Budget 2024

[Ifwecouldjust.......]

Would be interested to see your reasoning to why this is good?

Many folk have planned their retirements on the basis if they die their residual pension arrangements would be passed tax free to their dependants.
This contingency now taxed at 40%.

No government should be allowed to piss about with long term saving plans in this way. Sure, taper a tax in over years but Christ, what a blow to many.

I think it's fairer to close this loop hole. Pensions shouldn't be a way to pass on inheritance without paying tax. Inheritance should be taxed more strongly. Only around 4% pay it.

Regardless of reliefs that are available that money wasn’t taxed and now is at 40 percent. There are ways to mitigate any taxes post 75. I’ve paid my taxes why should my money be taxed again.

Pensions in a SIPP have always been taxed once you die after 75

 

[Roachy]

The public and private sectors do not exist in self-contained bubbles. They are interlinked. You invest in the public sector you are also benefitting the private sector. Infrastructure, health, education - all benefit the private sector. Starving the public sector has harmed the economy. Failing to invest through borrowing when interest rates were at an historic low was the triumph of blind Conservative political dogma over common sense.

From Johnson’s ‘Fuck business’ and Truss crashing the economy, a year or so of Tories and their supporters ‘shutting the fuck up’ would be greatly appreciated.

Tories loathed the public sector because it cost money rather than generate it, the selfish greedy bastards.

 

[peter.evans]

Pensions in a SIPP have always been taxed once you die after 75

Not inheritance tax though.

 

[Lowtower]

You cant claim benefits without a National Insurance Number .... if you're illegal and not applied or entitled to asylum you cant get a National Insurance Number, (so no benefits)

If you are awaiting an asylum hearing you can claim section 98 support . That is limited to a full board hostel and food. If food isn't supplied you get a ASPN card which is loaded with £49.18 a week with which you are to feed, purchase toiletries and clothe yourself.

If you are a failed asylum applicant and are appealing / awaiting deportation you can claim Section 4 support. That is limited to a full board hostel and food. If food isn't supplied you get a ASPN card which is loaded with £39.63 a week with which you are to feed purchase toiletries and clothe yourself.

All of these benefits are means tested and to claim them you have to recognised as ''destitute''

None of the provisions provide a flat screen TV and / or an iPhone.

No mate

Asylum seekers are all given £1000 upon arrival and put up in swanky hotels whilst "our own" are left on the streets, they then get given a house and live a life of luxury for the rest of days.

And every benefit claimer is screwing the system, as everyones mates sister has 4 kids, gets 50k a year and they have smartphones, flatscreen tvs and go abroad on holidays

 

[Chris in London]

IMO this was a very negative budget for SMEs. These companies employ nearly two thirds of working people and already pay the highest percentage of tax and quite often have the smallest margins. Therefore, these additional tax rises will in most cases have to be passed on and the consumer will pay and inflation is likely to rise as a result.

The Chancellor had an opportunity to tax those that don't pay their fair share of tax, the big national and international companies that pay no UK corporation tax or in some cases not even VAT and use tax havens like the ROI and Luxemboug. Unfortunately she chickened out just like the last government.

This article below is just about 7 international tech companies. Add in the FTSE100 none of which paid any UK corporation tax and it isnt difficult to see that Reeves budget deficit of £40b would be an awful lot smaller.

Seven large tech groups estimated to have dodged £2bn in UK tax in...

TaxWatch analysis shows how complex tax driven structures are used to reduce tax bills.

www.taxwatchuk.org

I am not convinced that this budget will grow the economy in the short or medium term, but the proof of the pudding will be in the eating, and it's on that growth that Reeves and the Government will be judged.

That’s what the country voted for in July.

You lost, get over it.

It’s the will of the people.

:)

 

[peter.evans]

But it's supposed to be a pension, not an investment for your family. Leave the surplus pension to charity.

"1.4. In recent years, pension schemes have been increasingly used and marketed as a tax planning tool to transfer wealth without an Inheritance Tax charge, rather than for their intended purpose of funding retirement. This has been exacerbated by certain changes in pensions tax policy over the past decade. The introduction of pension freedoms in 2015 removed a 55% charge for pensions funds which remained unused at death and the abolition of the Lifetime Allowance in March 2023 removed the cap on the amount of tax-relievable pension savings an individual can accumulate over their lifetime. This means that individuals can accumulate unlimited tax-free savings in their pension, draw on other means to fund their retirement and leave their unused pension assets to be inherited by beneficiaries without any Inheritance Tax charge."

I agree, spend the money in drawdown or buy an annuity then there's no IHT ! A pension is for your retirement not for your children's.

 

[Churchlawtonblue]

That’s what the country voted for in July.

You lost, get over it.

It’s the will of the people.

:)

Silly post, I know it's what the country voted for as did I. You need to grow up. Its called a debate, if you are unable to contribute, perhaps it's wise you don't.

 

[Blue Maverick]

So at a stroke Starmer and his twatty party has stolen 40 percent of my surplus pension from my heirs by bringing pensions into IHT.

How does it work does anyone know? I have a public sector pension when I die my wife gets a monthly income as far as I know for life, she’s 12 years younger than me that could be a long time.

 

[Don Karleone]

You were happy with the Tories introducing it though .....

No, I wasn't. You were happy to tell us we were getting change though.

 

[BerkshireBlue]

We're you in favour of Corbyns tax plans when he was in opposition ? As these are not far off those in their scale. At least Corbyn was open about his plans beforehand.

Also do you not think that the largest business's should have been made to pay their fair share in this budget rather than load yet more tax on SMEs. They seem to have way too much influence on all governments.

I think you missed the bit where she helped small businesses by raising the small business relief from £5k to £10k. So the Ni increase won't be felt by small businesses. Middle and large business like mine will be hit but they can take the hit as they're by definition more robust and profitable. It's a balance act with large businesses increase the NI too much and they'll reduce the employees to compensate. This 15% level seems about right.

I've no idea why you've brought up Corbyn he didn't even get in power to set a budget. Personally, I liked him but ultimately he's wasnt prime minister material.