To ask what you'll be doing to avoid the Labour tax hikes

[OptimismvsRealism]

Pension contributions
Gift aid
Selling my shares now while CGT is relatively low

What really worries me is that all the professionals we actually need to want to be here will just fuck off elsewhere, though.

It's not like we're knee deep in hospital doctors.

Paid as much as I could into my pension for this year and sold some shares. Most people I know with buy to let’s have been selling.

not much can be done about avoiding school fee increase or the increase to council tax/ house tax so I’m just trying to avoid reading the articles about it….

Fantastic to have Ms Reeves on here in person and telling us all what taxes and changes she is going for in the budget next October.

No one knows what tax changes she will introduce.

But let the Tory scare stories go into overdrive.

Maybe ask why the country is in such a mess?

I'm a single mother, slightly better than average earner, I would happily pay slightly more if it builds more solid, effective and stable societal and services infrastructures.

Im actually thinking about NOT putting money into the pension since if they remove the 25% tax free sum then there is little advantage to me in pension saving.

They've said over and over they will not be penalising working people - it will be pensions, corporation tax and IHT

This is very relevant question.

It would be helpful if everyone saying they are happy to pay more would also say which amount. £5? £500? £15000?

The problem is that low-mid earners won't be affected much, but the higher ones will be hit with thousands. And there is always a line.

Doubt it! My OH worked in Austria for a few months and needed good German to get by.

If the cliff edge tax thing goes on, they’ll reduce their hours, the specialists who are earning that much

I have no skin in this game, won’t ever earn that much but find the cliff edge completely mad. So those highly skilled doctors reducing hours will mean increased waiting lists.

I live in an expensive area by Scottish standards.
I could not buy a similar house in a comparable area of England.

I’m not arguing with you about what would be advantageous, simply telling you the level he can speak it 😝. Pigeon German at best.

Worth perhaps putting that money into an ISA instead, so that you still have some pension provision and you can also take it tax-free.

I think we will need to relook at our strategy for our company (employees 50 people) as I think businesses will be clobbered with taxes. Can see corporation tax hiking up vastly.

Means our staffing will have to reduce/lesser pay increases, less research and development.

Will be tougher (it's already really hard work).

Ah right - oops sorry 😂😂 he might find it a bit difficult unfortunately, as I think he’d need a decent level of German to work there.

But again, that information means nothing without the context. Cos someone paying an extra £50 vs someone elses £500....

Me too. Decent public services mean far more to me than a few extra quid in my bank account.

I think some changes are sensible e.g. passing on pensions tax-free is really just a benefit for the Very Loaded.

I currently put all my earnings over 50k into pension, but if there's a change so that this isn't so tax efficient, I might just reduce my work a bit. I don't mind paying extra tax, but I'm really trying to build up my pension as I'm self-employed and it's very small (and I'm in my fifties!). However, I don't desperately need to work as DH earns a lot, and I'm disabled, so I'm sacrificing quite a bit of my own energy right now just to build up my pension. I'm not sure it's really worth it anyway TBH but reducing the tax benefit will probably sway my decision-making a bit.

I do think that higher taxes are needed at this point and I'm happy to pay - but at the moment the additional work is taking a toll on me, so there comes a point where I will think that working less is more sensible.

No i dont

I live in Spain not ibiza but pay taxes in the UK as well as spain under the dual taxation as we have businesses there

Good public services will probably mean we can actually save more in the long run, as we’ll be more supported by the public services.

I'm hoping it won't affect us too much. I understand that they need more money to bring about the changes that we need to improve things. This country has gone to the dogs and it's so sad.

I think I feel it's a fair cop to tax inheritances a bit more than they are currently taxed. It's money that you haven't had until now and you shouldn't really bank on it. If you get a slightly lower percentage of what's been left to you that's not too terrible is it?

I won’t be avoiding them because I’m not a leech on society and happy to contribute more to create a better country for my children.

Nothing. Happy to pay more tax if it improves the country and society (which I think it will).

I totally agree with you, but it's so unpopular in this country. We are quite in love with the idea of inherited status, it seems to be a very English trait. It's why we love being bossed around my wealthy people, I guess.

‘I want taxes to go up, but not on things that affect me’

Most of MN

I will be looking at trusts to avoid IHT. Not much can be done on pensions, though I might contribute less. I do not mind paying a bit more tax, but overall I think I am paying enough and I have got back relatively little for what I have paid in. A little bit more tax is fine, but I suspect I will be paying substantially more.

I think reducing the inheritance tax threshold to anything over £250,000 being subject to 40% would be massive and would do a great deal of good in trying to redistribute some wealth.