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.

It's not a question of "nice try". I didn't raise the issue of land tax, a pp above did. I just then googled what was being said about it.

Council Tax has to go, millions can no longer afford the annual 5% increase, so a land tax replacing CT might be a good thing

Except that whatever might replace council tax could easily be inceased year on year too ...

Anonym00se · Today 17:27

<strong>Nadeed · Today 17:21</strong>
<strong>I do not trust what the Telegraph says. But if this did happen, I would </strong>	<strong>have to sell up.</strong>

It says it will replace council tax. 0.54% of the value of my house is exactly what I pay in council tax currently.

Is there any chance this might possibly - just possibly - shut up that cohort of people who are obsessed with how much their houses value has increased ?

We can but hope.

The redundancy policy at my work is very generous and lots of people who had been with the company a long time got large payouts well over £30K when we last had redundancies. But the average salary would be in the standard tax bracket so not rich and people definitely resented losing their job and then being heavily taxed on their redundancy payout. Those who could afford it maxed out their pension contributions to avoid as much tax as possible but not everyone could afford to do that (e.g. if had a mortgage that took priority) so they ended up paying more tax because they had less money.

What is? I can’t remember what our exchange was about. Is it ‘what taxes’? Because the OP claiming 5here will be tax ‘hikes’ means nothing. There have been none so far. We have no proof there will be in October, just shit stirring.

Ah apologies. You said things like ‘the figure being mooted’ etc etc, which made me think you were trying to suggest Labour were properly considering this policy.

@JaninaDuszejko that is very generous. The maximum amount of statutory redundancy pay is £13,920.

Nothing. And I am a "professional".

No it isn't, its £21k

@user68712226 thank you for that link. Wow, something big is definitely around the corner and its going to hurt.
I cant see how taxing home owners is going to help, when there is such a lack of rental property, no one will want to be a landlord.

Changing the council tax to whether your house is worth 500k or more seems very unfair on those in the south east. We already pay (or stay at home with mum and dad as many young people can’t even afford to move out!) way more for housing out of our pay checks. Why should proportionally even more be taken to pay the council?

In many cases this is down to your personal circs when redundancy comes. For example, the older you are, the more likely it is you will have paid off the mortgage already meaning you can put money into pensions. However the younger you are,bthe more scope to find another career rather than be forced into retirement.

Not everything can be 'fair' on different individuals, even though the overall policy is fair.

For example, different people get paid different salaries in the first place, different industries thrive or falter, different areas see faster or slower house price changes. Some people are trapped in negative equity, some trapped in sub-prime mortgages.

Yes. It is already happening.

A country who wants a high tax revenue for the Treasury? 🙄

I think they’ll make large businesses that make a lot of money here, but aren’t based here for tax purposes, pay more and quite bludy right.

I also think they’ll lower inheritance tax threshold or increase the amounts paid

I do think income tax will increase but not for middle earners. £50k salary these days, especially in the south is not much to support a family when you take in to account the cost of living. Hopefully it will be more focused on those earning about £100k

Yes it doesn’t matter what uk corporation tax rate is- the way international business works large corporations choose what rate they are willing to pay

Those earning £100k already pay a 60% rate - so this would seem a very odd place to introduce a new tax band.

Quite.

It’s already insanely expensive to afford modest housing in the South East - higher council tax for the privilege seems unfair.

They could shuffle council tax brackets around a bit (based on size maybe?) - but price just penalises people living in areas where housing is expensive.

Increase tax for those who can least afford it, you mean?

Inspired.

I think they’ll make large businesses that make a lot of money here, but aren’t based here for tax purposes, pay more and quite bludy right.

I hate to be the bearer of bad news but they can’t ‘make’ international businesses do anything currently. You don’t think the government would have done so already if they could have? The UK treasury is not stupid.

I’m not doing anything, because I’m not a selfish twat. If taxes go up I’ll gladly pay it, because I need public services. I can’t afford private education or healthcare, I need these things provided by the state and I will pay my contribution.

These services would be a lot better if selfish fuckers weren’t using tax loopholes to hoard their wealth.

Potentially the US. If you aren’t a UK resident you don’t pay tax here. Corporate companies are shifting towards globalisation, so with that comes greater flexibility on location.

House move would serve two purposes: a) avoid paying the (already extortionate) private school fee rises, b) if we were to move and rent the property, we would buy something outright and take the remaining equity to invest in property elsewhere.

High earners are reviewing their options/plans to see if there is a better way of working/living, those with dual nationality are already pretty well set up to move.

They don’t have to increase taxes, they just won’t raise thresholds and due to fiscal drag middle earners will pay more.

As for international businesses like Amazon, the only way to do it is insist on worker rights and minimum wage etc - even if they don’t pay corporation tax, they have to pay their employees who in turn pay tax. It’s another reason why a low wage economy was always a bad idea. The taxpayer picks up the tab and has to pay in work benefits whilst often foreign shareholders reap the big profits. The U.K. market is lucrative from a consumer point of view so big businesses won’t stop selling into the market, 1 per cent on VAT would of course raise a lot too.

Peak MN

also bollocks. Nobody looks forward to paying more tax and if that PP is genuine then why are they not making voluntary tax contributions? They system already allows people to pay extra tax if they want to