Top 5 financial things to do before labour get in?

[Car bon]

Ken_Code said:

My mistake, sorry, I thought that you were asking how to work with them to evade tax.

[Gecko1978]

macron said:

muscatdxb said:

I have to pay for all of those services privately including schools.

"Have" is a funny way to spell "choose".

[I 8 a 4RE]

boyse7en said:

Put your kids into a state comprehensive and donate the money you would have spent on private school fees each year to the PTA. They can then use it to buy better books/equipment/trips for the entire school, improving the standard of everyone's education.

I would. If the state schools had any sign of competence.

The issue with this limited mindset; our children aren’t competing with other (state school educated) children. They are competing with children from Singapore, China, and Northern Europe where the standards of state education is significantly higher than ours (sadly).

[I 8 a 4RE]

Ken_Code said:

My mistake, sorry, I thought that you were asking how to work with them to evade tax.

No. Looking for tax avoidance. Not tax evasion.

[arguti]

sugerbear said:

They may have left a note but it clearly wasnt true. Uncomfortable truth is that Gordon Brown saved the UK economy.

Are you serious ?

[Cupid-stunt]

I 8 a 4RE said:

Can someone please enlighten me on pre-paying your private school fees?

I have asked the bursar at our school and he states it is not an option from amongst other AML reasons. Extract from long email below.

—-

We have been advised that to do so will probably not work as a tax avoidance scheme for two reasons:
Firstly, as it has been in the press, it is likely that it will be included in the Labour Party foreshortening measures when they announce the change. This means that they will be able to backdate any tax to when they announced that they intended to make the tax change.
Secondly, tax is charged at the time of use so it is likely that HMRC will say that the tax for each year's education is charged at the time of the education.

—

Any tips to circumvent above very welcome.

I asked a similar question and was told that it is not possible.
I didn't ask for explanation, but good to know what the retort may well be.

Next step is to see if a number of parents are able to and willing to pay in advance for more than 1yrs - see if the groundswell would make them reconsider.
If the tax has to then be applied retrospectively, then so be it. At least i know I have tried and that is a good lesson to teach the offspring

[Ken_Code]

Cupid-stunt said:

I asked a similar question and was told that it is not possible.
I didn't ask for explanation, but good to know what the retort may well be.

Next step is to see if a number of parents are able to and willing to pay in advance for more than 1yrs - see if the groundswell would make them reconsider.
If the tax has to then be applied retrospectively, then so be it. At least i know I have tried and that is a good lesson to teach the offspring

The tax will be levied according to the tax laws when the service is provided.

I can’t agree that trying to worm your way out of tax is a good lesson for your children.

[98elise]

Ken_Code said:

Cupid-stunt said:

I asked a similar question and was told that it is not possible.
I didn't ask for explanation, but good to know what the retort may well be.

Next step is to see if a number of parents are able to and willing to pay in advance for more than 1yrs - see if the groundswell would make them reconsider.
If the tax has to then be applied retrospectively, then so be it. At least i know I have tried and that is a good lesson to teach the offspring

The tax will be levied according to the tax laws when the service is provided.

I can’t agree that trying to worm your way out of tax is a good lesson for your children.

If it's legal then why not?

[Ken_Code]

98elise said:

If it's legal then why not?

In the first place it’s not, but there are all sorts of things that are legal but immoral.

Not understanding this is a bit council.

[ooid]

OoopsVoss said:

The elephant in the room IS productivity & investment (the UK has been climbing up the ranks on FDI). They have to appear stable or that goes to Paris etc (which politically looks less stable).

Absolutely, whoever gets in, they should not be just idiot enough to miss FDI opportunity. I was with some colleagues from Japan last week, and one of them told me, they sometimes feel like arriving in Lebanon but not London. Overcrowded delayed airports, extremely aged public transport, old buildings and facilities. Almost everything needs upgrade, meaning decades of dividends. I mean you just need to make sure that there are no idiots running the country so any foreign investments can land somewhere decent and solid like U.K., considering the Saudi madness with their line fantasy in the dessert (alternative investment )

[Fast and Spurious]

arguti said:

sugerbear said:

They may have left a note but it clearly wasnt true. Uncomfortable truth is that Gordon Brown saved the UK economy.

Are you serious ?

He saved the world, remember.

[NowWatchThisDrive]

Ken_Code said:

98elise said:

If it's legal then why not?

In the first place it’s not, but there are all sorts of things that are legal but immoral.

Not understanding this is a bit council.

It remains to be seen whether it'll be legal or not, because they haven't offered that much detail as to how they'll implement the policy. If, indeed, they do.

One of my kids' schools offers prepayment in theory from entry right up to the end of Upper Sixth in one hit if you want, obviously with no absolute guarantees regarding future VAT etc. Personally I think you'd be crazy to take it up, to that extent anyway, but not for any moral reason!

[Crumpet]

Perhaps the public schools might start charging £5k for the school fees but then have a compulsory purchase of something zero VAT rated for £15k! Aren’t books 0%?

I have to say, in some ways it must be nice to have a low income, no savings, no assets, no pensions and rely on the state. Sure, you might have to decide whether to heat or eat, but at least you’re safe in the knowledge that the incoming Labour government is going to give you more ‘stuff’ rather than shaft you. (I say that in jest, obviously - nobody really wants to be in that position, but I guess people in that position must be a lot more optimistic at the moment.)

Anyway, I’m making the assumption that Labour will make it increasingly difficult for the motorist so planning on a V12 purchase in the next couple of weeks to get that box ticked. That’s as far as my financial planning is going.

[Puzzles]

Both parties I think are saying they would use fiscal drag for the next 3 years, that should provide enough £££ for the coffers.

[I 8 a 4RE]

Ken_Code said:

The tax will be levied according to the tax laws when the service is provided.

I can’t agree that trying to worm your way out of tax is a good lesson for your children.

Is an ISA worming your way out of tax?

Is pushing your income below the 60% (or whatever) effective tax bracket by funding your pension working your way out?

[I 8 a 4RE]

Cupid-stunt said:

I asked a similar question and was told that it is not possible.
I didn't ask for explanation, but good to know what the retort may well be.

Next step is to see if a number of parents are able to and willing to pay in advance for more than 1yrs - see if the groundswell would make them reconsider.
If the tax has to then be applied retrospectively, then so be it. At least i know I have tried and that is a good lesson to teach the offspring

That’s a good way to look at it.
I will apply the same mindset.

[turbobloke]

sugerbear said:

Simpo Two said:

mickythefish said:

The Tories have been printing money, driving inflation, and borrowing at levels never seen in recent history. Who ever gets in is pretty rubber ducked

And when they took over from Labour in 2010 they found a note in a drawer saying 'There's no money left, good luck'.

Before blaming everything on Truss's brief tenure, as Labour does because it suits them and fools believe it, let's not forget that little pandemic thing:

'Current estimates of the total cost of government Covid-19 measures range from about £310 billion to £410 billion. This is the equivalent of about £4,600 to £6,100 per person in the UK.'

https://commonslibrary.parliament.uk/research-brie...

Everybody loved Rishi when he was printing money to give to people. But they squeal when it's payback time.

And as for inflation, https://www.knightfrank.com/research/article/2023-...

So, two massive clobberings that would have knackered any government's plans.

I don't think any government is going to halt the UK's decline. That would take things that people won't vote for, so we'll just get more shiny politicians making promises they can't keep and demanding 'change'...

They may have left a note but it clearly wasnt true. Uncomfortable truth is that Gordon Brown saved the UK economy.

He saved the world!
https://www.youtube.com/watch?v=MYrNCMwxcpk
Having helped put our bit of it on the slide with his inadequate tripartite regulatory system.

[Cheib]

Cupid-stunt said:

I 8 a 4RE said:

Can someone please enlighten me on pre-paying your private school fees?

I have asked the bursar at our school and he states it is not an option from amongst other AML reasons. Extract from long email below.

—-

We have been advised that to do so will probably not work as a tax avoidance scheme for two reasons:
Firstly, as it has been in the press, it is likely that it will be included in the Labour Party foreshortening measures when they announce the change. This means that they will be able to backdate any tax to when they announced that they intended to make the tax change.
Secondly, tax is charged at the time of use so it is likely that HMRC will say that the tax for each year's education is charged at the time of the education.

—

Any tips to circumvent above very welcome.

I asked a similar question and was told that it is not possible.
I didn't ask for explanation, but good to know what the retort may well be.

Next step is to see if a number of parents are able to and willing to pay in advance for more than 1yrs - see if the groundswell would make them reconsider.
If the tax has to then be applied retrospectively, then so be it. At least i know I have tried and that is a good lesson to teach the offspring

You need to pay before the tax is announced, the anti-forestalling legislation is to catch any payments that are made between the tax being announced and become law/part of tax legislation.

Labour have said that they will not announce any fiscal measure until the OBR has opined on them which apparently takes 10 weeks. Not sure I'd risk that though.

My intention is to pay the 24/25 school fees before the General Election.

Am I setting a bad example for my kids ? Depends on your view.

I am paying the school fees under current legislation. Is that a tax avoidance scheme ? I don't think it is.

Edited by Cheib on Sunday 2nd June 17:56

[turbobloke]

The email mentions tax avoidance, that's lawful. It's tax evasion that's against the law.

A school may decide to accept or refuse advance payment.

[PositronicRay]

turbobloke said:

The email mentions tax avoidance, that's lawful. It's tax evasion that's against the law.

A school may decide to accept or refuse advance payment.

Won't it be invoice date?