[Finance] Rachel Reeves to reveal £20bn shortfall left by Conservative Government

[beorhthelm]

IFS made it abundantly clear that all parties fiscal projections were too short.
Tories most culpable because they had closest access to the books

they did indeed, further evidence the claim anyone didnt know there were dodgy finances is a bit of a fib.

 

[cunning fergus]

View attachment 186212

Just 52.3% sounds like a liberal approach to personal income taxation when compared to the 60% tax rate over 500k taxpayers have to shoulder in U.K. (62% with NI). A tax rate introduced by Osbourne, such was the incentive by the Tories to keep helping the rich.

More than 500,000 individuals caught in 60% tax trap - Article : Davis Bonley, Barnet

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I’m not sure if these are the “super rich” but the tax rate kinda indicates they must be.

 

[Marshy]

Equalisation of earned and unearned income is long overdue. Current system is so unfair, even more so after the recent CGT cut.

Finally I think we are going to see some proper levelling up, not just confined to some bullshit pork barrelling in red wall seats.

If I was Labour I'd do all in on CGT, IHT, upper rate pension tax relief and maybe some wealth tax on the super rich. It won't be popular with some but do it now early in the term. Pension tax relief needs to be favoured toward investment in UK assets, our home market is oversold and vulnerable to overseas M&A.

Rates upped to marginal IT rates of 40% and 45% for higher and additional rate taxpayers. Seems fair imho. Plus a move that will end the tax planning where some income can be retained, to later be taxed at much lower CGT rates.

It just feels like its pointless trying to actually invest/save what little i have if your going to get hit with 40% when cashing in.
All i see it is pushing anyone with real money to invest outside of the UK

Already paid 20% on the money earnt, and now possibly another 40% on anything i make on that... there is no reward for saving if thats the way it goes.

 

[Paulie Gualtieri]

Just 52.3% sounds like a liberal approach to personal income taxation when compared to the 60% tax rate over 500k taxpayers have to shoulder in U.K. (62% with NI). A tax rate introduced by Osbourne, such was the incentive by the Tories to keep helping the rich.

More than 500,000 individuals caught in 60% tax trap - Article : Davis Bonley, Barnet

search.app

I’m not sure if these are the “super rich” but the tax rate kinda indicates they must be.

You also lose tax free child care at £100,001 and also the additional 15 hours a week child care as well.
Both parents could earn £99,999 and keep both as well

You do well and get truly f***ed for the next £25,140 of income. To make matters worse, they now tax you an additional 5% out of this window where as it was previously 40% up until £150k

Everyone should have a personal income tax allowance in my opinion

 

[rippleman]

I guess we have to agree to disagree then.
Not a big deal; ideological difference.
Work hard all life, pay taxes all life. Pay off house, which means my house now belongs to me, as I paid for it, which was bought with paying tax to buy house.
Now, when I die, I want to give my whole house that I own and have paid for over 30 years legally, to my children I have to give some of that house worth to the state.
All of my house worth, should go to who I want it to go. It is my house, bought and paid for, by me.
Not the states right to take a slice.

Just catching up so apologies if fixtures.

You can use your argument for any form of income or asset.

I work to earn my wage. So my wage should belong to me. Not the states right to take a slice.

I worked hard to buy my second home holiday cottage in Cornwall. If I decide to sell it then the profit should be all mine. Not the states right to take a slice.

Yeah. Not sure your argument actually works does it?

 

[nicko31]

It just feels like its pointless trying to actually invest/save what little i have if your going to get hit with 40% when cashing in.
All i see it is pushing anyone with real money to invest outside of the UK

Already paid 20% on the money earnt, and now possibly another 40% on anything i make on that... there is no reward for saving if thats the way it goes.

What little you have? We have a £20k per person annual ISA allowance, you get tax free dividends and no CGT. Most people don't pay CGT, I don't think I ever have..

Or are you a struggling landlord?

 

[Weststander]

Just 52.3% sounds like a liberal approach to personal income taxation when compared to the 60% tax rate over 500k taxpayers have to shoulder in U.K. (62% with NI). A tax rate introduced by Osbourne, such was the incentive by the Tories to keep helping the rich.

More than 500,000 individuals caught in 60% tax trap - Article : Davis Bonley, Barnet

search.app

I’m not sure if these are the “super rich” but the tax rate kinda indicates they must be.

It’s 45%.

You’re referring to the anomalous top rate paid where total taxable income is £101,000 to £125,140 on that slice only.

 

[Marshy]

What little you have? We have a £20k per person annual ISA allowance, you get tax free dividends and no CGT. Most people don't pay CGT, I don't think I ever have..

Or are you a struggling landlord?

i wish i had 20k to put in an ISA, if i do well i manage to put 200 quid a month in savings, investments or crypto.

 

[beorhthelm]

What little you have? We have a £20k per person annual ISA allowance, you get tax free dividends and no CGT. Most people don't pay CGT, I don't think I ever have..

Or are you a struggling landlord?

only some, formal market investments can sit in an ISA. if you want to invest in something more exotic, like crypto, or a new business, or an overseas business, not allowed. which is ironic when people justify this tax as cost of government creating the environment for safe investments, the safest are tax free, the riskiest are taxed.

 

[KZNSeagull]

22.3% payrise for junior doctors over 2 years:

Junior doctor offered new pay deal in England

It is thought the new pay deal being offered is worth 22%, on average, over two years.

www.bbc.co.uk

 

[Nobby Cybergoat]

22.3% payrise for junior doctors over 2 years:

Junior doctor offered new pay deal in England

It is thought the new pay deal being offered is worth 22%, on average, over two years.

www.bbc.co.uk

Sounds expensive.

But just look at how many we are losing to other countries.

Much cheaper to keep them at a higher rate of pay than it is to continually retrain new ones.

 

[Right Brain Ronnie]

I hope Reeves will have a lie detector fitted to her as she dishes out the forthcoming BS.
Anyone that thought the Tories were dishonest, perhaps you should start viewing it in a neutral way in the early days of labour reign.

 

[nicko31]

i wish i had 20k to put in an ISA, if i do well i manage to put 200 quid a month in savings, investments or crypto.

Well you don't need to worry about CGT, even crypto can be bought inside an ISA. There are a lot of options....

 

[nicko31]

Sounds expensive.

But just look at how many we are losing to other countries.

Much cheaper to keep them at a higher rate of pay than it is to continually retrain new ones.

Need to stop the rot and make these people we have invested here want to stay here. Sounds a lot but probably less than the pensioners have received in recent years

 

[RandyWanger]

Haven't they just pledged 11.5 billion in 'climate aid'

 

[pb21]

I hope Reeves will have a lie detector fitted to her as she dishes out the forthcoming BS.
Anyone that thought the Tories were dishonest, perhaps you should start viewing it in a neutral way in the early days of labour reign.

Let's wait and see, apparently some analysis coming out today.

I agree though that it looks very much like BS, but don’t underestimate the depths the Tories will have gone to to bluff, bluster and obfuscate, particularly knowing they were going to be losing power in a few weeks.

 

[mejonaNO12 aka riskit]

This is like one of my school reports. Parents are finding out what I've actually been up to.

 

[dstanman]

Anyone know of a good firm local to Brighton for IHT advise and will writing at reasonable rate

 

[Napper]

Just catching up so apologies if fixtures.

You can use your argument for any form of income or asset.

I work to earn my wage. So my wage should belong to me. Not the states right to take a slice.

I worked hard to buy my second home holiday cottage in Cornwall. If I decide to sell it then the profit should be all mine. Not the states right to take a slice.

Yeah. Not sure your argument actually works does it?

bit off topic ish but second homes in places like Cornwall have ruined alot of these of these areas and driven locals out. Lot of impact on traditional ways of earning in close knit communities ie fishing.

Personally , I think it should be discouraged and the tax on this sort of set up is a good thing.

Agree , alot of it is unfair

 

[nicko31]

Haven't they just pledged 11.5 billion in 'climate aid'

UK committed to this in 2019, Sunak and co wanted to undo it. Those with the biggest carbon deficits need to step up