Over 50s to be made exempt from income tax

[SerendipityJane]

for a year.

Admittedly, the Express, so no basis in reality, but an interesting "idea" to tempt older people back to work.

Given that these people didn't give up work because they are loaded, not sure how many would take up such a generous offer.

Also not sure how 16-49 year olds would feel about subbing up this generation.

www.express.co.uk/finance/personalfinance/1720385/Income-tax-over-50s-exemption-Rishi-Sunak-work

For me, the real news here is the complete lack of connection between government and the governed. Never ends well, even if you do eat cake.

Yeah, if ever you wanted evidence that they're completely out of ideas, batshit proposals like this would do it.

Haha, as an over 50, this would benefit me and I am probably the intended target as I have stopped work. And it is quite true that one factor in not working is that I can't put any more into ISAs or my pension and would pay higher rate tax on all my earnings.

Having said that, I still don't think it would be fair and also would be unlikely to be a net gain for the tax pot!

They have to do something to hide the increase in pension age that's coming down the tracks. And they are running out of things to push that below the fold. There's only so much in Harrys life that can keep us at the circus before we want our bread.

I only ever worked in minimum wage jobs anyway, and often part time. It's a hard no from me.

It was also in the Times, which is interesting as the Tories have sometimes floated policy ideas there. Although that was under Johnson.

Hmm I wonder what demographic is most likely to vote Tory?

Based on people I know in this age bracket, they don't work because they're carers for plder/disabled/unwell family members and it doesn't fit around work, or they've been made redundant and new employers don't want to take on a 50-something when they can take on someone younger, or they've developed health problems and their job is no longer suitable but they do still want to work (and that circles back round to point two where employers don't want to take on a 50-something).

My intial question would be, what jobs are the over 50s supposed to be doing?
There would appear to be a general shortage in the hospitality sector, but, somehow, I cannot see loads of early-retirement professionals busting a gut to be waiters etc.

I don't believe this is a serious policy for a moment. It would be electoral suicide.

Dunno, I might do it to relieve the ennui.

Problem is I wouldn't take a single tiniest bit of shit from an employer, or customer. I haven't so far and don't intend starting now.

And - bearing in mind it would be a job I never wanted or needed in the first place - I really would just walk out.

Presumably this brainwave would need to have massive debt baked into it, to ensure the over 50s know which side their bread is buttered. Like we've done with students. The easiest way would be to pay the tax upfront, and then - as long as you've been a good little person - apply for a rebate/refund.

I assume the government would like the ones who until recently worked in jobs like medicine, nursing and teaching to return too, although I'm not sure this policy is the way to do it. After all, people already get the first 12.5k free of income tax. If people aren't willing or able to work a day or two a week to take advantage of that, I can't see how opting them out of income tax entirely is going to change things.

As I said, it needs to distract from raising the pension age. Unless there's a hidden royal that can be relied on to crowd out the news for another few years.

Won't it encourage other over 50s to quit work?

Honestly this country is fucked as there's been no planning for the ageing population & we already have huge intergenerational inequality

I don't think it's a serious policy but they are laying the groundwork for significant changes. It's why there was a story recently about means testing the pension.

It's a batshit idea to get younger people frothing. You do realise that retired people who don't work at all get taxed on everything except their state pension.

From what I've read it's only a short term thing - if an over-50s person returns to work, they don't have to pay income tax for (eg) 6 months. It's not an indefinite period of tax relief.

I still think it's batshit though. Who needs another stick for the younger generation to berate their elders with?!

Maybe not quit but reduce hours perhaps. If you're used to losing 20% of your income or whatever to tax and then all of a sudden you don't, then you don't need to earn as much to come out with the same take home.

I thought they wanted to get under 40s voting Tory? This seems unlikely to help...

That said, I think they realise they're a dead party walking and are just going to get through the next two years and hand the mess to Labour to sort out (and then blame Labour for all the unsolvable problems the Tories caused in the first place...)

I turn 50 this year so bring it on.

Seriously though I'm in work though and can't afford to quit anytime soon so I don't see how this policy is going to help anything??

Also DH turns 50 soon and he is in higher tax bracket and has years of experience in his job so are they really going to stop tax for someone who is going to stay in employment for least another 10/12 years and lose all that lovely tax??

It makes so sense!

Well it's one thing offering all these "incentives" to get the over 50's back in to work...it's another completely getting employers to actually employ them.

Also surely the point of wanting to get people back into work is to make them pay into the system...?

pressed to soon

not to mention over 50's with a health condition who never even get to the interview stage.

I am also part of the demographic and have retired early. Not only would I not return even were it tax-free, I wouldn't do it for double the salary.

Also surely the point of wanting to get people back into work is to make them pay into the system...?

The primary aim is to boost the economy.

I wouldn't do it for double the salary.

I have been asked to return. I might consider it for double the salary.