Top 5 financial things to do before labour get in?
Discussion
Having made an assumption rightly or wrongly that labour will get in, what should be the top 5 financial actions taken before labour get in.
I am by no means a finnacial expert !! In fact far from it.
So far I have I have come up with is pay max into pension before they reduce the threshold and pay school fees a year in advance to save the inevitable 20%.
Any other good ideas ?
Many thaks
Phib
I am by no means a finnacial expert !! In fact far from it.
So far I have I have come up with is pay max into pension before they reduce the threshold and pay school fees a year in advance to save the inevitable 20%.
Any other good ideas ?
Many thaks
Phib
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, Western country growth is slowing, debt is massive and getting bigger.
Problem with printing money, is Steins law, "If something cannot go on forever, it will stop." so money is most likely to run out in the next 20 years in both the UK and USA unless extremely drastic cut back are made across the whole of the uk.
oh yeh taxes can be cut without taking on more debt, and increased taxes will accelerate the already declining economic growth trend. Not sure any party can increase taxes, the Burdon in 1 trillion can't really go any higher.
Problem with printing money, is Steins law, "If something cannot go on forever, it will stop." so money is most likely to run out in the next 20 years in both the UK and USA unless extremely drastic cut back are made across the whole of the uk.
oh yeh taxes can be cut without taking on more debt, and increased taxes will accelerate the already declining economic growth trend. Not sure any party can increase taxes, the Burdon in 1 trillion can't really go any higher.
Edited by mickythefish on Monday 27th May 14:07
omniflow said:
If you're over 55 (or whatever the relevant age is now) and have a SIPP, take the 25% TFLS - well, actually take 24.9%.
First thing I did when I hit 55! Pensions rules are one thing that shouldn't regularly change, but do. Lifetime allowance rules seem to change every year!
contango said:
omniflow said:
If you're over 55 (or whatever the relevant age is now) and have a SIPP, take the 25% TFLS - well, actually take 24.9%.
What do you base that action on?I have spoken to a couple of IFA (hardly oracles) whoi suggest, any likely changes in pension taxation are likely to be gradually introduced rather than a stealth strike?
contango said:
omniflow said:
If you're over 55 (or whatever the relevant age is now) and have a SIPP, take the 25% TFLS - well, actually take 24.9%.
What do you base that action on?I have spoken to a couple of IFA (hardly oracles) whoi suggest, any likely changes in pension taxation are likely to be gradually introduced rather than a stealth strike?
Either way I’m not prepared to take the risk of not doing anything just in case.
When I raised the question of taking all of the 25% their reply was yes - why would you take “ only “ 24.9% though ?
alscar said:
When I raised the question of taking all of the 25% their reply was yes - why would you take “ only “ 24.9% though ?
I guess to avoid any potential rounding error and hitting 25.1% ?I just took 25% of the one I took - I am still trying to decide whether take my other one.
My feeling is that they won't remove it from people who could have already taken it, but may start to ratchet down the percentage for younger folk. Generally pensions are safer the closer you get to being able to access them, rule changes tend to either provide sufficient notice, or protections for those immediately affected.
Car bon said:
I guess to avoid any potential rounding error and hitting 25.1% ?
I just took 25% of the one I took - I am still trying to decide whether take my other one.
My feeling is that they won't remove it from people who could have already taken it, but may start to ratchet down the percentage for younger folk. Generally pensions are safer the closer you get to being able to access them, rule changes tend to either provide sufficient notice, or protections for those immediately affected.
Yes perhaps rounding although it shouldn’t really be a problem. I just took 25% of the one I took - I am still trying to decide whether take my other one.
My feeling is that they won't remove it from people who could have already taken it, but may start to ratchet down the percentage for younger folk. Generally pensions are safer the closer you get to being able to access them, rule changes tend to either provide sufficient notice, or protections for those immediately affected.
I share your feelings though.
I benefit from having fixed protection so am especially keen to remove the 25% and use it to give my children an early inheritance so to speak.
98elise said:
End any long term relationship (other then marriage) where one partner contributes more than the other!
Labour are going give the other partner rights to your savings, home etc.
Easily overcome by a simple lodger agreement and if she/he/it doesn't agree to signing one then there is clearly no love and they are obviously a gold digger so kick 'em out.Labour are going give the other partner rights to your savings, home etc.
Edited by 98elise on Monday 27th May 16:03
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'...
Personally I think that tax raises etc will be more of a slow burn thing once labour comes in - I cannot see them cutting spending and public debt is so huge that the pressure will slowly build to raise taxes that don't affect their voters
My guess is that over a parliament or two CGT will be increased to the same as the top rate of income tax, loss of higher rate pension relief, higher bands of council tax with various other smaller changes
Hopefully I will be wrong
My guess is that over a parliament or two CGT will be increased to the same as the top rate of income tax, loss of higher rate pension relief, higher bands of council tax with various other smaller changes
Hopefully I will be wrong
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'...
Just paid off the last of my unsecured borrowing.
Mortgage was fixed for 10 years at 3.06%.
Shaved a lot of discretionary spend.
I was toying with the idea of borrowing £40k to add to my £20k to buy an Aston DBS but will instead save up a bit more and go hunting around the £30k mark.
Trivial, entitled & tone deaf maybe. But if enough people do what I am doing the economy won’t like it.
Mortgage was fixed for 10 years at 3.06%.
Shaved a lot of discretionary spend.
I was toying with the idea of borrowing £40k to add to my £20k to buy an Aston DBS but will instead save up a bit more and go hunting around the £30k mark.
Trivial, entitled & tone deaf maybe. But if enough people do what I am doing the economy won’t like it.
This thread is totally incoherent. The current Uk tax burden is the highest it has been in 70 years. Despite this, public services are broken and the Thatcherite dream of privatisation has been proven to fatally flawed. So much so even the conservatives are talking of privatisation.
Yet despite this you believe that things will get worse for you under labour who btw also reduced effective tax rates overall from John Majors government. So your argument that labour = bad is wrong.
In a simple guy, I grew up in a council house and through free tuition fees went to university, built a business and retired at the age of 37. I’ve paid more in tax already than most folk will do in a life time. I’m not a non-dom, I love this country and want it to be good so so much, far more than those folk with flushed red faces who shout about loving our country loudly and regularly. though I could have been a non-dom, I don’t begrudge a penny in the taxes I paid.
To me it’s a simple choice, are you decent or are you a bit of a sh@t. Even if you’re a bit of a sh@t you surely want things to be better than they are. Because they’re largely crap here now. I can’t blame immigrants, half a dozen daft lads in a boat from Calais, Ukraine or Covid. It’s the chronic underfunding followed by latter crude and poor decision making in crisis funding for our education system, social services, health service, justice and infrastructure that we can blame. They’ve broken them all.
The “no money left” by the way is a treasury tradition that civil servants leave at the end of every government for the incoming portfolio holders. HMRC are already onto the private school fees ruse btw and I’m not aware of a single credible public school that are offering it. See Dan Niedle on the topic.
Yet despite this you believe that things will get worse for you under labour who btw also reduced effective tax rates overall from John Majors government. So your argument that labour = bad is wrong.
In a simple guy, I grew up in a council house and through free tuition fees went to university, built a business and retired at the age of 37. I’ve paid more in tax already than most folk will do in a life time. I’m not a non-dom, I love this country and want it to be good so so much, far more than those folk with flushed red faces who shout about loving our country loudly and regularly. though I could have been a non-dom, I don’t begrudge a penny in the taxes I paid.
To me it’s a simple choice, are you decent or are you a bit of a sh@t. Even if you’re a bit of a sh@t you surely want things to be better than they are. Because they’re largely crap here now. I can’t blame immigrants, half a dozen daft lads in a boat from Calais, Ukraine or Covid. It’s the chronic underfunding followed by latter crude and poor decision making in crisis funding for our education system, social services, health service, justice and infrastructure that we can blame. They’ve broken them all.
The “no money left” by the way is a treasury tradition that civil servants leave at the end of every government for the incoming portfolio holders. HMRC are already onto the private school fees ruse btw and I’m not aware of a single credible public school that are offering it. See Dan Niedle on the topic.
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