30-08-2020, 09:02 AM
12
Re: The state of the Economy.
Originally Posted by Muddy
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Lumbered with the Two Trillion pound debt from furlough I doubt it .Hard times are a coming .
Especially for our grandchildren who will have to pay for it .
I feel sure Rishi will be eyeing the savings of us pensioners too.
30-08-2020, 09:09 AM
13
Re: The state of the Economy.
Originally Posted by Muddy
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Lumbered with the Two Trillion pound debt from furlough I doubt it .Hard times are a coming .
Especially for our grandchildren who will have to pay for it .
I feel sure Rishi will be eyeing the savings of us pensioners too.
We are in a mess, we will all pay.
I am quite prepared to pay my share.
Pensioners should not be exempt.
I will not be paying inheritance Tax, my house is worth £165,000.
My kids have had the money and I am content with that.
Tax Increases?
Yes, I will pay
30-08-2020, 09:09 AM
14
Re: The state of the Economy.
Originally Posted by caricature
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But does this debt physically exist,where did this cash arise from? who is going to call this debt in?
Have you seen that smart young guy Rishi Sunaks smiling face ?
He has been dishing out the dosh left right and centre during furlough .
I presume he gets it from the banks .
Come October he has to pay it back .
NS&I have the best interest rates at the moment ( 1.15 % )
So people are putting their savings in there .
The though has crossed my mind that this is the governments saving scheme so they know where the cash is being kept .
30-08-2020, 09:18 AM
15
Re: The state of the Economy.
Originally Posted by swimfeeders
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HiWe are in a mess, we will all pay.
I am quite prepared to pay my share.
Pensioners should not be exempt.
I will not be paying inheritance Tax, my house is worth £165,000.
My kids have had the money and I am content with that.
Tax Increases?
Yes, I will pay
But not all pensioners are in that happy position .
For some their house is their only asset .
They can’t sell it as they have to live somewhere .
Down here in wiltshire you would be hard pressed to get a house for £165 k
In fact don’t know if you can get anything for that price .
A studio flat perhaps .
People on the state pension won’t be able to pay more tax .
The tax will fall on the Middle Classes
The very rich will take steps to protect their assets .
30-08-2020, 09:48 AM
16
Re: The state of the Economy.
Originally Posted by Muddy
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Yes Swims good on you for forward planning .But not all pensioners are in that happy position .
For some their house is their only asset .
They can’t sell it as they have to live somewhere .
Down here in wiltshire you would be hard pressed to get a house for £165 k
In fact don’t know if you can get anything for that price .
A studio flat perhaps .
People on the state pension won’t be able to pay more tax .
The tax will fall on the Middle Classes
The very rich will take steps to protect their assets .
Those on State Pension should not pay more, that would be totally wrong.
That is also wrong is that Tax relief on the Rich on Pension Payments is 40%, but on the vast majority it is only 20%.
Inheritance Tax?
Easy, move to a cheaper area and give the money to the kids.
30-08-2020, 10:02 AM
17
Re: The state of the Economy.
Originally Posted by swimfeeders
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HiThose on State Pension should not pay more, that would be totally wrong.
That is also wrong is that Tax relief on the Rich on Pension Payments is 40%, but on the vast majority it is only 20%.
Inheritance Tax?
Easy, move to a cheaper area and give the money to the kids.
30-08-2020, 10:12 AM
18
Re: The state of the Economy.
Originally Posted by Bread
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Your avoiding tax again Swimmy
Nope, just being sensible.
I live in a beautiful part of the UK with very low house prices.
Why on earth should i move?
I pay full tax on my Pensions as a Government Employee.
30-08-2020, 10:29 AM
19
Re: The state of the Economy.
Originally Posted by Muddy
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Have you seen that smart young guy Rishi Sunaks smiling face ?He has been dishing out the dosh left right and centre during furlough .
I presume he gets it from the banks .
Come October he has to pay it back .
NS&I have the best interest rates at the moment ( 1.15 % )
So people are putting their savings in there .
The though has crossed my mind that this is the governments saving scheme so they know where the cash is being kept .
30-08-2020, 10:36 AM
20
Re: The state of the Economy.
Originally Posted by swimfeeders
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HiNope, just being sensible.
I live in a beautiful part of the UK with very low house prices.
Why on earth should i move?
I pay full tax on my Pensions as a Government Employee.
No your not being sensible at all.
If you give your kids an amount of money then they are still liable for the inheritance tax when you die, (if you die with the 7 years from giving it to them). This is if your total estate is worth more than the inheritance tax threshold of £325k - this includes your other property valued at £165k and anything else you leave, including any gifts you've made during this period.
Your kids are going to receive a big tax bill if you die within the next 7 years or they could be put in a difficult position if they no longer have the money to pay it.
What you should have done is put it all in a trust fund years ago.
And just because you pay tax on your pension doesn't entitle you to tax avoidance. Your supposed to be a principled man
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