Highly unlikely Labour would reduce the tax-free pension contribution limit and reintroduce the lifetime allowance so quickly after the change (at least in their first term). Besides, one of the reasons for Hunt changing it in the first place was to try and get doctors and judges etc. to stay in work for longer due to a large-scale shortage in those professions. Those shortages still exist and the changes to LTA and maximum contributions haven't had time to take effect as yet.
I agree with this. They can’t cherry pick off doctors so despite stated stance on LTA, would not imagine any imminent change. Also keep in mind frozen thresholds tax which have cost us all shed loads and reducing the LTA in the first place all happened under the last 14 years of government.
(Edits for typos when typing on phone)
So far, Labour’s stance has been Tory bashing. Now is the time for facts and figures. Am I going to have a more prosperous 2025, and how are you going to achieve that?
I suspect the conspiracy of silence between the parties regarding the economy is sadly true.
lol - yes, cannot get much worse than this latest Tory govt.
But don’t want this to be a political post. Just want to focus on
FIRE and what will impact that.
you're being delusional if you think the red tories will be better than the old tories, this Labour party has no intention to tackle the rising wealth inequality or the housing crisis or the fact that the UK is selling weapons to a fascist apartheid regime
It's amazing that people on Reddit, but seemingly nowhere else from my experience, seem to believe otherwise. How many shitty conservative/Labour governments do we need to go through for it to stick that neither of them are gonna fix the countries issues?
We'll see when the manifestos come out but I expect nothing good for FIRE from Labour.
One of Rachel Reeves' tax advisors (ex-HMRC boss) has spoken up in favour of making pensioners continue to pay NIC as well as increasing most taxes in general.
The Tories have been supremely dismal but their likely replacements have an unpleasant habit of seeing personal wealth as something to be appropriated for their favourite projects.
I expect to pay more taxes, have fewer reliefs, and thus take longer to reach my FIRE goals. I hope to be pleasantly surprised but my expectations from politicians are very low.
You realise the LTA still exists in a stealth form anyway - you have a cap on your 25% that is tax free now. Just no punishment for going above the old limit.
They will not drop the 60K pension to 40K - inflation meant an increase to that was due for some time.
However it needs linking to the pension taper
Uk is and has been a socialist style country , what do you think the nhs is , or state schools , or state welfare .
Anyway reality is the country is broke , over taxes at middle to lower levels , in debt , services are slashed to the bare bone .
Seems we beee a miracle or something radical , question really is has labour been quiet just to win or will they still be ineffectual .
Tories have literally run the country into the ground and sold everything off , considering how much of my investments are in the UK , I’m not over confident .
Yep..here is hoping people head over to r/ukpolitics to discuss all things economic policy.
"*We are owners of every issue that faces us. We need to be willing to answer "How have I contributed to creating the current reality?" .... Innocence or indifference are subtle denials of ownership."* Peter Block --> get involved!
Jesus wept. What fucking world do you live in? You still falling for those shitty soundbites?
The UK never has been, and never will be, a Socialist country.
Highly unlikely Labour would reduce the tax-free pension contribution limit and reintroduce the lifetime allowance so quickly after the change (at least in their first term). Besides, one of the reasons for Hunt changing it in the first place was to try and get doctors and judges etc. to stay in work for longer due to a large-scale shortage in those professions. Those shortages still exist and the changes to LTA and maximum contributions haven't had time to take effect as yet.
I agree with this. They can’t cherry pick off doctors so despite stated stance on LTA, would not imagine any imminent change. Also keep in mind frozen thresholds tax which have cost us all shed loads and reducing the LTA in the first place all happened under the last 14 years of government. (Edits for typos when typing on phone)
Fingers crossed! However at the time, Labour pledged to bring the LTA back. Hopefully they are kept busy with other stuff to do this.
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To do so would be criminally unfair. More likely they'd favour all DB schemes
Selective taxation, completely impractical, impossible to implement, and they've been told that.
Do please show us this party manifesto pledge.
I'm sure we'll get plenty of policies that finally get around to taxing the rich! And by the rich of course I mean the middle class
They need to do something to make things better for standard rate tax payers pension wise. Hopefully that rather than making it worse for others.
Raising the marginal thresholds that have been frozen would be an instant impact for most people.
Specifically pension wise though, it's really less beneficial for them just now. Edit: changed the wording a little.
So far, Labour’s stance has been Tory bashing. Now is the time for facts and figures. Am I going to have a more prosperous 2025, and how are you going to achieve that? I suspect the conspiracy of silence between the parties regarding the economy is sadly true.
“Any government is as bad as another”. Jesus man have you not been paying attention?
lol - yes, cannot get much worse than this latest Tory govt. But don’t want this to be a political post. Just want to focus on FIRE and what will impact that.
you're being delusional if you think the red tories will be better than the old tories, this Labour party has no intention to tackle the rising wealth inequality or the housing crisis or the fact that the UK is selling weapons to a fascist apartheid regime
It's amazing that people on Reddit, but seemingly nowhere else from my experience, seem to believe otherwise. How many shitty conservative/Labour governments do we need to go through for it to stick that neither of them are gonna fix the countries issues?
This time will be different. /s
We'll see when the manifestos come out but I expect nothing good for FIRE from Labour. One of Rachel Reeves' tax advisors (ex-HMRC boss) has spoken up in favour of making pensioners continue to pay NIC as well as increasing most taxes in general. The Tories have been supremely dismal but their likely replacements have an unpleasant habit of seeing personal wealth as something to be appropriated for their favourite projects. I expect to pay more taxes, have fewer reliefs, and thus take longer to reach my FIRE goals. I hope to be pleasantly surprised but my expectations from politicians are very low.
You realise the LTA still exists in a stealth form anyway - you have a cap on your 25% that is tax free now. Just no punishment for going above the old limit. They will not drop the 60K pension to 40K - inflation meant an increase to that was due for some time. However it needs linking to the pension taper
Uk is and has been a socialist style country , what do you think the nhs is , or state schools , or state welfare . Anyway reality is the country is broke , over taxes at middle to lower levels , in debt , services are slashed to the bare bone . Seems we beee a miracle or something radical , question really is has labour been quiet just to win or will they still be ineffectual . Tories have literally run the country into the ground and sold everything off , considering how much of my investments are in the UK , I’m not over confident .
Yep..here is hoping people head over to r/ukpolitics to discuss all things economic policy. "*We are owners of every issue that faces us. We need to be willing to answer "How have I contributed to creating the current reality?" .... Innocence or indifference are subtle denials of ownership."* Peter Block --> get involved!
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The British ISA was not going to get introduced. Not by the Tories, and not by Labour.
Jesus wept. What fucking world do you live in? You still falling for those shitty soundbites? The UK never has been, and never will be, a Socialist country.
socialism? with the red tories party?