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.

We have a combined household income of £121k. We own a modest flat in London.

What would make us leave isn't tax, its pay and career progression. It could be the job DH is in but he is feeling very bleak about the future. He works for a bank and he feels that moving to Singapore might be a good move, not because of the lower tax rate (single digit for most) but he thinks it might be easier to progress there up the career ladder.

I am Singaporean so we could get him a spouse visa (though permanent residency isn't guaranteed). I have also recently found out that we could still buy a government flat on the resale market even though he isn't a singaporean if we buy it together as long as we sell the London flat so that would be a way out of paying extortionate rent in Singapore (higher than London).

I am a bit wary as it would be a big move when we are settled here but at the same time, it is true that it is getting harder and harder to find well paying jobs so perhaps this is the move we need. I disliked living in Singapore though that was when I was in my teens and when we were first married, i didn't want to live with my parents and we also couldn't afford rent/didn't have money for a deposit (london ironically felt like a cheaper option and we saved up our deposit fairly quickly). Now we do have money for a deposit and presumably would only move if we both got decent jobs there which is easier now than it was when it is in our 20s.

the point is that people usually move for career progression or lifestyle and it is multifaceted, tax is a tiny part of the equation. one thing that stops me is that singapore has a much more intense work culture and part of why DH is unhappy is also due to a toxic work culture, that would not improve in Singapore though people probably do progress quicker (but again that is also individual).

But income tax won’t be affected.
He’s targeting those with assets

I think a lot of people live very comfy lives on unearned capital and that's why they're so blazé about taxes on workers.

Ah well. We are sorry to loose you.

Yes, absolutely. I have three colleagues who are, quite honestly, a gift to this country and they are either returning to their native country or making a tax avoiding move.

My DH is a dialysis patient and two of the staff on his session shift are leaving too.

We need to encourage high earners, not deplete the soil.

But is shows in what we are getting back, and I don't trust them to manage our tax well enough so that we see a clear improvement in the NHS in 10 years time for example. I think we are heading towards privatisation anyway.

Other countries pay more tax, but the NHS healthcare system is a total joke compared to them. Many other countries have a NHS type healthcare system which is far superior.

I recently was referred to ENT with a 10 month waittime. This simply would not happen in my home country for example. I could in fact call up an ENT practice for an appointment tomorrow. I also would not have to call my GP in the morning, being the 65th person in line, hoping for a same day appiontment.

I think we are under an illusion that higher tax will make things better, but these things, like NHS, state pensions and others are beyond repair. There needs to be a reform, which will be costly, and guess who'll pay with new tax rises some point in the future?

So I feel we are all being taken for a ride.

I'm pissed off by the use of the phrase 'tax hikes' in the thread title. It is a word that is only ever use to demonise a rise (in prices or taxes) and frame it as unjustifiable. So it makes this thread seem like the increasing number of political threads that aren't started in order to have a discussion, but just in order to agitate for a particular party or policy. Not saying that you are an actual party hack, op, but a title that is so tiresomely propagandist makes your thread as unconducive to sensible conversation as threads that are started by hacks and bots.

It’s pretty nice. What didn’t you like about it? And I don’t understand why you’re comparing it to the Netherlands (if that’s what you mean by NL).

How much extra will you be happy to pay per year?

I think more people on high incomes will try to reduce their hours,

If your home country is much better, have you thought about moving back there to see what it’s like and if it’s actually better than the U.K.? You seem to think the U.K. is much worse (and maybe it is), so have you considered moving back to your home country? What’s the benefit of staying in the U.K.?

Sometimes they do. Phil Collins did, eventually.

And if Labour does this properly he may never be back. Surely that is incentive enough for Kieth (although, he is probably a fan...)

I wish I was in that position lol

Agree with this. It is a tad annoying as I would rather the extra spending money, but I appreciate how fortunate we are. I’m mid 30s and I’ve definitely had my money’s worth and more from the NHS so accept paying more is necessary.

It’s actually people like my parents I fear for - minimum
wage renters. It’s their future I fear, not mine. They’re the ones who will struggle to pay more tax.

How very many people would love to be in a position to up pension contributions, afford to donate or had shares to sell. My heart bleeds

Nothing.
We are high earners and I think we need to pay more tax!

I can't remember who said "Low taxes are fine; you just have to expect it to not be very nice when you step outside your front door" but it is true. We need investment in schools, the NHS, pretty much everything. The food bank situation alone should be enough to make everyone who can afford it pay a bit more.

I am not sure where all these high earners will bugger off to given we can no longer live and work in Europe. It takes a very long time to apply to go anywhere else and you will have to jump through many hoops and meet strict criteria, leave your friends and family, all because you resent paying your way. Rather cutting off your nose to spite your face. We can import doctors, nurses, care workers etc if we want to, there is no shortage of people wanting to work here.

I don't see why CGT shouldn't be the same rate as income tax, why should unearned income be taxed differently? (I pay CGT before you think I am just thinking this applies to others)

Who is Kieth?

Nobody. That was PP’s point.

Keir's alter ego i assume

I’m not sure it’s non-news, as Starmer announced it today. (Not the actual budget, but announced that difficult times are ahead per the Oct budget.)

It's not all about you.

Our PM. It's what his closest aides call him.

(I am not a close aide but I would like to be.)

Im planning to … pay up and see if given some cash the government can actually sort out the myriad problems in this country. Same as I’m sucking up VAT on school fees even thought I think it’s a crackpot idea and will lead to many unintended consequences.

I doubt the government will achieve much, but the schools need fixing, the hospitals are getting worse, the roads are appalling, the court system is royally fucked, entrepreneurial businesses are strangled at birth, and the police aren’t worth engaging with unless someone is actively dying. We can’t just print more money (we tried that and screwed ourselves in the process) so now we have to stump up the money ourselves.

How is it not morally right to put my own money in my own pension or in my own ISA?

How much are you willing to pay extra per year?