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.

Lol no I was being sarcastic :D

It’s at the bottom of the pack actually. Which is why we have worse public services.

But yes, if you have something to sell which will attract CGT you should sell it, and if you plan to take your tax free lump sum from your pension soon, do so before the budget. Or pay the tax. It’s up to you.

No, I don't think it's morally right to dodge tax. Just because you won't see the benefits doesn't mean to wider society might. Maybe you should move abroad and let someone else take your job who might contribute fairly.

IF higher rate pension relief is removed then cutting my hours at work

You don't think it's fair because you don't see the benefit? I don't think you quite understand how a fair society is supposed to work?

I don't begrudge a fairer society and everyone having better access to it.

It's morally right to make use of the legal structures that exist to mitigate your tax payments. If you can pay less tax by using an ISA or a Pension, or gifting some money within HMRC rules before you leave a big inheritance tax bill, it's morally right to do so.

It does seem extremely unfair.

With a DC scheme, you put some pay into it prior to income tax being applied because income tax is going to be applied to it when it is removed when you are a pensioner.

If you get charged a bit of income tax on the money that you put into a pension, AND you pay income tax on the money that you remove from your pension then you are suffering double income tax which is not how the tax system is supposed to work.

That’s not ‘morally right’ - no. The only benefit is that it makes good financial sense. However, it’s not morally right, because there’s no moral reason why you should do that, as it only benefits you and no one else.

Many countries actually have higher tax rates as already mentioned. I'm in Belgium and the 40% rate starts at 15k! There are larger allowances for families though. I'm surprised anyone is still here! Maybe it's because you can actually get a same day's GP appointment and the hospitals and schools aren't falling to pieces.

Well, my mum in law just passed and I suspect we'll now pay more inheritance tax, but to be fair, that's OK. Happily pay tax if public services improve.

I won't be looking to avoid them, because I believe my life (and the life of others) will improve as a result of them.

Yes, that's the joke.

This

I've been to Brussels a fair bit. It's pretty damn gritty considering the tax cost!

But it isn't morally wrong.

We are seriously contemplating to leave. Our combined household income is over 130k, so that tax money will go to a different country with better public services, including enough decent state schools and healthcare. Also those saying not many people will emigrate because it's a lot of hassle - true, but you are forgetting that the UK is also becoming less attractive for highly qualified immigrants, who will feel they can get a better deal elsewhere. I wouldn't mind paying more tax IF my kids could go to a good state school that's not RI and in the news weekly for being awful, for roads without potholes, public transport and cycling routes to my village as well as better GP and consultant access. But none of that seems to be on the cards even medium term.

No, but it’s not ‘morally right’ either. Something can be both ‘not morally wrong’ and ‘not morally right’.

Nothing. Both because tax hikes haven't been announced but also because- if they are - as a higher rate tax payer I don't mind paying into a fairer society.

I grew up in an absolutely skint working class household. Now I have money I'd rather additional tax went to help people who need it the most; families like mine was 30 years ago. I won't squirrel it away because I'm not a selfish twat.

"Nothing. I earn more and expect to pay more for a fairer, better society"

I thought you lived in Ibiza @Maddy70?

Where would you go, out of interest?

oh good, you can pay mine too

Belgium isn’t just Brussels haha

Which is actually "fair". The trouble with this country, is that all those low and middle earners don't expect to pay extra. They all expect the "rich" to pay, not them. As a pp said, there aren't actually enough "rich" to cover it.

Most of our European neighbours have higher income tax at lower levels.

Haha I know

Some bits are like any major city. It is a problem that many people commute in and a chunk of their taxes goes to the region where they live, not where they work.