28-03-2012, 11:31 AM
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Re: Budget 2012
UJ there is a threshold for the 40% rate ie up to a certain annual salary you pay 20% tax and after that 40% until you reach the sort of salary which was 50% and is now 45%. I can't remember what the threshold amounts are right now. What I am saying is that the threshold for paying 40% tax is too low for London salaries and there should be an inner threshold where you wuld pay say 30% tax. It won't happen though and at any rate I plan to retire in 2 years so will just have to grin and bear it til then. A £50,000 salary in London for example is quite common these days and should not incur 40% tax when we have to pay a lot of money to actually get to work.
28-03-2012, 01:06 PM
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Re: Budget 2012
I have every sympathy for you Val; housing in London has always been expensive, that is why a lot of jobs have a London weighting on them to help offset higher costs. I am London born and still have a hankering for the place, although I know how much higher the cost of living is. However, jobs and oppportunities are also more abundant than they are in other parts of the country.28-03-2012, 02:06 PM
44
Re: Budget 2012
Originally Posted by Aerolor
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I have every sympathy for you Val; housing in London has always been expensive, that is why a lot of jobs have a London weighting on them to help offset higher costs. I am London born and still have a hankering for the place, although I know how much higher the cost of living is. However, jobs and oppportunities are also more abundant than they are in other parts of the country.
28-03-2012, 04:04 PM
45
Re: Budget 2012
Talking of the cost of getting to and from work in London, what about those rural communities where people often have to travel long distances to get to work? With the cost of petrol ever increasing, I suspect they pay similar amounts, if not more, than those in London.
28-03-2012, 06:07 PM
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Re: Budget 2012
Originally Posted by Uncle Joe
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Val darlin' the 40p tax rate is NOT a threshold but a scale - That idiot Osborne reduced the higher scale of 50p to one of only 45p thus saving Cameron and Osborne's cronies something like £3.5 Billion.
29-03-2012, 07:23 AM
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Re: Budget 2012
Originally Posted by Uncle Joe
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Dennis Skinner is right!!! - if he had his way (and mine) tax for the 'filthy rich' would be not 45% but 90%!!!
29-03-2012, 07:25 AM
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Re: Budget 2012
As I said Rena, we could argue Taxation till the cows come home and get nowhere as it is how a person interpets the system.NO pensioner is going to have less cash than they normally would from a government pension due to the freezing of age allowance.
The government pension is not a fixed income and rises do happen.
People on fixed incomes who do not get the government pension due to opting out of the system tend to be far better off financially than the average O.A.P.
I then blame them for not forseeing future financial crises and taking the easiest returns on their investments.
As for squirrelling away money, it is not just the rich who do it, that system is open to everyone, I have done it myself in the past, they say Lichtenstein quite profitable.
29-03-2012, 09:33 AM
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You are right AB we could argue taxation adinfinitum and it's a lovely day so I'm off out down the woods and fields with my dog in a minute. You mentioned your Lichtenstein ventures before and there has been something in the news recently, but I am sure the conservatives won't be closing all the tax haven loopholes. Best wishes
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