTA may make a comeback, but more likely is a cap on the pension TFLS from "25% of pot" to "25% with a max of £xxxk". Again only hits the wealthy with big pension pots. Reducing the tax break on contributions is a possibility that penalises Higher Rate payers, could be standardised to (say) 30% but more likely initially capped at 40% (so only additional rate taxpers are affected - the top 3% or so or earners).
VED - put up to 5 grand for 'band M' cars, making the Z4M worthless, and I can't even offset the loss against my sodding CGT bill.
Paul
3 years ago mum dies and we got her flat (which was already being sold). I invested the proceeds and have just cashed in to realise a gain. The choice is now to transfer the cash to my wife to reinvest in the same stuff, reinvest myself in something else, or pop by the Mclaren dealer and rent a unit out of the wife's sight on the way home 