To reduce hours when labour win election

[Parttimeplay]

I fall into the “60%” tax bracket. With the upcoming elections and knowing the government always hammer the middle ground….woudlnt it make more sense for me to cut my hours for a more relaxed life, eligibility for childcare, reduced tax?

Does anyone know whether Labour have said anything else about what they intend to do with pensions this time? Lots of people avoid the 60% by stashing it in a pension and I'm wondering whether that't the kind of 'tax avoidance' (which they seem to say in the same breath as 'evasion') that Labour say they will be cracking down on.

Also, when Jeremy Hunt abolished the LTA and upped the amount you could put in a pension each year, Labour immediately said they'd reverse it when they got in power. I've not really heard anything on that since. The thing is that we have quite a few senior people at work who decided to continue working after the Hunt announcement but who've been advised to retire before Labour come in and reverse it. We could really do without losing them, espeically if there's no real intention to do this.

Any answer referencing the IASB is top tier in my book.

So if I understand correctly, Labour's 1997 action was to simply to remove the second level of tax-free status, moving forward, from funds that were investing what was initially untaxed payments into a pension scheme at the start?

So not actually a raid on any existing monies at all?

Well then surely the Tories reversed this rule in 2010 as a matter of urgency and employers happily restored pre-1997 pensions, right?

Oh look another 'labour are going ruin everything for everyone' thread started by a brand new username in the small hours of the morning.

Wonder how many more of these were going to get until July 4th rolls around?

Whoever's in charge of the Tory HQ misinformation strategy really needs to change tact.

So they are all going to retire in the next month in case Labour get in?🤔

Yes, it is hilarious. I bet they haven't even been on here before but just assume the site is full of stupid women who will believe anything they say.

Agree completely

Yes that's right. Well to be more precise they stopped plans to retire when Jeremy Hunt's changes were announced (some actually had and withdrew their resignations), have been putting quite a bit in pensions in the time since and have now been advised to retire before the LTA comes back. Some are intending to come back and do some hours as a consultant. They want to crystallise the pension now on the assumption that the LTA calculation won't be retrospective to include pension amounts that were crystallised when the LTA was not in operation. Depending on how you take it it's a 55% tax on amounts above the LTA.

And mine. I thought all pensioners were supposed to be dining out three times a week on lobster and caviar.

Here is the BMA evidence to Parliament which explains the impact that the LTA was having on doctors (there are some specifics of the NHS pension scheme that meant that they were especially affected but the same issues affect lots of people in this bracket in different professions) https://committees.parliament.uk/writtenevidence/25712/html/ . If you look down to section 6 it has a survey on what their members said they intended to do as a result. The senior people over minimum retirement age had already been thinking about this and they are worried that an announcement can change the rules with no notice, plus pension administration is not instant so they want to move in advance of the election.

I live in Buckinghamshire and both my kids go to grammars so I am pretty well versed about the system.

I can't be bothered arguing about it tbh, it's not particularly relevant to this thread. The whole system needs reforming anyway, maybe Labour will do it.

That's not why the final salary schemes were closed, as I am sure you well know. They were absolutely unsustainable in a world where people were living decades after retirement. They're still putting a massive hole in public finances even now, after they've more or less been abolished.

I must admit part of me has wondered if these are being started by NatCon members. Certainly the timings would suggest an American tie and, as you say, their attitude towards women ties in with the NatCon ideology.

Probably stepping into the realms of conspiracy theorist tbh but, it's very strange so many new users choose create political threds between 1am-3am....

Given they won the last election is it so out there that there are in agreement with centre or centre right politics?

Precisely. The laws of unintended consequence are being underestimated by many.

This is such BS. Please don’t fall for the “oh we really didn’t try very hard” line. Or the “we had no tuition” line. It’s all available online, everyone lies.

Well there is no shortage of teacher jobs so redundancies wouldn't be my first concern. If a private school is spending 75% of its budget on staffing (and that is 3-4 times the state school budget) I would kindly suggest there is some slack in there. I don't know how anyone can think it is credible to argue otherwise.

aka developing country like Thailand for instance . With endemic corruption and authoritarianism.

It's a lost cause noone with any brains or experience will go anywhere near it. Probably a 12 year old intern who was told to get on with it and do your best whilst everybody else is polishing their CV's and loking for a new job. These people for instance ! Virus what virus that's for the common people and the old folk who are a burden on the state.

There are certainly people online who seem really over the top regarding tuition but their children often don't get in. The parents who are over the top are usually that way because they know their children aren't that academic and don't have a good chance. If their child gets in they probably would have done anyway.

I know how much my DC did with regard to tutoring which wasn't a lot. I doubt their friends who were at grammar school with them lied about how much they did. Why would they? Why would I lie on an anonymous forum?

It so sad that people can’t absorb all of the things at play here, it’s much more complicated than VAT and state school provision. It’s about the socioeconomic interplay, and that has no solid grounding, other than research papers, case studies and a podcast or two, which fundamentally undermine the concept. More importantly, there is good cause to believe that the numbers of kids who will leave has been massively under-reported, due to families asked during the independent school survey, not wishing to flag their child as a potential flight risk.

Of course - do what's best for you. No one works more than they need to just so they can pay more tax (20% tax payer here)

More people working part time and having more time to devote to their families and communities sounds like a great idea. It also results in the wealth being spread around more if two people are doing half hours on a well paid job. And no loss in tax intake overall. Wins all round.

But there would be a loss of tax revenue - 2 lots of of tax free allowance and less higher rate tax....

Less, you can only get a max of 500 off per 3 month period so 2k per year

But there would be a loss of tax revenue - 2 lots of of tax free allowance and less higher rate tax....

True but then you have two people with plenty of money to spend rather than one so two lots of household goods, holidays and so on. I'd be amazed if it reduced tax overall. But even if it did I massively approve of people having better work life balance and of wealth being distributed more.