October Budget is "going to be painful", Starmer warns

[BlueSharp]

They have set out their stall to soak the rich and remove any tax breaks so I would expect they will go after untaxed capital gains like house price appreciation or the private pension loop-hole via inheritance tax reform or increasing CGT to income tax levels.

Complete removal of div tax allowance.
EV BIK to match ICE vehicles.
Income tax on private pensions.
Allow larger increases on council tax, perhaps even a triple lock type increase each year.
Extension of the VAT regime like bringing private schools as liable, private members clubs like golf clubs.

[sadkingbilly]

Extension of the VAT regime like bringing private schools as liable, private members clubs like golf clubs.

great idea! should've been done years ago!

[mogga71]

They have set out their stall to soak the rich and remove any tax breaks so I would expect they will go after untaxed capital gains like house price appreciation or the private pension loop-hole via inheritance tax reform or increasing CGT to income tax levels.

Complete removal of div tax allowance.
EV BIK to match ICE vehicles.
Income tax on private pensions.
Allow larger increases on council tax, perhaps even a triple lock type increase each year.
Extension of the VAT regime like bringing private schools as liable, private members clubs like golf clubs.

Presumably you mean 'Income tax hike on private pensions during drawdown' as it's totally dependent upon how much you are actually taking out. There is no way they will have the balls to claim income tax on the 25% lump sum ... that would be a step too far.

[malvolio]

They have set out their stall to soak the rich and remove any tax breaks so I would expect they will go after untaxed capital gains like house price appreciation or the private pension loop-hole via inheritance tax reform or increasing CGT to income tax levels.

Complete removal of div tax allowance.
EV BIK to match ICE vehicles.
Income tax on private pensions.
Allow larger increases on council tax, perhaps even a triple lock type increase each year.
Extension of the VAT regime like bringing private schools as liable, private members clubs like golf clubs.

By "the Rich" you mean anyone that's worked hard enough to have a mortgaged house, some savings and an income somewhere around the national average? Because that is the target. The rich, being much more able to escape, they will simply drive out of the country.

It's all going to horribly wrong in about three months time. Just remember the warm glow you got when this bunch of lying incompetents got elected. They may well make the last bunch of lying incompetents look like the better option.

[Andy2022]

The rich, being much more able to escape, they will simply drive out of the country.

Sure some of them leave but the reality is most of them generally don't… they love London and it's social scene, they have roots, connections, property here etc.

There are sensible ways of raising taxes too - why doesn't winding up a company get a lower tax rate (BDAR), why are DC pensions exempt from IHT if someone dies below age 75 etc.

[malvolio]

Sure some of them leave but the reality is most of them generally don't… they love London and it's social scene, they have roots, connections, property here etc.

There are sensible ways of raising taxes too - why doesn't winding up a company get a lower tax rate (BDAR), why are DC pensions exempt from IHT if someone dies below age 75 etc.

To be honest, I will be making some hard and rather selfish plans if my not insignificant pension fund is going to be subject to IHT. I fully intend spending it to make my old age very comfortable and escape the IHT penalty that way. The family will get the house; even after the current IHT penalty the estate will net rather more that three times what they already have. If I wind up in care, I will buy the best care I can.

[Andy2022]

To be honest, I will be making some hard and rather selfish plans if my not insignificant pension fund is going to be subject to IHT. I fully intend spending it to make my old age very comfortable and escape the IHT penalty that way. The family will get the house; even after the current IHT penalty the estate will net rather more that three times what they already have. If I wind up in care, I will buy the best care I can.

But did you invest in your pension to provide you with an income / wealth after you stopped working or did you just see it as a wrapper to potentially give away funds to your benefactors?

[sadkingbilly]

To be honest,
I will be making some hard and rather selfish plans

honest? are you sure you're a tory?
ahhh, - that's more like it! - true blue.

[BlueSharp]

By "the Rich" you mean anyone that's worked hard enough to have a mortgaged house, some savings and an income somewhere around the national average? Because that is the target. The rich, being much more able to escape, they will simply drive out of the country.

It's all going to horribly wrong in about three months time. Just remember the warm glow you got when this bunch of lying incompetents got elected. They may well make the last bunch of lying incompetents look like the better option.

All politicians are lying incompetents. Anyone who takes income from assets or waiting for an inheritance is well in labour's sights right now. I'm not expecting there to be much difference between inside and outside contracts once Labour is through.

[malvolio]

honest? are you sure you're a tory?
ahhh, - that's more like it! - true blue.

Tit. HTH...