Concerned that Labour govt might fleece me in upcoming budget?

[RightOh9oo]

Aibu to be concerned that Labour government might fleece myself/family in the next budget?

If they remove the right to UK pension for all, by making it means tested....I think I'll stop working this year. I'm early 50s, does anyone else feel like this?

I'm going without so much to save in my private pension, so no holidays to speak of.

Does anyone know what is in store in the upcoming budget?

People just seem to make stuff up. I work with older people in advice work and this week they are all ranting about single occupancy council tax going, they all know for certain it will be going next year, and that state pensions are going to be means tested etc etc. Where are all these rumours starting ? By the time the buget day actually arrives we will all have convinced ourselves that it's going to be so terrible that we'll probably be pleasantly surprised. My hairdresser said today that inheritance tax is going to be set at £125k - is there any truth in any of this?

Totally agree, no notice for the pensioners losing WFA, done very unsympathetically. They seem to enjoy threatening the public re riots and the budget. The most heartless government ever!

I think that they will start with capping tax relief on contributions to the lower rate of tax. Limit the 25% tax free draw down to £400000, so can take a max of £100000 tax free.
Me and dh are heading into our late 50s so saving as much as we can into pensions but comfortably sit within the lower tax bracket.
Will be beyond pissed off if our pension age gets raised again though.

The rumours are the work of the right wing media, there’s a limit to the amount of outrage they can get out of Lady Starmer’s frocks and means testing WFA.

We’ve actually recently moved back from America where there was a pretty high annual property tax. It kept house prices down as people needed to be able to afford the annual amount on top of their mortgage.

The PTA would give high school seniors little banners to put in the front yards saying “<town> senior 2024” or whatever to celebrate their final year. Then a year later there would be a for sale sign outside their house as they were moving out of the expensive “good schools” neighbourhood! The property market was kept moving because of the annual cost. Pensioners did not hang about in large houses. My in-laws live in a cul-de-sac of six, 5-7 bedroom houses and every single house is occupied by an elderly couple — this is not an efficient use of the housing stock.

But also - a £20m mansion in Westminster currently pays less council tax than a 3 bed semi in Wolverhampton….

Keir Starmer really hasn’t helped matters by stating the October budget will be painful. Just opens the doors for rumours to start.

Link here for evidence https://www.bbc.co.uk/news/articles/clyn01p5npgo

Agree. The IFS are commenting too, which is not the press

Well currently the interest on my savings is (well) under the threshold for tax. Very happy to pay some tax on the interest though, if that changes.

You're in scope for higher taxes then under Starmer's definition, it's good you are keen as many on mn are.

I am not "keen" to pay more tax, who would be? But I will contribute more without complaint. I used to pay more tax on my savings interest before the Tories brought in the Personal Savings Allowance in 2016 (?) So no biggie.

You seem to have missed what’s been happening to disabled people and children since 2010. Why is a pensioner losing £3.84 a week in WFA even worse than a disabled person being forced back into work, and having their benefits stopped when they can’t. Or a person losing their PIP and having to go to court to have it reinstated, when they’re a wheelchair user and need daily care? Or parents relying on food banks so that their children don’t starve?

I can understand people getting riled by the small proportion of pensioners who won’t get WFA who actually do need it, but please don’t say that’s worse than what other vulnerable groups have been enduring for years now. It’s not.

There are a lot of people who’ve been living under a rock and turning a blind eye.

I'm not sure why it's just tax on savings you are thinking of. If you are outside the definition of working people then it's whatever they choose

Yes exactly. I work with older people and regularly see older ladies who retired at 60 and are now mid to late nineties, they have been getting state pension for 35 + years. A lot of them barely paid much in the way of NI contributions so are topped up a lot by pension credits. But what is the answer ? You can't stop their state pension. Also longer life expectancy means people living longer with disability. Most people 85+ seem to be claiming Attendance allowance of £108 a week too and then that further increases pension credit if they live alone. It's something that should have been anticipated and budgeted for long ago.

So what else are they going to tax me on, apart from income? Do you have a link?

And mandatory drowning of kittens and puppies

Thank you

My two private pensions jointly are £262.52/month to be precise LESS than my state pension.

I heard that pensioners will be banned from shopping in supermarkets and will be forced to eat the kittens and puppies.

As long as I can get a refund on the stamp duty I've just paid....

The Old Age Pension Act was passed in 1908 & first paid 1 Jan 1909! The 1960s was 50 years later!

Did you post about the billions and billions the last Government gave to mates, or lost due to their disastrous Brexit? Believe me your imagined’pension raid’ will be a gnat bite compared to those body blows.

He needs to just put it straight about the single occupancy discount because so many pensioners ( not that it just affects pensioners) are getting themselves into a right tiz about it. It's not fair to have them stressing about this on top of the wfp going. They are feeling victimized !

You are not in the working people definition so presumably in the 'pain' part of the recent press conference. What this means I guess you'll find out when Reeves clarifies what was sold in as painful some while back

From your post I take it you think you'll not be taxed more and the higher tax burden is for other people to pay?

Triple lock removal? Yes.

Means test pension? No fucking way, I’ve done without to save all my life, no new phone, no new car, shop on vinted, live frugally.

If they do this, I will spend every last penny I’ve £16k. It’s not what I was led to believe & they can fuck off.

I am on UC, and am worried about the budget too. But whatever happens, happens, and there is nothing I can do about it.

I’m not sure what ‘SRP’ is but State pension is indeed a welfare benefit so they can do what they like with it.

And there’s not much tax to earn by upping CGT as people will just not sell the assets which will incur the tax unless they really have to. It’s those with private pensions (as opposed to public sector defined benefit pensions) which will be hit hardest as these are an easy target and it will raise a lot.

Anc winter fuel allowance? Of course he had to stop it. A ludicrous give away to pensioners, most of whom have more disposable income than workers. You cannot just give it to everyone when things are tight.