To wonder how the UK will look in 3 years time?

Yes as for pp Labour didn’t think it through

Employing one NMW FT employee before Apr 25 - £18235 wage plus £1260 NI (assuming 50 weeks, 35h /week)

Employing one NMW FT employee from Apr 25 - £21400 wage plus £2460 NI

Total difference £4365.

It's huge for small businesses, esp if you have several employees.
Then you add business rates changes and it's bloody obvious how Labour are killing SMEs, retail, hospitality and labour market with them

No.

If the cafe owner has a team of part-time staff who work enough hours to earn more than £5k pa per capita, then that is a massive tax hike on the business. Given that the previous start point was £9k, RR slashed the starting gun down on the businesses by 50%. Please do tell me how that is not going to affect the cafe offering work?

Yes it’s very frustrating especially when the government is trying to achieve net zero.

it doesn’t help itself with the immigration policies and the constant house building

Yeah, unfortunately I feel very sad about the future. And not just because of money, but the more the population increases, and wars keep going on, higher inflation, the worse it's going to be. Rates of pollution from plastics and fossil fuels are getting worse and rates of illness are increasing too. It definitely makes me think what future my kids are going to have, and even more so if they have kids. I can't imagine anything getting better either, I just think the divide between the rich and poor is getting stronger, and higher income doesn't necessarily help considering the tax rates. Everything is getting harder.

What do you mean corp tax and cgt are payable from 2020?

That is incorrect. Most of us on here are middle class and fully understand that when Labour comes up with nonsense taxes that lead to a lot of the rich leaving, which they tend to do when there are punitive taxes, the tax burden for us and our children increases and we get squeezed even more.

l pay higher rate tax now and derive some income from investments, i don't see why i shouldn't be taxed at more then 24% or 18% if earnings drop....on unearned income...

In fact, Reeves changes to CGT have really pissed me off, a lower rate tax payer is taxed almost the same as income rates but the better off have a 16% saving.... to keep it fair, should be 38%

Why???

rich getting richer (and I don't mean the deluded Mumsnetters on 6 figure salaries)
poor getting poorer
decline of the middle class
Pensions means tested, pension age raised
No NHS
Large corporations buying up housing stock to rent out
No holidays, no car (unless you can afford the latest 'fake' green version)

that's it for a start, there are many more

The really sad thing is that so many people cannot seem to understand that they are on the wrong side of inequality. Like, they have a house, maybe a few houses, maybe they're property millionaires, they are higher rate taxpayers, and they think for that reason that they are the rich, and that the interests of the rich are the same as their interests.

If you're in this position, I would ask you this: can you afford not only to buy yourself a house, but also buy your children and all your grandchildren houses too, plus pay their bills, pay for their food, pay for their education, their health care, and also all of their pensions?

Because if the super rich are allowed to become richer and richer, asset price inflation will mean that no one can afford these things via wages anymore, only through inheritance. If you can't pay for all of these things for your family, then your family is fucked.

The rich do not need to be awful people in order for this argument to work. They just need to be ordinary people doing what ordinary people do with money, which is to spend it. Even if they hoard lots of it, if they've got billions, then they will inflate asset prices and inflate them by a lot. Your children will not be able to afford assets anymore. You need to understand this.

Corporation Tax is payable from 2020... and so is CGT.... your business will still be paying business rates....

Depends what you re doing and how you derive your income.

This thread is a perfect example of why, ultimately, social media is catastrophic for mental health.

And on the plus side..?

That, in turn, catches a significant number of older asset heavy/cash light owners - some of whom would be compelled to liquidate. So, no I do not agree with a wealth tax - it has been proven not to work in the majority of countries that have tried it, and would be pure political grandstanding, so beloved by Labour.

Again, how do you define ‘uber wealthy’?

You tax their static assets. You can’t take bricks and mortar with you. You see there is no problem, right?

By ‘uber wealthy’ do you mean UHNW?

If so, you will know they are mobile.

Ah you say, so the government should bring in an exit tax.

You see the problem, right?

Well of course it would be bigger in terms of actual amounts, that’s how percentages work.

If you have a bigger pie, your 10% slice weighs more than mine 🤷🏻‍♀️

But I said I wouldn’t mind, you can’t really debate that fact, I was only talking about myself.

Personally, I’m happy to pay more if we get more. Other people won’t be and that’s fine.

What I do find odd are the people who don’t want to pay more, but also want to moan about the state of public services. Either you pay more tax (as a country) or you accept a reduction in services.

Wrong on both counts, actually. My household is well above average in both income and assets. I'm just bright enough to see that my interests align much more closely with those of the ordinary person than those of the very wealthy.

I also love my country and care about the suffering of the poor. It's a little bit sad that you can't even imagine what that's like.

If they means test pensions who will want to stay, I mean who from the people who contribute more than they take?

I am up for taxes that actually raise revenue, not those that cost us like non dom 10 year lingering inheritance tax, 2 per cent wealth tax or private school VAT. The devil is in the detail. Non doms becoming tax resident is fair enough but telling people whose wealth was created elsewhere that they are going to be looking at a 40 per cent inheritance tax when their own country doesn’t do that is completely bonkers. Ditto charging people money for saving the state money not having to educate their kids. These aren’t revenue raising taxes, it’s attention seeking populism punitive taxes.

I worry about it every day but assume rather pesamiatically the wealthy 1% will be richer and the poor/working class will be poorer.

Someone has to pay back for Covid.

I have no birth children because I cant afford them, i pay 40%tax now and i about survive that's with working OT(both forced and willing, again I work in healthcare).

I have no problem paying more into the system but to what point? I cant give over 50% of my income to tax and national insurance for the greater good, when I think I sacrificed enough. I would be willing if (big if) better work/life balance and my utility bills (as an example) were not 250+ per month during winter.

Is it better in other countries, no not 100% but some things are markidly better.
(Sorry for the bad spelling I'm doing this off my phone)

The idea of a wealth tax is to target the uber wealthy. I am from an older generation and I’d welcome it.

Before Trump, I would have said America.

well how about a Global wealth tax
Every country signed up to it, and hefty fines for any country caught flouting it.
Its not as if every country isnt in the same boat