Starmer (UK is Jaded thread)

Millsy

Lots of bizzes needing tranzing too, Ed. Winner, winner chicken dinner.

Smallman1

Where there’s pain there’s gain!

vinnyt77

Millsy Moving pensions back into IHT is another controversial one

Is it? I think it simplifies tax affairs (which is a good thing). I paid income taxon my Dad’s private pension pot. Paying 40% IHT would have been simpler, and in my case, cheaper.

Millsy

vinnyt77 yeah, more the optics of it for thickets saying things like it being a tax on money already taxed. The usual shite basically.

vinnyt77

Millsy Got it. Standard wanker stuff. As you were 👍️

benson

Millsy But it’s not. Pension pots are untaxed. That’s the whole point.

Millsy

benson pensions on the way out, being taxed, and then said pots being inherited and then taxed. That’s the thickets view.

alistair

gcw as an employer, would you be more or less likely to hire more staff/give your employees a decent annual salary rise and increase the amount the % you pay into their pensions after that budget has piled on those extra costs??
Still some positives such as the freeze on income tax bands will come to an end in 2028 and she froze fuel duty and tax. She also didn’t fuck around with pension tax relief
I’d be keeping an eye on government borrowing costs now that they have switched the taps on

gcw

alistair we’ll more than likely remove some vacant positions from our headcount and not recruit to them now. 200k is a significant increase to bear so we absolutely will be looking for ways to mitigate that.

benson

I’ll be shutting down my payroll next year and only taking dividends from benson enterprises limited. No point in running a payroll that costs me 8.99 a month to only take £410 gross a month salary. No way I am paying employers NI on that.

I’m still trying to work out what to do, whether to keep high rolling or cut back massively and drop back under 100k.

Millsy

Start selling celebrity stories, bens. Cash in hand.

Smallman1

She hasn’t taxed airport lounges has she?

HAS SHE?

bosstrabs

Smallman1 She’s also taxed chocolate box good looks and being front and centre.

Millsy

CGT change is effective from today, which is a bummer. I’m assuming no change to the £3k annual CGT allowance as nothing was said.

alistair

The OBR puts forecast inflation up, says interest rates will stay higher for longer, predicts lower real wages from the NI tax rise, and slower growth. Nice one Rach.

Millsy

alistair she literally followed all the OBRs recommendations. I wonder what would happen if, I dunno, a chancellor and a no-mark PM were to ignore OBR recommendations and do their own thing entirely?

Hursty

The new pension rules will just mean more creative methods will be required to negotiate the tax

Does seem a tad harsh to include the pension in IHT of an estate

vinnyt77

Hursty Does seem a tad harsh to include the pension in IHT of an estate

Why? Currently, it’s taxed as income. A modest pension pot of £50 might not take you over the £325k threshold to pay IHT, but you’d sure as fuck pay 40% on some of it as taxed income…

Hursty

vinnyt77 some good views on it in here

https://ifamagazine.com/pension-changes-in-budget-give-advisers-plenty-to-think-about-reaction-from-across-the-industry/

I genuinely thought a SIPP is a tax efficient way of investing for the future of yourself and dependents

alistair

Millsy They came in saying they would grow the economy, the opposite is happening and in just a few months. Investor confidence has fallen since they took over and their combination of massive tax rises/borrowing although painstakingly choreographed over four painful weeks (due to Truss) is clearly spooking the markets. Sunak pulled it apart in 5 minutes.

vinnyt77

Hursty

Hursty So it’s ‘harsh’ in that it’s taught you (and I’m sure others) that your savings plans weren’t as efficient as you thought?

Millsy

alistair sorry? Sunak did what? 😂. You are aware he was PM for the last Tory government right?

Non Dom status, private jet tax and CGT changes not fuelling his passion whatsoever I’m sure.

The FTSE dropped a whole 0.5%. The pound is the same as yesterday. Ermm.

Along_the_Wire

alistair LOL

RichM

alistair should get Liz Truss back to steady the ship? 😂

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