Tax increases imminent

[Iwishicouldflyhigh]

Heavy hints that taxes will rise in the next Budget after the recent climb down (as the ‘taxes won’t rise again’ was based on a 5 billion saving in benefits).

I can’t lie, I’m so pissed off about this. I don’t think anyone wants to see someone who is genuinely unable to work to be further penalised, but we all know there are thousands of people who could work but don’t.

this country is going to absolute shit . We pay more and more for less and less.

I get a SERPS amount because I was not silly enough to opt for married womans stamp but still don't think it is fair when I have paid tax for over 40 years to still have to pay it but scroungers don't.

That is the new state pension amount. Some older pensioners get much more than that as they have SERPS added. I came across one pensioner a few months ago who was getting over £300 a week. My own dad gets around £260 a week due to serps.

It’s possible. The basic new state pension is just under £12000 Pa. If the poster reached pension age before the start of the tax year 2016 they may have had a starting amount higher than the current new state pension, or may have additional state pension entitlement though their own contribution or inherited state pension from a deceased spouse. Either may well take them over the threshold for tax.

I dont class serps as “basic state pension”

Then they’re not getting the basic state pension. Why should pensioners whose entire income above the tax threshold comes from the state not pay tax when those of us with occupational pensions do? Money is money, regardless of where it comes from.

The poster will only be paying tax on any amount over the personal allowance anyway. Rightly so.

There are plenty of "legacy" state pension enhancements that increase the state pension well above the tax free personal allowance. I've got clients with "state pension" of up to £18k per year and remarkably few on "basic" state pension. Did a tax return yesterday for a guy with a state pension of £16,318 for the 24/5 tax year!

I see their state pension breakdown letters and there are several different "enhancements" from the old earnings related "graduated" scheme plus legacy transfers from spousal entitlements etc.

Obviously as time passes, and people die, fewer of them will be on legacy state pensions and most will be on the relatively new "basic" flat rate state pension, but we're a few decades away from that yet!

@taxguru I don't know about that. Don't hear much in the press about extra payments!

Some older pensioners get much more than that as they have SERPS added

presumably this no longer exists for younger people?

No, younger people have to make their own payments into workplace pensions or similar if they want better than basic state pension. No S2P, SERPS or graduated state pensions for the younger generation!

I get a SERPS amount because I was not silly enough to opt for married womans stamp but still don't think it is fair when I have paid tax for over 40 years to still have to pay it but scroungers don't.

🙄

You could easily have saved yourself all that typing had you bothered to read the post you quoted. 🙄

What I want to see is this scheme that is supposed to help people on benefits get into work.

And taxing the ultra rich and more inheritance tax.

No, younger people have to make their own payments into workplace pensions or similar if they want better than basic state pension. No S2P, SERPS or graduated state pensions for the younger generation!

Of course! My work had a great pension scheme but unfortunately they changed it for newer entrants whilst I was at uni 😭

The ultra rich just leave the uk. They’re not that golden goose everyone thinks they are.

Tbf they have targeted the rich

changing non-dom
IHT on worldwide assets
VAT on school fees
2nd home SD increases

Today’s headlines look like everyone else will be up for more taxes. Typical. I recall pre GE backlash on tax rises being likely.

But nothing on higher band council tax ? VAT on more luxury goods..... land taxes?

I'm also not quite sure of the motivation of some posters who are constantly pushing the narrative that any, not yet even announced, tax rises will be on income tax rates and VAT ....

Scaremongering at best.......

I’m so sick and tired of it. My areas road looks like a patchwork quilt of pot holes. I can’t see my GP. Council tax rising. No pay rise so effectively had a pay cut. No childcare places. Cost of living through the roof. All these politicians are rotten.

’eat the rich’ doesn’t work as their money has legs. My money can barely muster a crawl at this point.

All the problems you mention, are as a result of the last 14 years of Tory "rule"

How anyone expects these to be fixed inside 12 months...

But nothing on higher band council tax ? VAT on more luxury goods..... land taxes?

Well I think CT should be linked to house price value but a lot of older voters won't like that.

I agree.

But a year of labour hasn’t started to fix it, objectively it’s gotten worse due to the flip flopping/incompetency of Starmer and Reeves.

Tax rises won’t affect the super rich. Their income can absorb it. But it’s the middle classes and others who recieve an income that means they’re entitled to no help. When they might not be much over the threshold. The disability gravy train continues, and theres a danger that even more people will want to climb on that gravy train, as what’s the point of working and subsidising the work shy with our ever increasing tax rises.

Absorb it or they leave meaning tax burden will increase again for those left. It’s the middle who’ll bear the brunt as you say.

Starmer’s just tried to fix it but it’s a non starter due to his party’s lefties. Where is he going to turn next? I suspect anything other than hitting the average working person with higher taxes is also going to be chucked out by his party. And as his party manifesto said no tax increases, he’s going to look like a liar now he can’t keep that promise.