Pensions DOOM

[MicrosoftBob]

Why not just put a tax on socialists and trots and call it a check your privilege tax

[AtW]

I predict ISA Doom next year. Anyone with over a few quid in there, gets a haircut.

It won't be haircut, but something like - tax on the "rich" who pay higher rate of tax upon withdrawal, say 20%.

[AtW]

Aren't they getting rid of higher rate tax payers relief? If they do anymore they risk people not saving into a pension, especially those at the lower end of the pay scale who shouldn't be saving for a pension anyway.

THEY don't risk anything.

Osborne needs every bit of tax revenue NOW and what happens in 2030 isn't going to be his problem.

[AtW]

BTL Doom
Pension Doom
I predict ISA Doom next year. Anyone with over a few quid in there, gets a haircut.
They need all this extra money to bail out the banks again sometime very soon.....

+1

Those dirty ISA millionaires

[SueEllen]

The poor are never going to become self sufficient anyway.

It's the middle income earners that they need to encourage, so that they can remove themselves from state dependency.

But if loads of middle income earners don't save, the system will collapse under it's own weight.

The trick is - how to fleece the middle earners without making them realise they are being plundered.

Well they have the tricks now. If they muck around more with pensions people will stop saving.

In short the only thing the government can do is make up a new tax. So they may as well put a tax on "unhealthy food to improve the nation's health"

[DimPrawn]

BTL Doom
Pension Doom


I predict ISA Doom next year. Anyone with over a few quid in there, gets a haircut.

They need all this extra money to bail out the banks again sometime very soon.....

[centurian]

Aren't they getting rid of higher rate tax payers relief?

If they do anymore they risk people not saving into a pension, especially those at the lower end of the pay scale who shouldn't be saving for a pension anyway.

The poor are never going to become self sufficient anyway.

It's the middle income earners that they need to encourage, so that they can remove themselves from state dependency.

But if loads of middle income earners don't save, the system will collapse under it's own weight.

The trick is - how to fleece the middle earners without making them realise they are being plundered.

[SueEllen]

Aren't they getting rid of higher rate tax payers relief?

If they do anymore they risk people not saving into a pension, especially those at the lower end of the pay scale who shouldn't be saving for a pension anyway.

[AtW]

Proposed new pension system will make future tax raids easier

The Government's proposal for tax-free pension income is high risk, says Steve Levin. The simple answer is to move to "buy two get one free"

The Chancellor faces a stark choice in the coming months, with the outcome of a Government review of the pension tax system likely to have a dramatic impact on both public finances and attitudes toward long-term savings.

Under today’s system, individuals are exempt from paying tax on anything they invest into a pension. Instead, pension income is taxed in retirement, creating a deferral that sees the Government forgo income tax until individuals start spending their retirement savings.

This system is often referred to as "exempt-exempt-taxed" (abbreviated to EET), with contributions and investment growth exempt from tax, while withdrawals are subject to income tax.

The net cost to the Exchequer from pensions tax relief in 2013-14 was £21.2bn. Bringing tax receipts forward would create a net tax gain for the Government since more income tax would be taken during savers' working lives, when for many their rate of income tax will be greater (the majority of retirees pay no more than the basic rate of income tax). "

Source: Proposed new pension system will make future tax raids easier - Telegraph

DOOOMED!!!