Another Pension rise

big-all said:
if you think off it iff the tax allowance kept up with inflation i would not pay tax as my pension would be a few hundred below the£12 500 so my 10.1% this year is only actually 8% and next year will be 6.8%
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Perhaps you would have settled for just a 5% increase on your pension then so that you don’t pay any tax?
 
Mottie said:
Perhaps you would have settled for just a 5% increase on your pension then so that you don’t pay any tax?
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it was in 2013 i had to permanently select the level off my pension till state pension age at 65 4m 8 days in may 2019 so quite a lot off guess work and crossed fingers :giggle:
 
You don't have to have all that much in savings/investments to be taken into paying tax as a pensioner. Esp as the non-earnings limits have come down. Even if you have no private pension.

As just pointed out, pensioners incomes have just been cut relative to working folk, due to the 2% NI cut.
 
Ihavenojob said:
I'm glad pensioners are starting to get a better pension, hopefully I will be able to benefit in a few years. Those moaning about the rise can always refuse to take their pension, though I doubt (m)any will.
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Great and your bank accounts will be monitored by the Government once you become a pensioner. (y)
 
Justin Passing said:
As just pointed out, pensioners incomes have just been cut relative to working folk, due to the 2% NI cut.
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The NI cut is a useful giveaway to people earning £50,000 or more.

No use to the low paid.

Who could have seen that coming?
 
JohnD said:
The NI cut is a useful giveaway to people earning £50,000 or more.

No use to the low paid.

Who could have seen that coming?
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To those who believed the Tories when they said we want a high wage economy, unfortunately for them the Tories were talking about their chums and not you plebs.

Look plebs we can't pay you more because sadly its the boat people taking what's rightfully yours. So sorry your kids have to go to school in crumbling buildings with no heating and you can't see a doctor either, well maybe next decade?

Tories is always bait and switch.
 
Murdochcat said:
I think you need to reread the effect or use an online calculator
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Feel free to show us the benefit to someone on £50k

On £20k

And on £12k

Lower paid workers will be worse off despite the NI cut, due to the freeze on tax allowances.
 
Tory supporters will not read this.

That means they won't try to deny it.

From merry Christmas to a messy new year • Resolution Foundation

www.resolutionfoundation.org www.resolutionfoundation.org

"A New Year resolution to cut taxes (National Insurance cuts arrive on 6 January) won’t last, with April’s tax threshold rises cancelled – the net effect will be a tax cut for the top half of earners, and tax rises (or no change) for the bottom half. Overall, the richest half of Britain is likely to see incomes rise in the next financial year, but poorer households will see income falls, as targeted cost of living support comes to an end."
 
JohnD said:
Feel free to show us the benefit to someone on £50k

On £20k

And on £12k

Lower paid workers will be worse off despite the NI cut, due to the freeze on tax allowances.
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Its a 2% cut for employees so of course the better off will save more BUT you said "of no use to the low paid"

I would prefer the tax and NI threshold to rise but that would be a give away to everybody, whereas the NI cut just benefits people working and paying NI.
 
JohnD said:
Feel free to show us the benefit to someone on £50k

On £20k

And on £12k

Lower paid workers will be worse off despite the NI cut, due to the freeze on tax allowances.
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Common sense seems to go out of the window with Johnny jewhater.

Man on £50k saves more when NI cut than man on £20k
Man not paying NI anyway, pays no more NI

Who is actually losing out here?

How about this example John,
Man on £12k, working his bollocx off but no savings or investments no better off.
Unemployed man on undisclosed income but well known on certain forums as a super investor claims to have made 40% on his investments for doing f'ck all and pays no tax on those investments in an ISA and no NI on his dividends.

Who would you put up against a wall and shoot if you had to pick one?
 
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