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.

I’m one of these.

only started paying into private healthcare after a recent health condition kept me out of work for several months. Can’t afford for that to happen again (with something else) so it was literally an insurance for family survival. Would much much rather reinvest that money in to wider healthcare than an insurance co.

I’m ok with less footballers, less reality TV/Soap stars and inherited wealth that do fuck all heading out.

Trickle down doesn’t work and it speaks volumes if the super rich are happy to be here while they milk it, but threaten buggering off if asked to pay a proportionately fair amount.

We used to pay for private healthcare until the year after we used it the premiums soared and the cover was restricted. So we saved the premiums into a company health care fund instead.

I am 50/50 on this point. There are a few retirement to Europe options remaining open that are attractive, but more for the warmer weather than the financial aspects.

Depends what the tax changes are. As they are not going to increase the rates 20%, 40%, 45% of income tax nor of NI nor corporation tax and I don't pay into nor have a pension nor many savings it would only be a garden tax on London homes that would be an issue and that is a very big worry of course.

If they abolish the single person tax allowance for all for example as it has already gone from higher earners that would not break their election promise. I am not affected by CGT and for IHT I will be dead. If somehow my income tax goes up too high I will work less as given my life stage that is possible - ie it would achieve the opposite of improving productivity.

Precisely, many high earners pay twice for schooling and healthcare. Once as general contribution and then privately for their families, to ensure access and quality of these services. For these people, emigrating may well be the best outcome available to them.

Those on a salary of £100k don’t pay 60%, they pay 40% tax. Those on over £125k pay 45%.

They start to lose their personal allowance at £100k, so the effective tax rate on that bit of income is >60%

We will watch and wait to see how the new government plays it, with a degree of confidence that if they should tip the balance too far against us, then we would be desirable tax-paying migrants elsewhere. Possibly not with a tax favoured status, but lower living costs and nicer weather have a pull factor.

@SensibleSigma

I'd suspect your DM is trying to save everything to leave it to her kids incl you. Not sure why you're so bitter, but I very much expect Labour to help themselves to a significant proportion of your inheritance

I think you mean fewer. Whatever gave you the impression that reality TV stars or presenters are particularly wealthy? Those who inherit wealth generally reinvest it, buying houses and creating businesses, which in turn makes more jobs. Footballers I’m sure make a sizeable tax contribution, but the real flight risks will be in relatively faceless global finance and corporate roles, who will have been propping up UK service's for most of their careers. To think society would be better off without them, without a revenue stream to replace their contribution- is ideological nonsense.

No understanding of the motivations or the thinking, but yes, I am sure the new government will target and limit inheritances. So give it as early as possible to beat the seven year survival rule.

We should do what the US does and tax British citizens regardless of whether they actually live here or not. If people want to move abroad then fine, but they can either still pay a certain amount of tax or they can give up their citizenship and any chance of ever returning if it turns out the grass isn’t actually greener.

Incorrect.

Your personal allowance is removed from £100k which means a rate of 60% from £100-125k.

And @MidnightPatrol that hits hardest at the career point where people are most lifely to have global career options. My nephew is a case in point. He's earning £150k tax free in the Middle East. His wife (Australian) has just been head hunted for a senior role in Sydney. They would prefer to live in London but his employers won't match his ME salary or pay him enough salary in the UK to compensate for the tax he'd pay, although he is one of the top rainmakers for them globally, so he will go to Australia for long enough to get the passport. He's spent his whole life as an expatriate from age 5. He doesn't really have national loyalties. He's lived in 15 countries since he was five years old.

Apologies, I stand corrected. 60% is whack and £100k won’t go that far in the south.

@SunnyWavess it can actually be even more extreme if you have children.

Two in nursery and you’ll be no better off earning £140k vs. £99.9k. A 100% tax rate.

@Rigatone you may be willing to chip in, but your tuppence doesn't butter many parsnips.

Don’t know about Ireland but Switzerland doesn’t really have much lower taxes (although it depends on the canton) and everything is very expensive. So it’s not quite that of a money saving move.
Although of course there are other benefits and elements of lifestyle that may appeal. And their state schools are excellent. I keep dreaming of moving there for few years because of skiing and have lots of friends who have moved.

Nowhere does virtue-signalling like mumsnet virtue-signalling. If anyone was really that desperate to pay more tax there have always been ways to make extra payments to the Inland Revenue

But you only have to sample MN to know that moving your kids from their friends is the cruellest act. Kids make new friends quickly but parents don't.