Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: Field Marshal Dr. Opti on 26 November 2025, 11:22:00
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Expect to see a few minor rabbits pulled from the hat to disguise the fox Rachel from accounts lets loose in the hen house. :)
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Well they have just screwed everyone over who is paying into pensions.....
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No need to watch the budget, just read the OBR report which was released early by mistake. OOPS 😂
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How's Rachael from Accounts' resignation speech going :-\
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Get the food take a ways paying Tax and VAT as they should, then get all the company's that are moving from the UK and others registered abroad to pay appropriate Tax/VAT on sales they make in the Uk.
The list could go on and on.
Bankers rewards
MP's Expenses/wages
Would imagine the revenues if all were collected efficiency would make Brittain Great again.
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Well they have just screwed everyone over who is paying into pensions.....
the salary sacrifice change applies from 2029 so there is chance to maximise contributions prior to then, even utilising carry forward unused annual allowance if you can...
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Get the food take a ways paying Tax and VAT as they should, then get all the company's that are moving from the UK and others registered abroad to pay appropriate Tax/VAT on sales they make in the Uk.
The list could go on and on.
Bankers rewards
MP's Expenses/wages
Would imagine the revenues if all were collected efficiency would make Brittain Great again.
People might even start spelling it correctly. Doubtful though :-\
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Well they have just screwed everyone over who is paying into pensions.....
the salary sacrifice change applies from 2029 so there is chance to maximise contributions prior to then, even utilising carry forward unused annual allowance if you can...
2029 is the year that the Tories will have make some very big promises to get reelected. This measure won't collect a huge amount of revenue, so......
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I very much doubt this shower of shit will be in charge in 2029...
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One of our neighbours has two electric cars a Tesla & a Merc always going on about paying no road tax , well that's about to change apparently, to 3 pence for every mile driven & then rising with inflation had to happen eventually. I think our petrol hybrid won't be affected at the moment.
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Your hybrid will be affected.
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Your hybrid will be affected.
1.5p a mile, I think.
Milk float Jag has gone from zero road tax to £195. Inevitable really. :-X
If they keep the lowest tax rate at £12570 until 2031 there will certainly be some poor people (and pensioners) paying tax.
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High tax, high spend budget.
They claim the number one priority is economic growth, but high tax / high spend means this is unlikely in the extreme.
Economic illiteracy yet again, but its in Labours DNA.
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Your hybrid will be affected.
Only plug in hybrids
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Ah, I think your right. :y
Makes a change. :P ;D
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Ah, I think your right. :y
Makes a change. :P ;D
I'm always right, and you know it :P
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High tax, high spend budget.
They claim the number one priority is economic growth, but high tax / high spend means this is unlikely in the extreme.
Economic illiteracy yet again, but its in Labours DNA.
Agreed...the 2 don't tend to go together.
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I'm pretty shit at Maths, and even I know that low taxation promotes growth which in turn increases tax revenue.
It's not rocket science but apparently the Leftists have never been able to figure that out... In fact dyspraxia is a prerequisite of being a Labour chancellor. Go figure.
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Despite all the hype, I'm find it hard to get even slightly upset about this budget. We will all get to keep less of any pay rises in future, but they are still positive figures, not negative. As far as I can see, no one will starve to death.
If anyone on here is negatively affected (apart from salary sacrifice), please let us know how exactly.
I'm assuming no one has a property worth £2 million+ and, even if you do, it's only £4500.
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State pensioners, like me, have already had a £200 winter fuel allowance and will get about £550 next April. There's nothing to moan about there. Also, over 65's get to keep their full £20,000 tax free isa allowance.
Anyone who complains about the reduction to £12,000 from April 2027....well....you can hardly claim poverty if you can afford to save that much.
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Only £4,500 ;D
Part of our pay deal was a profit share, potentially this will push some people over the the lower bracket limits or if it goes into pension pots, as is an option, then it will trigger the NI on pension contributions. Personally, that's £1,200 a year, but anything over £800 from the profit share will cause this to happen.
Ok, I am fortunate in that a reasonable chunk of my pay currently doesn't attract tax, but that amount varies each month.
It might seem like a bit here or there, but it's on top of everything that's already taken.
This helps to explain just how incompetent Rachael from Accounts actually is...
https://youtu.be/DENkFzTmyiY?si=xSrCU2YdvNNkxzSF
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Only £4,500 ;D
Part of our pay deal was a profit share, potentially this will push some people over the the lower bracket limits or if it goes into pension pots, as is an option, then it will trigger the NI on pension contributions. Personally, that's £1,200 a year, but anything over £800 from the profit share will cause this to happen.
Ok, I am fortunate in that a reasonable chunk of my pay currently doesn't attract tax, but that amount varies each month.
It might seem like a bit here or there, but it's on top of everything that's already taken.
This helps to explain just how incompetent Rachael from Accounts actually is...
https://youtu.be/DENkFzTmyiY?si=xSrCU2YdvNNkxzSF
I'm not interested in YouTube explanations. £4500 I'd not that much if you own a £2 million house, and it's less than you spent upgrading your merc.
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Bloody hell! :o Uncle STEMO's become a socialist! ;D
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Someone once said 'You've never had it so good', and people who grew up in the 50's and 60's, like me, know exactly what being skint actually means.
Like I've said on here before, if people are so envious of the amount benefit claimants get, give it a whirl and see if it suits.
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Bloody hell! :o Uncle STEMO's become a socialist! ;D
Not at all, Tigger, but I'm not jumping on the 'we're all skint' bandwagon, when we patently aren't. I hate seeing money spent on asylum seekers and work shy bastards as much as the next man, but I wouldn't swap places with them.
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Only £4,500 ;D
Part of our pay deal was a profit share, potentially this will push some people over the the lower bracket limits or if it goes into pension pots, as is an option, then it will trigger the NI on pension contributions. Personally, that's £1,200 a year, but anything over £800 from the profit share will cause this to happen.
Ok, I am fortunate in that a reasonable chunk of my pay currently doesn't attract tax, but that amount varies each month.
It might seem like a bit here or there, but it's on top of everything that's already taken.
This helps to explain just how incompetent Rachael from Accounts actually is...
https://youtu.be/DENkFzTmyiY?si=xSrCU2YdvNNkxzSF
I'm not interested in YouTube explanations. £4500 I'd not that much if you own a £2 million house, and it's less than you spent upgrading your merc.
It's from Sky News yesterday, hardly a YouTube explanation :D
If I had a £illion.pound house, not that that buys much nowadays down South, I wouldn't have the spare to.piss around with the car.
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Im in a salary sacrifice pension scheme.
Im a state pensioner who is still working. The fiscal drag of tax allowances remaining unchanged mean I effectively pay 20% tax on my state pension, and inflation will eat into my standard of living.
One of the reasons Im still working is that Gordon Brown hammered those of us who were responsible enough to pay into private pensions out of our wages at the time.
There should be a law against Labour being in charge of the countries finances, even if they are in Government.
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Im in a salary sacrifice pension scheme.
Im a state pensioner who is still working. The fiscal drag of tax allowances remaining unchanged mean I effectively pay 20% tax on my state pension, and inflation will eat into my standard of living.
One of the reasons Im still working is that Gordon Brown hammered those of us who were responsible enough to pay into private pensions out of our wages at the time.
There should be a law against Labour being in charge of the countries finances, even if they are in Government.
You're minted, Albs, it's common knowledge ;D
Driving around the country lanes of Essex in your Porsche, life of Riley.
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Only £4,500 ;D
Part of our pay deal was a profit share, potentially this will push some people over the the lower bracket limits or if it goes into pension pots, as is an option, then it will trigger the NI on pension contributions. Personally, that's £1,200 a year, but anything over £800 from the profit share will cause this to happen.
Ok, I am fortunate in that a reasonable chunk of my pay currently doesn't attract tax, but that amount varies each month.
It might seem like a bit here or there, but it's on top of everything that's already taken.
This helps to explain just how incompetent Rachael from Accounts actually is...
https://youtu.be/DENkFzTmyiY?si=xSrCU2YdvNNkxzSF
I'm not interested in YouTube explanations. £4500 I'd not that much if you own a £2 million house, and it's less than you spent upgrading your merc.
It's from Sky News yesterday, hardly a YouTube explanation :D
If I had a £illion.pound house, not that that buys much nowadays down South, I wouldn't have the spare to.piss around with the car.
Why watch sky news on YouTube? Just watch sky news ;D
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That would involve being at home ::)
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That would involve being at home ::)
Right, never thought of that. It's a hard life, jetting off all over the world. ;D
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That would involve being at home ::)
Right, never thought of that. It's a hard life, jetting off all over the world. ;D
8 nights at home every month and away for Christmas and New Year. Still easier than being at home without the pooch.
The thing with the houses, bro and sil bought a house for about £500k with her parents in 2009. Now worth near emo £1.5m. They both pay higher tax rates, but they don't earn 6 figures. Just a normal couple that got lucky with the market and circumstance. They'd notice a £4,500 bill. As would alot of other people in similar circumstances
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That would involve being at home ::)
Right, never thought of that. It's a hard life, jetting off all over the world. ;D
8 nights at home every month and away for Christmas and New Year. Still easier than being at home without the pooch.
The thing with the houses, bro and sil bought a house for about £500k with her parents in 2009. Now worth near emo £1.5m. They both pay higher tax rates, but they don't earn 6 figures. Just a normal couple that got lucky with the market and circumstance. They'd notice a £4,500 bill. As would alot of other people in similar circumstances
They'd notice it, but they won't get it, because their house isn't worth £2million
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Point being just because your house is hypothetically worth X amount doesn't mean you paid anything like it ;)
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All the mention of the mansion Tax of £4500?
I thought it was set at £2500 for homes over £2,000,000
So after googling several reports are saying
A new council tax surcharge, aka the “mansion tax”, will apply to properties valued at £2m or more. A flat amount will apply to four bands over that value, starting at £2,500 for properties valued between £2m and £2.5m. The mansion tax will be capped at £7,500 for properties of over £5m.
https://www.bbc.co.uk/news/articles/ce910z9jd3po
Also mentioning that it starts in 2028
So this then starts a new debate based on the value as there have been reports of the council tax ratings being totally out of date so how would they value a £2.000.000 property?
On its sale valuation, it's Rateable value or is this why the valuation/Rateable value discussion was on the news a while back was started so that they could amend it knowing the Mansion Tax was to be applied.
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Even less than I said then. But, as you point out, it will be very difficult to precisely value a home at, say, £500 under £2million or £500 over £2million.
It's also going to be a nightmare estimating annual mileage for EVs.
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I've just read that this 'mansion tax' is likely to raise £400million by 28/29. FFS, is it worth all the news inches for such a paltry amount? (In the context of government revenue)
It just smacks of labour trying to show that they're whacking the wealthy, for the benefit of a few dim back benchers.
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State pensioners, like me, have already had a £200 winter fuel allowance and will get about £550 next April. There's nothing to moan about there. Also, over 65's get to keep their full £20,000 tax free isa allowance.
Anyone who complains about the reduction to £12,000 from April 2027....well....you can hardly claim poverty if you can afford to save that much.
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Better off spending any cash in ISAs now, can't see any point in being the richest guy in the cemetery.
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Point being just because your house is hypothetically worth X amount doesn't mean you paid anything like it ;)
.. and the fact that this measure is conveniently based on an arbitrary value rather than just applying to the top council tax band, for example, means that this will be yet another tax threshold that they can conveniently freeze until, in a decade or two, after a bit of inflation, we're all paying it. .. and whereas the council tax banding system has arguably worked OK for a couple of decades without constant re-valuation of properties, this one won't.
Not that Rachel from accounts has that long left in the job. ;D
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State pensioners, like me, have already had a £200 winter fuel allowance and will get about £550 next April. There's nothing to moan about there. Also, over 65's get to keep their full £20,000 tax free isa allowance.
Anyone who complains about the reduction to £12,000 from April 2027....well....you can hardly claim poverty if you can afford to save that much.
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Better off spending any cash in ISAs now, can't see any point in being the richest guy in the cemetery.
Everyone's circumstances are different. My wife still, officially, has 12 years to go until retirement. She won't wait that long, of course.
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State pensioners, like me, have already had a £200 winter fuel allowance and will get about £550 next April. There's nothing to moan about there. Also, over 65's get to keep their full £20,000 tax free isa allowance.
Anyone who complains about the reduction to £12,000 from April 2027....well....you can hardly claim poverty if you can afford to save that much.
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Better off spending any cash in ISAs now, can't see any point in being the richest guy in the cemetery.
Everyone's circumstances are different. My wife still, officially, has 12 years to go until retirement. She won't wait that long, of course.
You've got a wife :o
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State pensioners, like me, have already had a £200 winter fuel allowance and will get about £550 next April. There's nothing to moan about there. Also, over 65's get to keep their full £20,000 tax free isa allowance.
Anyone who complains about the reduction to £12,000 from April 2027....well....you can hardly claim poverty if you can afford to save that much.
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Better off spending any cash in ISAs now, can't see any point in being the richest guy in the cemetery.
Everyone's circumstances are different. My wife still, officially, has 12 years to go until retirement. She won't wait that long, of course.
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That's handy Steve, you can spend her salary as well 👍
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State pensioners, like me, have already had a £200 winter fuel allowance and will get about £550 next April. There's nothing to moan about there. Also, over 65's get to keep their full £20,000 tax free isa allowance.
Anyone who complains about the reduction to £12,000 from April 2027....well....you can hardly claim poverty if you can afford to save that much.
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Better off spending any cash in ISAs now, can't see any point in being the richest guy in the cemetery.
Everyone's circumstances are different. My wife still, officially, has 12 years to go until retirement. She won't wait that long, of course.
You've got a wife :o
Obviously a long suffering one. ::) >:D
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Better off spending any cash in ISAs now, can't see any point in being the richest guy in the cemetery.
Not to mention that if its in a cash ISA its likely not anywhere near keeping up with inflation, so its buying power will probably be shrinking quite dramatically with each year that goes by.
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I've just read that this 'mansion tax' is likely to raise £400million by 28/29. FFS, is it worth all the news inches for such a paltry amount? (In the context of government revenue)
It just smacks of labour trying to show that they're whacking the wealthy, for the benefit of a few dim back benchers.
From what I read it doesn't start till 2028 so it's giving them plenty of time to save up for their 1st payment or find a loophole to avoid paying it.
It's like the home tax's over the years though, it was based on the number of windows a house had, so people bricked them up on bigger houses, then it was based on the the number if radiators the house had.
The next one will be on the number of solor panels a house has, then how many cars you can park on your drive.
Basically they cant run the country within a budget so we have to pay for their errors.
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Not enough for defence. 2.6 % GDP so a soft budget. You got off lightly.
Weren”t NATO members supposed to up spending to a target of 5%, as per Trumpy?
( buy shares in drone building companies)
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Not enough for defence. 2.6 % GDP so a soft budget. You got off lightly.
Weren”t NATO members supposed to up spending to a target of 5%, as per Trumpy?
( buy shares in drone building companies)
We can't spend money on defence and take 500,000 children out of poverty. The wánker Starmer was getting all emotional about these children on the news at lunchtime. Playing to his back benchers again.
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Not enough for defence. 2.6 % GDP so a soft budget. You got off lightly.
Weren”t NATO members supposed to up spending to a target of 5%, as per Trumpy?
( buy shares in drone building companies)
We can't spend money on defence and take 500,000 children out of poverty. The wánker Starmer was getting all emotional about these children on the news at lunchtime. Playing to his back benchers again.
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I saw it as well , that man makes me feel physically sick he is a coniving deceitful bastard.
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Better off spending any cash in ISAs now, can't see any point in being the richest guy in the cemetery.
Not to mention that if its in a cash ISA its likely not anywhere near keeping up with inflation, so its buying power will probably be shrinking quite dramatically with each year that goes by.
CPI is 3.6%, cash ISAs paying over 4% are easy to find.
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Just reading
"Cash ISA annual allowance cut to £12,000 (from £20,000) per tax year. This will not apply to over 65s, who will keep £20,000 cash ISA limit. I turn 65 next year :-\
"The shares ISA will remain at £20,000 Remember this ONLY impacts new money being put in, it won't impact money already in ISAs.
Didn't watch the budget, so catching up on bits as I flick though news.
Interesting for those who have retired or prepared to take a gamble. (Apologies if this has been mentioned already)
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The reason that the £20K cash limit has been kept for over 65's is that SS ISAs are basically stock market investments, and these sort of investments are only suited to medium and long term savings. Whilst the returns on the stock markets exceed cash long term, they are volatile and can go up and down lots in the short term - 20% drops aren't unknown. Therefore, SS ISAS aren't really suitable for coffin dodgers who may need to cash in the investments at short notice.
Personally I think even £12K p/a is far too much in cash regardless of age.
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Not enough for defence. 2.6 % GDP so a soft budget. You got off lightly.
Weren”t NATO members supposed to up spending to a target of 5%, as per Trumpy?
( buy shares in drone building companies)
We can't spend money on defence and take 500,000 children out of poverty. The wánker Starmer was getting all emotional about these children on the news at lunchtime. Playing to his back benchers again.
Call me old fashioned, but if you can't afford more than 2 snotty kids without the taxpayer funding your little bastids, don't have more than 2.
Simples*
*Useless you are Starmer.
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CPI is 3.6%, cash ISAs paying over 4% are easy to find.
Very true, but a) people have to be on board with chopping and changing to get the best deals, and b) over the past 5yrs those savers will have lost a shed load of spending power as its been well over 10% at points.
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CPI is 3.6%, cash ISAs paying over 4% are easy to find.
Very true, but a) people have to be on board with chopping and changing to get the best deals, and b) over the past 5yrs those savers will have lost a shed load of spending power as its been well over 10% at points.
If Rachel thinks that people who can afford to put more than £12K away each year are going to put it into stocks and shares, then she's plain stupid. To the vast majority of people, me included, stability is key.
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The reason that the £20K cash limit has been kept for over 65's is that SS ISAs are basically stock market investments, and these sort of investments are only suited to medium and long term savings. Whilst the returns on the stock markets exceed cash long term, they are volatile and can go up and down lots in the short term - 20% drops aren't unknown. Therefore, SS ISAS aren't really suitable for coffin dodgers who may need to cash in the investments at short notice.
Personally I think even £12K p/a is far too much in cash regardless of age.
£24K for a couple or, in my case, £32K for a couple, which is plenty. But if we had more, I would make sure we both earned interest up to our respective allowances, and I'd keep the rest in our current account. I'm spiteful like that :)
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Another one I heard from Martin Lewis yesterday evening, pensioners will not have to pay income tax on their state pension, even if/when the pension exceeds the 20% tax threshold, which it will do in 2027.
However, they will have to pay tax on their occupational pension.
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Not enough for defence. 2.6 % GDP so a soft budget. You got off lightly.
Weren”t NATO members supposed to up spending to a target of 5%, as per Trumpy?
( buy shares in drone building companies)
We can't spend money on defence and take 500,000 children out of poverty. The wánker Starmer was getting all emotional about these children on the news at lunchtime. Playing to his back benchers again.
Call me old fashioned, but if you can't afford more than 2 snotty kids without the taxpayer funding your little bastids, don't have more than 2.
Simples*
*Useless you are Starmer.
There's a cohort of voters that can have more than one wife and hoards of kids between them all, that Starmer and the Labour party are desperate to keep on side. :-X
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There's a cohort of voters that can have more than one wife and hoards of kids between them all, that Starmer and the Labour party are desperate to keep on side. :-X
And they are fast becoming the majority. So maybe Starmer and Theeves aren't as stupid as we think....
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7Another one I heard from Martin Lewis yesterday evening, pensioners will not have to pay income tax on their state pension, even if/when the pension exceeds the 20% tax threshold, which it will do in 2027.
However, they will have to pay tax on their occupational pension.
Until when?.....2028. ::)
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Another one I heard from Martin Lewis yesterday evening, pensioners will not have to pay income tax on their state pension, even if/when the pension exceeds the 20% tax threshold, which it will do in 2027.
However, they will have to pay tax on their occupational pension.
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Have paid tax on my pensions ever since I retired, the only one that remains untouched is the state pension, but it I'm being completely honest I am quite happy with what I receive, but I'm unhappy that my tax payments go towards people who can't be bothered getting of their arses to work & who keep knocking out sprogs for extra benefits. When the state pension exceeds the threshold they will simply take more from any occupational pensions that you're in receipt of as they do now it's total codswallop that it will be " tax free "
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Another one I heard from Martin Lewis yesterday evening, pensioners will not have to pay income tax on their state pension, even if/when the pension exceeds the 20% tax threshold, which it will do in 2027.
However, they will have to pay tax on their occupational pension.
A few weeks ago on here, i asked about my occupational pension which is very close to running down. Thanks for the replies and advice too. The question i now ask is what the DWP now class as 'state pension'. Years ago i decided to stay in the old SERPS pension scheme instead of putting extra into the company scheme, when it went from a final salary to a "money purchase" scheme. This has left me quite a reasonable weekly amount which is well over the £12,570 pa tax threshold. Will the DWP class the extra i receive as part of my pension or tax me on that part? :-\ Haven't heard any comments on the media regarding this situation.
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The £12570 tax limit will be in place until 2031.....by which time the state pension will probably be around £15000. I can't see the difference remaining untaxed for that long.
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The £12570 tax limit will be in place until 2031.....by which time the state pension will probably be around £15000. I can't see the difference remaining untaxed for that long.
It will be in place unless the various parties start making promises prior to 2029.
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Another one I heard from Martin Lewis yesterday evening, pensioners will not have to pay income tax on their state pension, even if/when the pension exceeds the 20% tax threshold, which it will do in 2027.
However, they will have to pay tax on their occupational pension.
That's not much of a change. It's all been taxed at the lower threshold previously.
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Another one I heard from Martin Lewis yesterday evening, pensioners will not have to pay income tax on their state pension, even if/when the pension exceeds the 20% tax threshold, which it will do in 2027.
However, they will have to pay tax on their occupational pension.
That's not much of a change. It's all been taxed at the lower threshold previously.
None of my state pension has ever been taxed, and it won't be until 2029 at least.
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The £12570 tax limit will be in place until 2031.....by which time the state pension will probably be around £15000. I can't see the difference remaining untaxed for that long.
According to you, I'll be dead by then ;D
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Another one I heard from Martin Lewis yesterday evening, pensioners will not have to pay income tax on their state pension, even if/when the pension exceeds the 20% tax threshold, which it will do in 2027.
However, they will have to pay tax on their occupational pension.
That's not much of a change. It's all been taxed at the lower threshold previously.
None of my state pension has ever been taxed, and it won't be until 2029 at least.
Rachel is well known for changing her mind, and the goal posts.
It will be government policy until it isn't.....and that could be next week.
The whole budget was an unprofessional farce. :)
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The £12570 tax limit will be in place until 2031.....by which time the state pension will probably be around £15000. I can't see the difference remaining untaxed for that long.
According to you, I'll be dead by then ;D
Almost certainly, and for a few years. :)
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Another one I heard from Martin Lewis yesterday evening, pensioners will not have to pay income tax on their state pension, even if/when the pension exceeds the 20% tax threshold, which it will do in 2027.
However, they will have to pay tax on their occupational pension.
That's not much of a change. It's all been taxed at the lower threshold previously.
None of my state pension has ever been taxed, and it won't be until 2029 at least.
Rachel is well known for changing her mind, and the goal posts.
It will be government policy until it isn't.....and that could be next week.
The whole budget was an unprofessional farce. :)
As I said pages ago, I couldn't care less ;D I will carry on as before, the British way 🇬🇧
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But I won't be investing in any British stocks.
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Only bonus I see from the mansion Tax is that anyone considering buying a £2,000,000 house will be in a position the negotiate the price down.
There is a house 2 villages away from me that went on the market 18 months ago for £3M, Didn't sell, dropped by £250k 3 times. Now £2M so any buyers now are in a good position to kick them in the nuts with an offer.
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But I won't be investing in any British stocks.
This is the thing.. She's doing this to promote more investment, yet when I look where my ISA investments are, precious few of them are here, probably because the magic money tree hasn't delivered the growth Starmer and Reeves have been banging on about for 18 months while stifling it with every move. ::)
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We keep a few grand in ISAs as an emergency fund instant access if we need it, the rest is all in premium bonds had them since 2021 and no word of a lie we've won a few quid every month since we've had them, don't know anything about stocks & shares and certainly at this stage in our lives don't see the point.
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We keep a few grand in ISAs as an emergency fund instant access if we need it, the rest is all in premium bonds had them since 2021 and no word of a lie we've won a few quid every month since we've had them, don't know anything about stocks & shares and certainly at this stage in our lives don't see the point.
You don't need to know anything about stocks and shares, Mick. You just hand over your dosh to a fund manager and they invest it for you, according to chosen risk level. Then they take a cut every year now matter how the fund performs. ::)
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We keep a few grand in ISAs as an emergency fund instant access if we need it, the rest is all in premium bonds had them since 2021 and no word of a lie we've won a few quid every month since we've had them, don't know anything about stocks & shares and certainly at this stage in our lives don't see the point.
You don't need to know anything about stocks and shares, Mick. You just hand over your dosh to a fund manager and they invest it for you, according to chosen risk level. Then they take a cut every year now matter how the fund performs. ::)
Yep...as I found out with an endowment mortgage many moons ago.
There was no way the policy was going to make the required amount, but the fund manager (probably aged about 22)took a big slice regardless. :-X
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Think of the poor unmarried mothers with half a dozen kids or more, each one with a different father.
Got to be looked after by the state.
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Think of the poor unmarried mothers with half a dozen kids or more, each one with a different father.
Got to be looked after by the state.
As they love to say on trashy American TV........"you're my sister from another mister" 8)
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We keep a few grand in ISAs as an emergency fund instant access if we need it, the rest is all in premium bonds had them since 2021 and no word of a lie we've won a few quid every month since we've had them, don't know anything about stocks & shares and certainly at this stage in our lives don't see the point.
You don't need to know anything about stocks and shares, Mick. You just hand over your dosh to a fund manager and they invest it for you, according to chosen risk level. Then they take a cut every year now matter how the fund performs. ::)
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That would mean putting trust in somebody with our cash , what could possibly go wrong ?
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Think of the poor unmarried mothers with half a dozen kids or more, each one with a different father.
Got to be looked after by the state.
I can think of a few of them, all from the same family & have never worked a day in their life .... :-X :-X
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Think of the poor unmarried mothers with half a dozen kids or more, each one with a different father.
Got to be looked after by the state.
Just seen a couple on telly who had quintuplets. How would that work? Only the first two born would get child benefits?
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We keep a few grand in ISAs as an emergency fund instant access if we need it, the rest is all in premium bonds had them since 2021 and no word of a lie we've won a few quid every month since we've had them, don't know anything about stocks & shares and certainly at this stage in our lives don't see the point.
You don't need to know anything about stocks and shares, Mick. You just hand over your dosh to a fund manager and they invest it for you, according to chosen risk level. Then they take a cut every year now matter how the fund performs. ::)
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That would mean putting trust in somebody with our cash , what could possibly go wrong ?
That's what we thought about 30 yrs ago ..... the name of the advisor should have been a clue .... he was called Grantham Fidler!
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We keep a few grand in ISAs as an emergency fund instant access if we need it, the rest is all in premium bonds had them since 2021 and no word of a lie we've won a few quid every month since we've had them, don't know anything about stocks & shares and certainly at this stage in our lives don't see the point.
You don't need to know anything about stocks and shares, Mick. You just hand over your dosh to a fund manager and they invest it for you, according to chosen risk level. Then they take a cut every year now matter how the fund performs. ::)
.
That would mean putting trust in somebody with our cash , what could possibly go wrong ?
That's what we thought about 30 yrs ago ..... the name of the advisor should have been a clue .... he was called Grantham Fidler!
Grantham? Was he from Lincolnsausageshire? Could have been a young Opti, always wondered about him.
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We keep a few grand in ISAs as an emergency fund instant access if we need it, the rest is all in premium bonds had them since 2021 and no word of a lie we've won a few quid every month since we've had them, don't know anything about stocks & shares and certainly at this stage in our lives don't see the point.
You don't need to know anything about stocks and shares, Mick. You just hand over your dosh to a fund manager and they invest it for you, according to chosen risk level. Then they take a cut every year now matter how the fund performs. ::)
.
That would mean putting trust in somebody with our cash , what could possibly go wrong ?
That's what we thought about 30 yrs ago ..... the name of the advisor should have been a clue .... he was called Grantham Fidler!
Grantham? Was he from Lincolnsausageshire? Could have been a young Opti, always wondered about him.
I thought Lord Opti was always young. Like Peter Pan! :)
Or is that Pinocchio? :-\ ;D
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So it seems that Rach from Complaints might be on a sticky wicket, as it appears that she told a few porkies about the state of the nations finances to justify her tax and spend budget. ::)
Let's see if the media go into hysteria mode to get her to resign, like they would if a Tory Chancellor lied to Parliament and the country? ???
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https://x.com/CrewkerneGaz/status/1994307018228719658?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1994307018228719658%7Ctwgr%5Ef2e39501d17ee7ec64a52ecc6977d7aaa815211b%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fnews.sky.com%2Fstory%2Fpms-rap-battle-with-skys-beth-rigby-goes-viral-and-one-of-the-ai-satirists-behind-it-explains-why-13476750
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That might be the Christmas number one!
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So it seems that Rach from Complaints might be on a sticky wicket, as it appears that she told a few porkies about the state of the nations finances to justify her tax and spend budget. ::)
Let's see if the media go into hysteria mode to get her to resign, like they would if a Tory Chancellor lied to Parliament and the country? ???
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Wouldn't that make it a great Christmas if that stupid bitch got the bullet 👍
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(https://i.postimg.cc/Cxv6sjc5/Only-Fools-Banter.jpg)
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So it seems that Rach from Complaints might be on a sticky wicket, as it appears that she told a few porkies about the state of the nations finances to justify her tax and spend budget. ::)
Let's see if the media go into hysteria mode to get her to resign, like they would if a Tory Chancellor lied to Parliament and the country? ???
I never did believe she had a black hole....especially a large one. :)
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That might be the Christmas number one!
https://youtu.be/lAOAPYKGzZc?si=u8dTB1rv4C7pqm9U (https://youtu.be/lAOAPYKGzZc?si=u8dTB1rv4C7pqm9U)
This has a catchy tune.
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We keep a few grand in ISAs as an emergency fund instant access if we need it, the rest is all in premium bonds had them since 2021 and no word of a lie we've won a few quid every month since we've had them, don't know anything about stocks & shares and certainly at this stage in our lives don't see the point.
You don't need to know anything about stocks and shares, Mick. You just hand over your dosh to a fund manager and they invest it for you, according to chosen risk level. Then they take a cut every year now matter how the fund performs. ::)
.
That would mean putting trust in somebody with our cash , what could possibly go wrong ?
That's what we thought about 30 yrs ago ..... the name of the advisor should have been a clue .... he was called Grantham Fidler!
Grantham? Was he from Lincolnsausageshire? Could have been a young Opti, always wondered about him.
Nah.....thirty years ago I was only 7. :)
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https://youtu.be/v6xdOxXcJxI?si=xogfVLMBkBu6NmJk
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https://youtu.be/v6xdOxXcJxI?si=xogfVLMBkBu6NmJk
Dad's in jail for racist tweets...... ::)
That will never happen in GB. ::)
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Something interesting for those who can afford it. Not sure if this was done during the budget, but thinking maybe not the case as most changes start April 2026.
The £85,000 savings rule refers to the Financial Services Compensation Scheme (FSCS) protection limit per person, per UK-regulated institution, if a bank, building society, or credit union fails.
From December 1, 2025, this limit will increase to £120,000, providing higher protection for most savers, though the £85,000 limit remains relevant for claims on failures that occurred before this date. It is important to note that this limit applies to the total across all accounts at a single firm, not per account.
Joint accounts: For joint accounts, each person is covered up to the £85,000 limit, meaning the total protection for a joint account is £170,000 (£85,000 for each person). Guessing this means £240,000.
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Even less chance of Revolut getting a banking licence then
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Another one I heard from Martin Lewis yesterday evening, pensioners will not have to pay income tax on their state pension, even if/when the pension exceeds the 20% tax threshold, which it will do in 2027.
However, they will have to pay tax on their occupational pension.
Penson income has always been subject to tax, it's just that the SP has always been less than your personal allowance, so the applicable tax rate is 0%. The SP is always payed as the first tranche of your income.
What happens at the moment is the amount of your SP is deducted from your personal allowance. So if your SP is (say) £10K, and the 'normal' personal allowance is £12570, then your tax code will be 257 (12570 - 10000 = 2570), rather than 1257. This means any other income provider (work, occupation pension or private pension) will pay the first £2570 tax free, and then deduct 20% on everything above that.
If/when the SP exceeds £12570 it makes no sense for the govt to pay it all out, and then HMRC try to claim it back in tax. It would get really messy for pensioners whose only source of income is their SP. They'd end up filling in self assesement tax returns every year.
There must be some people whose SP already exceeds their PA. Anyone on the pre 2016 system with significant S2P/SERPS could be receiving close to £16K. I wonder how that is treated at the moment?
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Another one I heard from Martin Lewis yesterday evening, pensioners will not have to pay income tax on their state pension, even if/when the pension exceeds the 20% tax threshold, which it will do in 2027.
However, they will have to pay tax on their occupational pension.
Penson income has always been subject to tax, it's just that the SP has always been less than your personal allowance, so the applicable tax rate is 0%. The SP is always payed as the first tranche of your income.
What happens at the moment is the amount of your SP is deducted from your personal allowance. So if your SP is (say) £10K, and the 'normal' personal allowance is £12570, then your tax code will be 257 (12570 - 10000 = 2570), rather than 1257. This means any other income provider (work, occupation pension or private pension) will pay the first £2570 tax free, and then deduct 20% on everything above that.
If/when the SP exceeds £12570 it makes no sense for the govt to pay it all out, and then HMRC try to claim it back in tax. It would get really messy for pensioners whose only source of income is their SP. They'd end up filling in self assesement tax returns every year.
There must be some people whose SP already exceeds their PA. Anyone on the pre 2016 system with significant S2P/SERPS could be receiving close to £16K. I wonder how that is treated at the moment?
That's what i was alluding to in my reply 60 of this thread. :y
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That might be the Christmas number one!
https://youtu.be/lAOAPYKGzZc?si=u8dTB1rv4C7pqm9U (https://youtu.be/lAOAPYKGzZc?si=u8dTB1rv4C7pqm9U)
This has a catchy tune.
True but the spelling is atrocious. Maybe that is not important to the new order
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Another one I heard from Martin Lewis yesterday evening, pensioners will not have to pay income tax on their state pension, even if/when the pension exceeds the 20% tax threshold, which it will do in 2027.
However, they will have to pay tax on their occupational pension.
Penson income has always been subject to tax, it's just that the SP has always been less than your personal allowance, so the applicable tax rate is 0%. The SP is always payed as the first tranche of your income.
What happens at the moment is the amount of your SP is deducted from your personal allowance. So if your SP is (say) £10K, and the 'normal' personal allowance is £12570, then your tax code will be 257 (12570 - 10000 = 2570), rather than 1257. This means any other income provider (work, occupation pension or private pension) will pay the first £2570 tax free, and then deduct 20% on everything above that.
If/when the SP exceeds £12570 it makes no sense for the govt to pay it all out, and then HMRC try to claim it back in tax. It would get really messy for pensioners whose only source of income is their SP. They'd end up filling in self assesement tax returns every year.
There must be some people whose SP already exceeds their PA. Anyone on the pre 2016 system with significant S2P/SERPS could be receiving close to £16K. I wonder how that is treated at the moment?
Hence my tax code changing from 12???M to 38M ;D
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Another one I heard from Martin Lewis yesterday evening, pensioners will not have to pay income tax on their state pension, even if/when the pension exceeds the 20% tax threshold, which it will do in 2027.
However, they will have to pay tax on their occupational pension.
Penson income has always been subject to tax, it's just that the SP has always been less than your personal allowance, so the applicable tax rate is 0%. The SP is always payed as the first tranche of your income.
What happens at the moment is the amount of your SP is deducted from your personal allowance. So if your SP is (say) £10K, and the 'normal' personal allowance is £12570, then your tax code will be 257 (12570 - 10000 = 2570), rather than 1257. This means any other income provider (work, occupation pension or private pension) will pay the first £2570 tax free, and then deduct 20% on everything above that.
If/when the SP exceeds £12570 it makes no sense for the govt to pay it all out, and then HMRC try to claim it back in tax. It would get really messy for pensioners whose only source of income is their SP. They'd end up filling in self assesement tax returns every year.
There must be some people whose SP already exceeds their PA. Anyone on the pre 2016 system with significant S2P/SERPS could be receiving close to £16K. I wonder how that is treated at the moment?
Hence my tax code changing from 12???M to 38M ;D
Yes, and if your SP exceeds your PA, then your tax code goes negative. This means that your other income providers end up deducting the tax you should have paid on the SP from the money they pay you. Works all fine and dandy, providing you have some other income from other sources from which the tax can be deducted.
However, if your only income is your SP, then there ain't no other source that the tax can be deducted from. It's a corner case at the moment because there can't be too many people who have built up sufficient SERPS/S2P to exceed the 12750 PA, but have no other retirement income. To have that much SERPS/S2P you would have to have been earning a good wedge when working, so it would have been foolhardy to not make other additional retirement provisions in addition to your expected SP.
However, if/once the old SP exceeds the PA that will change. Rachel from accounts seems to be saying the SP won't be liable to income tax, but does that mean those who are already above the PA threshold will get similar tax relief on their SP? That's what RonnyD is asking too. I can see this becoming a mess.
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This Government creating a mess ?
Surely you must be mistaken ;D
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Proof if ever it was needed that no one involved in the Labour party should ever be allowed to deal with public money.
Its either mind boggling incompetence or just good old fashioned corruption.
My money is on corruption, and the Police is now investigating.
https://www.bbc.co.uk/news/articles/cjdrryge7ego