what should I be panic doing before budget?
Discussion
Have a watch of this James Shack video https://www.youtube.com/watch?v=8WAh4KczcKk
Tighnamara said:
If you are thinking of doing something in a panic, don t do it.
Right answer!Be prepared to act quickly after some analysis. Booze, Smokes and Fuel tend to be the only things that change overnight. Most other stuff needs to be voted through Parliament.
Every media outlet has produced its list of potential targets. It is most unlikely that everything will be hit. Leaving the budget to the end of November, particularly as the nations finances are in a pickle, has created this hysterical media reaction. Ignore it.
Whatever you do will almost certainly be wrong, and whatever you're most worried about probably won't happen.
The Daily Mail and Telegraph seem to be making a living from writing articles about what taxes are going to go up - I don't think there are any they've missed so far! But then anger and fear generate much more "engagement" than calming words and reassuring column inches. It's depressing.
The Daily Mail and Telegraph seem to be making a living from writing articles about what taxes are going to go up - I don't think there are any they've missed so far! But then anger and fear generate much more "engagement" than calming words and reassuring column inches. It's depressing.
petemurphy said:
any tips?
Ensure full £20k ISA allowance has been used for the year.Do any large "lifetime gifts" that you may have in mind.
Make any CGT disposals that you're likely to want to make in 2025/26.
If you already have a mahoosive pension you could top-up now if you think she may re-introduce a Lifetime Allowance.
All of the above are things that tend to change instantly on budget day in order to suppress avoidance.
Fiddling about with Income Tax and other ongoing taxes tends to be done from the following April, rather than immediately.
Panamax said:
Ensure full £20k ISA allowance has been used for the year.
Do any large "lifetime gifts" that you may have in mind.
Make any CGT disposals that you're likely to want to make in 2025/26.
If you already have a mahoosive pension you could top-up now if you think she may re-introduce a Lifetime Allowance.
All of the above are things that tend to change instantly on budget day in order to suppress avoidance.
Fiddling about with Income Tax and other ongoing taxes tends to be done from the following April, rather than immediately.
Very unlikely that ISA allowance would be changed on budget day, why do you think this would be in place instantly. Do any large "lifetime gifts" that you may have in mind.
Make any CGT disposals that you're likely to want to make in 2025/26.
If you already have a mahoosive pension you could top-up now if you think she may re-introduce a Lifetime Allowance.
All of the above are things that tend to change instantly on budget day in order to suppress avoidance.
Fiddling about with Income Tax and other ongoing taxes tends to be done from the following April, rather than immediately.
So could invest £20k in the morning pre budget but not the afternoon post budget.
Tighnamara said:
Very unlikely that ISA allowance would be changed on budget day, why do you think this would be in place instantly. So could invest £20k in the morning pre budget but not the afternoon post budget.
Last year she changed CGT rates on Budget Day. There's a rather wordy article on the subject here, https://www.saffery.com/insights/articles/autumn-b...The key message is simply don't take any risks you don't need to take, however small.
Hustle_ said:
Spare a thought for all of those who crystalised their pensions and now have a heap of uninvested cash they don't know what to do with.
Hopefully most people at least had a plan. Ours was sheer coincidence with the timing and talk about the TFLS but the panic has held up the process. Anyway the TFLS will be reinvested in VLS60/80. DT1975 said:
Hustle_ said:
Spare a thought for all of those who crystalised their pensions and now have a heap of uninvested cash they don't know what to do with.
Hopefully most people at least had a plan. Ours was sheer coincidence with the timing and talk about the TFLS but the panic has held up the process. Anyway the TFLS will be reinvested in VLS60/80. Panamax said:
Last year she changed CGT rates on Budget Day. There's a rather wordy article on the subject here, https://www.saffery.com/insights/articles/autumn-b...
The key message is simply don't take any risks you don't need to take, however small.
Very sound key message. The key message is simply don't take any risks you don't need to take, however small.
Unfortunately my son’s house buying chain is about to collapse as the buyer at the lowest end has convinced himself that he will be adversely affected in the budget ( he is buying to let and is fussed about stamp duty changes ) and would prefer to wait and see.
Despite all the solicitors and mortage advisors in said chain saying even if something were to be announced it wouldn’t affect him adversely anyway.
Condi said:
The Daily Mail and Telegraph seem to be making a living from writing articles about what taxes are going to go up - I don't think there are any they've missed so far! But then anger and fear generate much more "engagement" than calming words and reassuring column inches. It's depressing.
This, if everything they say is going to happen, happens there will literally be no point investing in Pensions, ISAs, Shares or Property ever again. Plus everybody will be squeezed so hard that there will be little point going to work again.Also there will be no where else to go next year when she explains how she pissed all our money up the wall again, and unfortunately we will have to cough up even more.
ThingsBehindTheSun said:
Condi said:
The Daily Mail and Telegraph seem to be making a living from writing articles about what taxes are going to go up - I don't think there are any they've missed so far! But then anger and fear generate much more "engagement" than calming words and reassuring column inches. It's depressing.
This, if everything they say is going to happen, happens there will literally be no point investing in Pensions, ISAs, Shares or Property ever again. Plus everybody will be squeezed so hard that there will be little point going to work again.Also there will be no where else to go next year when she explains how she pissed all our money up the wall again, and unfortunately we will have to cough up even more.
It was exactly the same last year.
Which makes her pre budget speech the other day seem even more pointless and scare mongering.
It’s almost as if she simply doesn’t care or is too thick to work out the upset and stress it causes for some.
Still look on the bright side - she won’t be around for too much longer perhaps although maybe at that point better the devil you know.
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