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?

Any means testing of state pension will phase out very slowly.

Your current batch of 40 year olds have often already got 20 years of contributions. Very difficult to say "oh you've paid in but you won't get anything at all."

I do think its more likely the date you get it will be delayed.

No. As I said, if I have to pay more tax on my savings, fine. If I have to pay more income tax, fine. If my estate is taxed more when I snuff it, also fine.

Eta: when I started working back in the stone age, basic rate income tax was 33%. So to me a couple of % on the current rate of 20% doesn't seem outrageous.

I suspect the areas which will be targeted:

Iht - agricultural property relief. This is so abused its laughable. High earning city folk with random flocks of sheep all over the bloody place.
Also business property relief.

CGT - align with income tax.

Tax relief on pension contributions.

That’s besides the point really. We were led to believe that we’d be looked after from ‘cradle to grave’ & that if we had full stamp, we’d get our SP. Thats what everyone was told & everyone expects.

Pandora, i'll probably be taxed more across the piece but Im ok with it, i really like public services and the welfare state

And your point is?

I think you mean the remaining suckers might not bother, and join the rest of you.

That’s my hunch too. Rumour has it tax relief on pension contributions will equalised at 30% which is good news for basic rate taxpayers.

Don’t be so fucking rude. I’d wager I’ve paid more into my pension than you have.

Hey I've got a good idea. Why don't we wait and see instead of starting so many threads to talk about the same old thing?

Or alternatively we could watch lots of threads about imaginary things that might come up in the budget 😴

You are a willing higher tax burden participant. Reading this thread and various posts some seem keen to pay more and receive less, eg the pension

I do wonder how long that grace will last if taxes keep going up and spending cuts too. Some will remain gung ho about that due to the party doing it but I think the rest of the public won't be so forgiving.

As long as that applies to contributions into public sector schemes as well as private sector.

Why wouldn’t it?

I have a feeling about this poster. Their rudeness is very familiar...

I wish people were forced to read this over and over and over until they completely understood the issues we are facing.

I'm so fed up of hearing "but I've paid my stamp" nonsense. No. You. Have. Not.

Very few people put more in than they take out.

Because it would mean higher rate taxpayers in the public sector have to pay more tax if they want to be in the pension scheme

This.

I have seen posters on MN swear blind that the single person CT discount is going... and it is scaring a lot of people.

Just wait and see. Worrying about it just steals joy from your life.

But if they means test the state pension you'd have to have saved over 300k in a private pension to be breaking even with the state pension.

Who can say, truthfully, that they've got that amount, through hard work and saving, and would therefore say, well ok I'll say no to my pension to enable all the others who haven't saved to have one for free?

Why would higher rate taxpayers in the public sector get preferential treatment? All higher rate taxpayers would pay more.

What are you suggesting wrt the pension?

Exactly - it's all just hypotheticals and scaremongering for now (although Starmer's Rose Garden doom and gloom speech perhaps wasn't the best idea as it did send the rumour mills into overdrive).

I don’t think they should. But Labour seem to be caving in to the demands of a lot of public sector higher rate taxpayers at the moment…

Well, let's see where we are at the end of this administration. Two and a half months in is too soon to predict anything.

I’m not keen. I don’t want to be penalised for doing without & saving. I’m not happy or keen to pay tax on my savings at all.

If I was designing the policy, I would have recent stamp duty payments give a partial credit towards the new property tax. Not a total credit because you would also not be paying council tax anymore.