Got something to say or just want fewer pesky ads? Join us... 😊
[Politics] Would YOU be happy to pay more income tax so OAPs could keep their fuel payments?
- Thread starter Guinness Boy
- Start date
Weststander
Well-known member
I was going to have the night off of politics, but I had to make the correction before the statement became NSC lore.
Anyway, have a good rest of the evening
.
- Oct 20, 2022
- 6,979
I wasn’t even going to get involved in this discussion at all, especially with the NSC centre right! - on this or the other thread (and heartedly regret getting dragged further and further in to itI was going to have the night off of politics, but I had to make the correction before the statement became NSC lore.
Anyway, have a good rest of the evening
)
ps. I will leave people with this about Liz Truss’s role in creating the economic crisis that led to the pension debacle
Truss' mini-budget helped knock £425bn off pension funds' assets
Pension funds were hit hard after the government announced tens of millions in unfunded tax cuts, which spooked the bond market.
www.cityam.com
Super Steve Earle
Well-known member
Thank you. As a non political soul, I now see what you mean.
dejavuatbtn
Well-known member
Up the personal allowance to something sensible and raise the level of income tax so that overall tax revenues are increased. Need to do something about the rich getting richer and the poor getting poorer.
I can’t believe that Labour got in promising not to increase taxes - that’s Tory self interest tactics.
I can’t believe that Labour got in promising not to increase taxes - that’s Tory self interest tactics.
Weststander
Well-known member
I wasn’t even going to get involved in this discussion at all, especially with the NSC centre right! - on this or the other thread (and heartedly regret getting dragged further and further in to it
ps. I will leave people with this about Liz Truss’s role in creating the economic crisis that led to the pension debacle
Truss' mini-budget helped knock £425bn off pension funds' assets
Pension funds were hit hard after the government announced tens of millions in unfunded tax cuts, which spooked the bond market.
Their headline drew people in, then the body of text reveals the true time frame and facts. Here’s the meat on the bone.
https://www.telegraph.co.uk/business/2023/10/04/global-bond-markets-turmoil-households/
Last edited:
- Oct 20, 2022
- 6,979
Don’t start quoting right wing papers at me.
As I said, lets end the discussion because this must be really boring for everyone else reading this thread now. It’s gone way off topic.
We differ in our political perspectives lets just leave it at that - Me supporting Labour in the election has not influenced my views on them now removing WFPs that should be enough for you.
Weststander
Well-known member
Don’t start quoting right wing papers at me.
As I said, lets end the discussion because this must be really boring for everyone else reading this thread now. It’s gine way off topic.
Truss didn’t knock £425b from our pension funds. If you hadn’t stated that, we wouldn’t be having this discussion.
Be careful of clickbait cityam, look at its latest headline drawing people in designed to raise hackles.
https://www.cityam.com/government-accused-of-trying-to-hide-horrific-impact-of-winter-fuel-squeeze/
FT it isn’t.
And to reiterate, no fan of Truss or Kwarteng here.
Ditto for me and it’s normally very quick if you use the on line service.
Shropshire Seagull
Well-known member
Was this a paper submission? How long ago are we talking? I always did mine electronically online. If you had an accountant submit it for you this could maybe point to additional complexities. Remember SA is only required to be completed for UK tax domiciles who have income outside of the normal PAYE environment. If there were international components on the return that can slow things down (depends on which country).
How near 31-Jan deadline day was it submitted? HMRC called every January "peak-processing" and before electronic SA submissions were possible, extra staff were redeployed to deal with the SA paper submission deluge and an IT change freeze was always implemented every January too
Now, most SA returns are submitted electronicallt online and can be processed way faster.
Sounds like you just had a bad experience?
Are you still doing SAs now? If yes, paper or electronically?
It was a SA submitted electronically. I have rental income I declare in the UK but this is all, no other components and no international component.
It seems like this was a one off bad experience, the main cause of the delay was the constant “hmmmm, we need to investigate and will get back to you” the lost submission caused. Once they had stated it was best to re-submit it went relatively quickly.
WestYorkshireSeagull
Active member
- Dec 28, 2021
- 98
The over 60s have had their 'winter fuel payment' by being fortunate enough to grow up through an unprecendented house price inflation era.
£10k salary and a 20k house now worth £500k?
Winter fuel payment my 'arris
£10k salary and a 20k house now worth £500k?
Winter fuel payment my 'arris
Stumpy Tim
Well-known member
https://www.bbc.co.uk/news/articles/cvg3g8wpwwqoI have got three children, 2 currently at Uni one just graduated, i didn’t contribute anything to them going, they did all from the grantAlso the high interest rate on the loan
I’ve just checked and its not that high
Good timing from the BBC!
Ali_rrr
Well-known member
One of the main reasons I chose not to study in the UK. I mean, it's not even a debt anymore it's a tax.
Majority of people will never pay this off.
Withdean South Stand
Well-known member
- Mar 2, 2014
- 646
In truth, the pensioners who need the allowance will get it and the additional tax revenue should come from those who don't currently pay their fair share. I pay every penny of my due taxes and if everyone did the same there wouldn't be a black hole.
LamieRobertson
Not awoke
Really ….i must have blinked as that never happened to me or my parents…perhaps it’s best not to lump everyone in the same bracketThe over 60s have had their 'winter fuel payment' by being fortunate enough to grow up through an unprecendented house price inflation era.
£10k salary and a 20k house now worth £500k?
Winter fuel payment my 'arris
Shropshire Seagull
Well-known member
Indeed, but a tax you only pay when you earn enough to do so - thresholds vary depending on which SL plan you're on, £25k-ish.
And if you don't pay the "loan" off, it gets written off anyway - again, dependent on which SL plan you're on, but by aged 65?
So, my interpretation is: pay (invest in) to get a degree to help you get a better paid job. If you do really well (getting very well paid) you will be able to afford to pay back the investment loan in full for the education that helped to achieve this well paid job.
Imagine taking out a £30k loan to use as an investment - if your investment does well, you are duty-bound to repay the loan - but if the investment fails, and you don't make the returns you had hoped to, the loan gets written off. Isn't that kinda how the Student Loan model works?
Thunder Bolt
Silly old bat
Many over 60s still rent, and your figures for home owners are way out, but apart from that,The over 60s have had their 'winter fuel payment' by being fortunate enough to grow up through an unprecendented house price inflation era.
£10k salary and a 20k house now worth £500k?
Winter fuel payment my 'arris
Which just shows that University degrees aren't necessarily the passport to good jobs that the commercial organisations - sorry, universities - trying to sell the idea of getting a degree to our kids want them to think it is!