Top 5 financial things to do before labour get in?
Discussion
Simpo Two said:
And so we now have a Labour PM who went to private school and is a knight of the realm. Will he make me richer or poorer, lower taxation or reduce immigration?
Richer: no...how would he achieve that?Poorer: more likely due to changes to non front line fiscal changes.
Reduce immigration: no chance, especially as Europe is now leaning heavily right while Labour is wedded to the left.
So, no significant change with a Labour government is my expectation.
R.
The Leaper said:
So, no significant change with a Labour government is my expectation.
R.
And yet they were elected with the slogan 'CHANGE'...R.
We'll see if Starmer can walk the walk; for the moment he has diametrically changed his views on everything to suit - at the last election he was an anti-monarchy anti-Brexit Corbynite. So who knows, perhaps this human rights lawyer can get us out of the ECHR. Over to you Sir Keir!
(to answer the original question, no, I didn't do anything to adapt to the change in government).
Simpo Two said:
You might not approve of that idea when you reach 65... but some sort of mental acuity test could be taken. After all you wouldn't want someone like Joe Biden to be allowed to vote would you!
Of course I might not, but then I'd suspect a 16yo might not be happy about being able to move out of the house, pay tax and so on but have no way to vote for changes that impact them. I'm also not actually meaning they should be banned, but it is valid to question why an old person with 2 years left to live and no mental facility to make a good decision can vote, but a young person with the rest of their life ahead and who is paying tax and moved out of home can't vote.Youth will miss experience, but age will also have negative things too. The same goes for politicians - young ones can make silly mistakes due to inexperience, but old ones can often be fighting the challenges from when they were young despite the key issues being something else. As someone who can't vote despite paying loads of tax etc (because of moving countries) it might have changed my opinion a bit.
NRS said:
Simpo Two said:
You might not approve of that idea when you reach 65... but some sort of mental acuity test could be taken. After all you wouldn't want someone like Joe Biden to be allowed to vote would you!
Of course I might not, but then I'd suspect a 16yo might not be happy about being able to move out of the house, pay tax and so on but have no way to vote for changes that impact them. I'm also not actually meaning they should be banned, but it is valid to question why an old person with 2 years left to live and no mental facility to make a good decision can vote, but a young person with the rest of their life ahead and who is paying tax and moved out of home can't vote.Youth will miss experience, but age will also have negative things too. The same goes for politicians - young ones can make silly mistakes due to inexperience, but old ones can often be fighting the challenges from when they were young despite the key issues being something else. As someone who can't vote despite paying loads of tax etc (because of moving countries) it might have changed my opinion a bit.
Not every 65 year old “ only “ has 2 years to live !
Unless the individuals concerned have already lost the ability to think for themselves ( and their relatives are operating under Attorneyship ) not sure you can impose a maximum age though.
isleofthorns said:
so, now we are where we are....did anyone actually do anything proactive in advance of the inevitable?
I've been toying with taking my pension TFLS to sort out mrortgage over the last year or so. The inevitability of labour winning & uncertainty of what they would do really made the decision for me. Got the cash yesterday mortgage free today. isleofthorns said:
so, now we are where we are....did anyone actually do anything proactive in advance of the inevitable?
Some already left. Some planning. Some might eventually and other various effective business and wealth plannings.To be frank, this is irrespective of labour, usual UK recycling of its effective population for ages. It will open up new opportunities for young talented immigrants of course, which is great but they will also make the move when they can.
Surely, it had its own benefits but it is an expensive model for a country not being able to keep it's talent as it can't face the fundamental issues.
isleofthorns said:
so, now we are where we are....did anyone actually do anything proactive in advance of the inevitable?
Nope. I can see why some have taken the TFLS from pensions, although I suspect they won't do much at all to that for at least the next year.Tom8 said:
I am cashing in a load of shares. So at least for one day of the labour government I am actually better off than I was yesterday. Now need to start hiding cash away before they start seizing it.
Hiding cash away will certainly make you poorer in the long term. 98elise said:
isleofthorns said:
so, now we are where we are....did anyone actually do anything proactive in advance of the inevitable?
1. Maxed out ISA2. Gave cash to the kids
3. Gave notice to my Tenants of large rent rises (I believe rent caps are inevitable)
2. and 3. were started way before it was an inevitable win though
Feels rather like the firms greedily cashing in on Covid & then kept prices high. But well done for your wealth fund. The beauty of capitalism at it's finest.
Awake in the night, I was interested to flip on the TV and find "lefty loony" John McDonnell being interviewed on Sky. You know, Corbyn's left hand loony from back back in the day - an era before Rachel Reeves and Angela Rayner found their apparently miraculous transformation from the Far Left to the Centre Ground.
Anyway, McDonnell's view was that it'll be "business as usual" for a couple of years and then the new government will become "a lot more radical". Fairly obviously there's no need for an immediate increase in taxes because the Conservatives had already done it, despite their ridiculous claims of delivering tax cuts.
However, has any Labour government ever been able to resist the temptation to tax and spend?
Be careful what you wish for! As Raold Dahl would have said.
Anyway, McDonnell's view was that it'll be "business as usual" for a couple of years and then the new government will become "a lot more radical". Fairly obviously there's no need for an immediate increase in taxes because the Conservatives had already done it, despite their ridiculous claims of delivering tax cuts.
However, has any Labour government ever been able to resist the temptation to tax and spend?
Be careful what you wish for! As Raold Dahl would have said.
mikeiow said:
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So convert to Gold and/or Silver Britannias?Tom8 said:
I am cashing in a load of shares. So at least for one day of the labour government I am actually better off than I was yesterday. Now need to start hiding cash away before they start seizing it.
Hiding cash away will certainly make you poorer in the long term. ...
mikeiow said:
98elise said:
3. Gave notice to my Tenants of large rent rises (I believe rent caps are inevitable)
3 is lovely for you, but causes young (& not so young) people much grief. Have you put any thought to how that large increase will impact your tenants?Feels rather like the firms greedily cashing in on Covid & then kept prices high. But well done for your wealth fund. The beauty of capitalism at it's finest.
mikeiow said:
isleofthorns said:
so, now we are where we are....did anyone actually do anything proactive in advance of the inevitable?
Nope. I can see why some have taken the TFLS from pensions, although I suspect they won't do much at all to that for at least the next year.Tom8 said:
I am cashing in a load of shares. So at least for one day of the labour government I am actually better off than I was yesterday. Now need to start hiding cash away before they start seizing it.
Hiding cash away will certainly make you poorer in the long term. 98elise said:
isleofthorns said:
so, now we are where we are....did anyone actually do anything proactive in advance of the inevitable?
1. Maxed out ISA2. Gave cash to the kids
3. Gave notice to my Tenants of large rent rises (I believe rent caps are inevitable)
2. and 3. were started way before it was an inevitable win though
Feels rather like the firms greedily cashing in on Covid & then kept prices high. But well done for your wealth fund. The beauty of capitalism at it's finest.
So I took all their crap to the tip, had the house redecorated, replaced the carpet, sold the house and invested the proceeds. Not going to get caught twice.
RSTurboPaul said:
mikeiow said:
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So convert to Gold and/or Silver Britannias?Tom8 said:
I am cashing in a load of shares. So at least for one day of the labour government I am actually better off than I was yesterday. Now need to start hiding cash away before they start seizing it.
Hiding cash away will certainly make you poorer in the long term. ...
We only have a teeny tiny amount of sovereigns, bought over the past 6 years, but they have actually gone up very well in value. No doubt means they will drop now!
Broadly, we are more into stock ISAs.
For me, cash is just for an emergency fund, & that would mostly be in premium bonds....
I'll be staggered if they can keep their fingers out of Council Tax for more than 30 seconds.
It'll be interesting to see if and if so from which direction they attack "widespread tax avoidance" through ISAs,
a) Lower the annual investment limit from £20k to, say, £10k? Pretty benign.
b) Apply an overall cap on a person's ISA holdings value beyond which no further inputs can be made? Pretty benign.
c) Apply an overall cap on a person's ISA holdings value beyond which all ISA benefits are lost? Seems too complex for reality.
d) Apply a cap of, say, £10k on how much can be withdrawn "tax free" from an ISA in any one year, everything above that being subject to Income Tax? OUCH!!!!!
Use it before you lose it....
It'll be interesting to see if and if so from which direction they attack "widespread tax avoidance" through ISAs,
a) Lower the annual investment limit from £20k to, say, £10k? Pretty benign.
b) Apply an overall cap on a person's ISA holdings value beyond which no further inputs can be made? Pretty benign.
c) Apply an overall cap on a person's ISA holdings value beyond which all ISA benefits are lost? Seems too complex for reality.
d) Apply a cap of, say, £10k on how much can be withdrawn "tax free" from an ISA in any one year, everything above that being subject to Income Tax? OUCH!!!!!
Use it before you lose it....
mikeiow said:
isleofthorns said:
so, now we are where we are....did anyone actually do anything proactive in advance of the inevitable?
Nope. I can see why some have taken the TFLS from pensions, although I suspect they won't do much at all to that for at least the next year.Tom8 said:
I am cashing in a load of shares. So at least for one day of the labour government I am actually better off than I was yesterday. Now need to start hiding cash away before they start seizing it.
Hiding cash away will certainly make you poorer in the long term. 98elise said:
isleofthorns said:
so, now we are where we are....did anyone actually do anything proactive in advance of the inevitable?
1. Maxed out ISA2. Gave cash to the kids
3. Gave notice to my Tenants of large rent rises (I believe rent caps are inevitable)
2. and 3. were started way before it was an inevitable win though
Feels rather like the firms greedily cashing in on Covid & then kept prices high. But well done for your wealth fund. The beauty of capitalism at it's finest.
The tenants can stay as long as they want, but the PRS is becoming less attractive each passing year and I can get better returns elsewhere. Rent controls are inevitable as are increased capital gains taxes. When they do become empty I'll be selling them.
I cannot risk getting caught with low rents and rent caps in the mean time.
Panamax said:
I'll be staggered if they can keep their fingers out of Council Tax for more than 30 seconds.
It'll be interesting to see if and if so from which direction they attack "widespread tax avoidance" through ISAs,
a) Lower the annual investment limit from £20k to, say, £10k? Pretty benign.
b) Apply an overall cap on a person's ISA holdings value beyond which no further inputs can be made? Pretty benign.
c) Apply an overall cap on a person's ISA holdings value beyond which all ISA benefits are lost? Seems too complex for reality.
d) Apply a cap of, say, £10k on how much can be withdrawn "tax free" from an ISA in any one year, everything above that being subject to Income Tax? OUCH!!!!!
Use it before you lose it....
I can certainly see changes to ISA's. A lifetime cap would be my guess.It'll be interesting to see if and if so from which direction they attack "widespread tax avoidance" through ISAs,
a) Lower the annual investment limit from £20k to, say, £10k? Pretty benign.
b) Apply an overall cap on a person's ISA holdings value beyond which no further inputs can be made? Pretty benign.
c) Apply an overall cap on a person's ISA holdings value beyond which all ISA benefits are lost? Seems too complex for reality.
d) Apply a cap of, say, £10k on how much can be withdrawn "tax free" from an ISA in any one year, everything above that being subject to Income Tax? OUCH!!!!!
Use it before you lose it....
I bought into two Structured Products that pay quarterly interest, one in a GIA in 'er indoors name and the second was a matured SP held in an ISA in my name.
'er indoors is not, yet, drawing from 'er SIPP, so this takes up a chunk of 'er Savings Allowance as far as HMRC is concerned, as I have a modest pension from the RAF I have to pay tax via PAYE so the ISA wrapper helps me out.
My fear now is that State Pension will drop into PAYE next April, thus nobbling some of 'er indoors tax free income.
I'm less concerned about Ikea Starmer becoming hated for being the PM in charge when State Pension becomes taxable for the first time in history!
'er indoors is not, yet, drawing from 'er SIPP, so this takes up a chunk of 'er Savings Allowance as far as HMRC is concerned, as I have a modest pension from the RAF I have to pay tax via PAYE so the ISA wrapper helps me out.
My fear now is that State Pension will drop into PAYE next April, thus nobbling some of 'er indoors tax free income.
I'm less concerned about Ikea Starmer becoming hated for being the PM in charge when State Pension becomes taxable for the first time in history!
98elise said:
Panamax said:
I'll be staggered if they can keep their fingers out of Council Tax for more than 30 seconds.
It'll be interesting to see if and if so from which direction they attack "widespread tax avoidance" through ISAs,
a) Lower the annual investment limit from £20k to, say, £10k? Pretty benign.
b) Apply an overall cap on a person's ISA holdings value beyond which no further inputs can be made? Pretty benign.
c) Apply an overall cap on a person's ISA holdings value beyond which all ISA benefits are lost? Seems too complex for reality.
d) Apply a cap of, say, £10k on how much can be withdrawn "tax free" from an ISA in any one year, everything above that being subject to Income Tax? OUCH!!!!!
Use it before you lose it....
I can certainly see changes to ISA's. A lifetime cap would be my guess.It'll be interesting to see if and if so from which direction they attack "widespread tax avoidance" through ISAs,
a) Lower the annual investment limit from £20k to, say, £10k? Pretty benign.
b) Apply an overall cap on a person's ISA holdings value beyond which no further inputs can be made? Pretty benign.
c) Apply an overall cap on a person's ISA holdings value beyond which all ISA benefits are lost? Seems too complex for reality.
d) Apply a cap of, say, £10k on how much can be withdrawn "tax free" from an ISA in any one year, everything above that being subject to Income Tax? OUCH!!!!!
Use it before you lose it....
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