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 will be fairer. When the majority of people are better off it affects everyone. A safer society is better for everyone. A well educated & skilled society benefits us all. A healthier society benefits us all, that's why we have mass vaccination to establish herd immunity.

So you will benefit.

Really 😂😂😂

Leave the Country.

If it’s non doms who are more heavily taxed then I won’t see a difference. What’s the point of scaremongering. The NHS needs help, if I do have to pay a bit more I’ll be happy(ish) to.

Medical staff aren't leaving their NHS jobs because of taxes, they are leaving because hospitals are underfunded and overstretched.

I'm really struggling to find a non-snarky way of saying anything about this, but the bottom line is that if you earn enough to be impacted by these new tax changes, I suggest you reflect on how lucky you are to be earning enough to live on.

We have no idea yet what "these new tax changes" will be or who they will actually affect. You can rest assured that any tax increases will only be the start. I, like many, wouldn't mind paying a reasonable amount more if it used well. But, again like many, I don't believe that the current government will make the best use of it. So far they've given money to train workers and taken it from pensioners. They'll give in to unions for a quiet life, leaving the rest of us wondering if they're actually doing anything useful with our increased taxes.

I agree, I know very few people who live where they grew up. Most people leave home for education and/or work, and many older people retire to more attractive areas or to live near their families who have moved previously,

My parents and grandparents generations are scattered all over the country and in other countries. My husband's family used to mainly live in social housing in one area of Scotland, but anyone who could to move has done so, long ago.

Nothing.

@angela1952
"So far they've given money to train workers and taken it from pensioners."

Higher income pensioners, not low income pensioners. Do you think Rail workers don't deserve a decent wage?

" They'll give in to unions for a quiet life, leaving the rest of us wondering if they're actually doing anything useful with our increased taxes."

Join a union then. Fight for your rights as a worker, just like the rail workers have done.

All pensioners have lost, except those on pension credit. Rail workers already have a decent wage, e.g. drivers earn over £50k, I'd rather pay carers and nursery workers more - but that's not going to happen and nothing the government does will make it happen.
I've been a union member for years, now retired. Why should union members get higher than inflation rises, unlike the rest of the country?

Because those pay awards are at the level recommended by the pay review bodies. Public sector pay has fallen a long way behind the private sector for nearly a decade now.

I don’t know what the tax changes are but so far of those speculated:

Capital gains - this depends how it’s changed but there’s very little I can do. I have a 401k abroad which we have to pay tax on but we can’t take it out without paying a fine to the U.S. gov.

Pay per mile - this would likely be good for us, we don’t drive that much.

Inheritance tax - won’t impact me and I don’t have big inheritances coming

Replace council tax with % property tax - this would probably be good for me as we don’t own a house and older people would be incentivised to downsize from their giant family homes.

Changes to pensions tax - this would really sting. If the higher rate tax relief is removed my husband wouldn’t save anything in his pension, he’s not paying 25% tax to put money into a pot where he will pay 40-45% to take it out plus tax for the total pot being too big… we would put more in ISAs to retain control . I have a defined benefit pension so I don’t know how that would be affected.

If there were any major tax increases like removing the 2% NI rate we would genuinely consider leaving the UK.

I would prefer to give £200 to pensioners on £225 a week than a lot more than that to rail workers on a lot more than £225 a week.

Yes, of course they deserve a decent salary. But the WFA wasn’t just taken away from wealthy pensioners. Unless you think anyone on more than about £11,500pa is wealthy.

The pay rise to rail workers is going to come from train companies, not direct from government. It's not a direct swap for WFA.

People keep posting as if it is.

It suits them to pretend it is.

Really?
How we’re funded - Network Rail

Why then government intervened?
🙄

Not true, according to HMRC. No data yet from changes since this April though, but the other benefits, such as free university education being one, can outweigh the tax rates for many.
I’m involved in recruitment for my company. We’ve been interviewing for jobs in £90-£100k range in past year and about 20- 25% of applicants are from England.

www.heraldscotland.com/news/24276804.scottish-income-tax-rates-not-deterring-people-moving-scotland/

Personally nothing. But I definitely have seen people leave ( often immigrants as it can be easier for them ) . Others have been reduced their hours or started operating via companies. It has been going on a while too so it depends on what is coming up and how horrible it is for the higher earners. People often do not realise how small the pool of high rate tax payers in this country is and those jobs that pay well tend to be in demand. Not saying they are harder or better they are just ones that afford people with more choices. I am personally worried about cgt rises. I wonder if it will have a further impact on growth which our country desperately needs. Even high tax Scandinavian countries tend to not touch that. I do wish we direct tax saving vehicles to invest in British business.

If we have higher CGT, maybe businesses will invest more. The level of investment by businesses in the UK is woeful.

It's too late now. Uk Labour are in charge. Starmer has said he'll be inflicting pain on the population. It's 'suck it up, buttercup' time. Pensions, tax free pensions withdrawals, cgt, house sales-all of these are now firmly in the UK Govt's sights.

@nadeed Interesting thought. Though cgt is paid by individuals not businesses. I think businesses already have some tax incentives to invest. It will be good to understand why they still don't.

Good luck with that. I don’t want to pay more tax because I don’t think it will make any difference to the level of service we get. Gladly eat my hat if I’m wrong.

Assets include your pension, any tax free pension withdrawals you THOUGHT you might get, your home and any potential inheritances. These are ALL firmly up for grabs. Plus any tax free elements of redundancy pay will disappear. It's not just the mega-rich who are going to suffer, don't kid yourself.

I won't sell any of my btl houses to avoid higher CGT in hope Labour will be gone after 5 years and it might come down. I'll gift and DH will gift before the RR autumn statement.

My best friend moved to Cayman on 5th April as she thought Labour would get in - £195k of UK income tax lost already based on 45% marginal rate.

”the broadest shoulders” have been fleeing for a while.