How will you look to mitigate Labour’s tax hikes? (Part deux)

[EverythingAllatOnceAllTheTime]

How will you look to reduce the impact of Labour’s seemingly endless (imminent) tax hikes?

Will they impact on me at all?

Part time worker with a good occupational pension. Just around the threshold for higher rate tax. No intention of realising capital from assets. Maybe IHT when I die but I don't intend going soon and when I do that won't be my problem!!!

@EverythingAllatOnceAllTheTime how do you think you will be hit?

I’ll be moving country. Luckily this is straightforward due to husbands nationality. Also he crystallised his private pension in July but continues to work. This will avoid being affected by any changes within the October budget. Will also use an outstanding sixth form from September. I feel sorry for younger workers with family.

Glad to hear that!

Similarly, IHT and CGT in time. Withdrawal or reduction of tax free pension drawdown. They will hit income tax next budget, for sure, and probably property in some form.

I'm not in a fortunate enough position to have to worry about that. Chronic illness and no money.

Sincerely, sorry to hear that.

Think they'll align CGT with income thresholds, so plan to gift the my spouse some of my shares. As they're currently not working they can presumably use both their tax free allowance, and pay gains at lower rate (20%) up to higher rate tax threshold (approx £50k).

They've been crystal clear that they won't change the rates of income tax though I'm not sure that extends to the band boundaries.

I suspect there will be significant tightening of some allowances perhaps limiting the amount that can be put into private pensions but the amounts will remain way beyond those ordinary people have to invest.

OK, but they can lay the groundwork for the next budget (I suspect they will given their present/planned public sector funding commitments).

The commitment on taxes paid by working people is for the whole of the Parliament ie until 2019.

We won't. We are not wealthy but well off enough to feel ok about the importance of doing our bit to contribute to helping those who are far worse off than us.

What I don't feel ok about is those people who have no understanding of how relatively wealthy they are and are looking for loopholes to protect themselves when they are in such a better position than the vast majority of working people in this country.

2019?

’Commitments’ can be broken, and the definition of ‘working people’ redefined.

That therefore presupposes, in part, that people are happy with the services they receive for their tax receipts.

I cannot give you that assurance, sadly.

This

Do you feel happy doing that whilst Hospices up and down the country are laying off staff, refusing to treat patients due to no beds and Govt has cut funding over the last 14 years?

Are you really so hard up you couldn't afford to pay income rates on the gains from your shares?

One day you might need a Hospice and it wont be there for you & specialist palliative cancer isn't readily available privately.

I will do nothing. I earn a middle income, I'm lucky that despite chronic ill health I get free health care at the point of access. I want others to have this too. If that means paying more taxes I will.
I will also make efforts to remind people why we are here and it's nothing to do with Labour.

I’m in the same position as @TwigTheWonderKid. We won’t be avoiding anything. I welcome a country with properly funded public services.

And I do trust this government to do that. A winter fuel allowance is no good to my wealthy, elderly father. What would be great is if A&E waiting times weren’t hours long when he had a fall or if you could get an ambulance quickly when needed. All of that would be better than him using his winter fuel allowance for nice dinners or me having enough money to change all my curtains again.

Does anyone know what the date of the October budget will be? Are tax changes likely to apply immediately or will they take effect in the new tax year in April.

I'm being made redundant in October and worried that the planning I have done to maximise the tax free element of my redundancy payment will no longer be available to me.

It's scheduled to be on 30 October. Changes to things like tax allowances are normally effective from the following tax year but that's not cast in stone.

Fuel duty changes often apply to stuff leaving bonded stores later on budget day.

I'll reduce my hours to have a more relaxed work/life balance and more time with my family.

I think the last 80 years of an ever-expanding state trying to be everything to everyone from cradle-to-grave - paid for by a small percentage of the population working themselves into an early grave on the career ladder - is unsustainable.

Some people who will be hit are likely to change behaviour and that could impact tax take. It depends whether it dampens growth etc and more taxes are needed

@iwishihadknownmore , I’m pretty sure hospices are charities. I don’t think they should be but they won’t get a penny from any tax increase; in fact less money in the pockets of those able to give will potentially mean less charitable giving.

How can anyone possibly say what they will do to mitigate tax changes before they know what those changes will even be?

I will be doing nothing. I’m a higher rate tax payer but am not really expecting any tax increases to affect me hugely. If they do, then I will pay up, just like pretty much everyone else will.

It's more likely to be taxes people can try to avoid than PAYE, this time anyway

What does that actually mean?

This describes me.

I am actively taking steps to reduce my exposure to Labour’s tax reforms. I also have the option to relocate to overseas with my current role.

I do not trust Labour as custodians of my tax receipts, and I have already paid an extraordinary amount in tax during the past xx years.

Enough. No more.