Pension 25% Cash Free Lump Sum .... Last chance saloon?

[Protagoras]

If that is how limited your list is, then it says how smart you are - an upturn in the market and you want to get out.

I'm very close to retirement

[gus1]

Depressing stuff. The current trajectory for the middle class in the UK is that we keep on paying more for less in return, with worse service—something is going to give.

I wonder when any potential changes with respect to employer NI will be effective. It seems most likely in the new financial year

[jamesbrown]

I wonder when any potential changes with respect to employer NI will be effective. It seems most likely in the new financial year

Oh, at the earliest, but probably that. It isn't something that could be changed on budget day. There are some taxes that are increased on budget day that are uncomplicated and/or have an anti-avoidance angle via the provisional collection of taxes (i.e., an immediate vote in lieu of the Finance Act, which comes much later) - things like fuel and alcohol duties increase at 6pm on budget day.

[eek]

Oh, at the earliest, but probably that. It isn't something that could be changed on budget day. There are some taxes that are increased on budget day that are uncomplicated and/or have an anti-avoidance angle via the provisional collection of taxes (i.e., an immediate vote in lieu of the Finance Act, which comes much later) - things like fuel and alcohol duties increase at 6pm on budget day.

There is nothing stopping the Employer NI changing being implemented on December 6th 2024 - there would be enough leeway.

If the budget had been yesterday changing it from November 6th would have been achievable - but you couldn't get the letters out if you just have 1 week.

[jamesbrown]

There is nothing stopping the Employer NI changing being implemented on December 6th 2024 - there would be enough leeway.

If the budget had been yesterday changing it from November 6th would have been achievable - but you couldn't get the letters out if you just have 1 week.

The main thing stopping it is credibility. Employers will need time to accommodate the change. It won’t happen before 6 April.

[jamesbrown]

To be clear, Parliament has complete discretion over what taxes are introduced and the timing of them, including taxes that take immediate effect with a Ways and Means Resolution, as noted above, and taxes that take retroactive effect through a Finance Act or something in between in the form of anti-forestalling measures. However, there is a big difference between what is possible (everything) and what is likely (constrained by precedent and business reaction, among other things).

[jamesbrown]

Latest speculation is a straightforward increase in ErNI and a “significant” reduction in the secondary threshold, rather than a new application to employer pension contributions. If so, that could happen quickly and would essentially reverse the last EeNI cut via the back door. Would prefer that to pensions, but it will hammer umbrella workers.

[Cookielove]

Er NI going up so that’s all of us via umbrellas stuffed!
Another kicker …
Tough to even find a job it is a real challenge at the moment and if you can land one most are now inside …now the thought of even higher taxes each month…😟
It is just all so depressing at the moment.
Paying Er NI was bad enough but for it to rise again it’s a hard pill to swallow.
Bad move having Labour ….what a mess!

[sadkingbilly]

Er NI going up so that’s all of us via umbrellas stuffed!
Another kicker …
Tough to even find a job it is a real challenge at the moment and if you can land one most are now inside …now the thought of even higher taxes each month…😟
It is just all so depressing at the moment.
Paying Er NI was bad enough but for it to rise again it’s a hard pill to swallow.
Bad move having Labour ….what a mess!

i know, - it's a crying shame, so it is!

[WTFH]

Bad move having Labour ….what a mess!

How else is a government going to plug the >£30bn that Truss created? https://www.ft.com/content/736a695d-...7-fb92ed2a3dca
Or are we just supposed to turn into a debt-laden economy for the next generations to solve? It didn’t work in the 80s, and we’ve got a government now who are further right of Thatcher, even if the far right try to tell you they are communists.