Pensions tax
- Thread starter Wizaard
- Start date
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Scaramanga
Guest
Can you imagine the outrage 
Wizaard
Well-known member
Front page of today's Telegraph. Paper click baitCan you imagine the outrage
Matesrates
Well-known member
I think it’s on contributions, at the moment, there’s a cut off of £1m, might be reduced to £800 thousand.
The lifetime tax allowance on a pension pot and the annual tax free allowance have been massively reduced over the last decade or so and, as stated above, could be reduced further. The vast majority of people don't get near those limits, so they are not going to make massive savings. And, of course, pension payments are taxed like any other income, whilst the state pension age is gradually being increased to 70. I am not sure what else could be squuezed out of pensioners.
Curryman
Well-known member
Pensioners who have saved a little, receive far less than a person on minimum wage or indeed living wage, as they do not comply with the top-ups to those who only have a basic pension. I consider myself reasonably OK due to other pensions and savings, despite Gordon Brown's pension grab when he was chancellor, but, unfortunately, savings do not last forever.
TwelveAngryMen
Well-known member
If it was me I would change the IHT rules and tax inherited wealth far harder
It is not that easy. To make a material difference it is the really super rich (not the middle classes) that really need squeezing. Unfortunately, they are very good at moving around assets in offshore trusts etc to avoid disclosure and recovery. The same applies with the big, international companies avoiding tax through registration in lower taxed countries
todayistheday
Well-known member
Think everybody needs to chip in but they wont and the pensioners will fight all the way.
Wizaard
Well-known member
The squeeze will be in those in receipt of benefit and the public sector. Its already started with pay freezes announced. Super rich donate too much to be hit.
Wizaard
Well-known member
Pension Credit is in place for those with savings below £16,000. That takes them to above rates of benefit, but £16,000 isn't a lot as lifetime savings, and won't last long.
SEASIDE2020
Well-known member
If it affects those with a pension pot of 1 million or above then no qualms from me.
Wealth distribution being a left wing philosophy that puts me back in line with the left again
I prefer just to say I'm all right Jack !!!!!!!!!!
Only kidding LALA but on a serious note, there is no such thing as a free lunch and this extended lockdown will have to be paid for.
I should be OK myself because I have been against the lockdown and AVFTT law depicts that my conscious is clear and that I don't have to contribute.
Lala, you may be surprised to know that the reduction in size of the tax free pension pot has actually been under the Tories. It was twice as generous under Labour.If it affects those with a pension pot of 1 million or above then no qualms from me.
Wealth distribution being a left wing philosophy that puts me back in line with the left again
Lala
Well-known member
It isn’t I’m alright Jack though is it. It’s the left wing ideology of taxing the rich.
I obviously can’t win on this board. If i salute taxing the wealthier I’m accused of I’m alright Jack because I’m not wealthy.
And if I salute and promote hard work pays I’m accused being cruel and and wicked for judging others less well offf
That’s why I understand the conundrum of most governments and don’t stick to any certain ethic as though it’s a black and white science.
And also why I take politics on this board with a huge pinch of salt and float around the middle with an open mind
Lala
Well-known member
I’m not surprised by that at all ! Others may be
SEASIDE2020
Well-known member
It isn’t I’m alright Jack though is it. It’s the left wing ideology of taxing the rich.
I obviously can’t win on this board. If i salute taxing the wealthier I’m accused of I’m alright Jack because I’m not wealthy.
And if I salute and promote hard work pays I’m accused being cruel and and wicked for judging others less well offf
That’s why I understand the conundrum of most governments and don’t stick to any certain ethic as though it’s a black and white science.
And also why I take politics on this board with a huge pinch of salt and float around the middle with an open mind
Apologies for the I'm alright Jack, it was me saying that.
I was only kidding LALA, I have no problem with your views on wealth distribution whether or not I agree with them, keep calling things as you see them and sorry if I was overly short.
Lala
Well-known member
No offence taken at all.
I think this just indicates and highlights further how you shouldn’t rationally really stick to a one party political view and how you will always get slated by the rigid stalwarts even if the policy fits their usual agenda, but isn’t delivered by their party of choice
SEASIDE2020
Well-known member
No offence taken at all.
I think this just indicates and highlights further how you shouldn’t rationally really stick to a one party political view and how you will always get slated by the rigid stalwarts even if the policy fits their usual agenda, but isn’t delivered by their party of choice
Absolutely LALA, I've never voted for any political party in my life - I've only ever rocked up to vote once and that was for Andy Higgins.
I form views based on my beliefs and not the policies of any specific party.
Atletico_Seasider
Well-known member
I agree but I doubt that will happen TAM. Certainly not with the priviledged elite running the government/country. Turkeys don't vote for xmas do they?
Lala
Well-known member
Maybe they could do both
Bisphamtang
Well-known member
Trammo I think most people are thinking we need to pay back cost of covid
- not sure how tax cuts are going to help with that
It's a case of tax more or make drastic cuts to public services
Agreed something needs to be done about tax evasion by multi nationals and very wealthy individuals
Suspect pensioners might lose the triple lock, 10% on fuel and increase in national insurance say 1% to go direct to NHS
Then there is the conundrum of social care to try and grasp
- not sure how tax cuts are going to help with that
It's a case of tax more or make drastic cuts to public services
Agreed something needs to be done about tax evasion by multi nationals and very wealthy individuals
Suspect pensioners might lose the triple lock, 10% on fuel and increase in national insurance say 1% to go direct to NHS
Then there is the conundrum of social care to try and grasp
1966_and_all_that
Well-known member
Tax on land & building assets needs to be increased over a £5m threshhold right now. That's where the ill-gotten gains of the mega-rich are going in London and other big city centres across the world.
Bottle
Well-known member
Benefitted most but also hardest hit, already paid with lots dying before their time, so how much state pension money has been “saved” by losing so many claimants?
Remember all those retired Doctors and Nurses who went back to help out the NHS too.
If they do start clawing money back from OAP’s then the younger generation should be out on their doorsteps applauding them every Thursday evening - but lock your back doors or the even younger generation will be in nicking your work laptop and best frying pan!