Rachel Reeves to announce £20 billion cuts today

I think it'll be a combination of cuts to infrastructure projects together with revenue raising initiatives (not necessarily tax rises) to 'plug' the shortfall. Let's wait and see.
 
All roads seem to be pointing to….

The exemption on Pension Pots avoiding Inheritance tax to be scrapped.
Tax relief on pension contributions to be harmonised and relief for higher earners to be reduced.
Capital Gains tax to be tagged to Income Tax.
 
1finny said:
All roads seem to be pointing to….

The exemption on Pension Pots avoiding Inheritance tax to be scrapped.
Tax relief on pension contributions to be harmonised and relief for higher earners to be reduced.
Capital Gains tax to be tagged to Income Tax.
Click to expand...

Maybe in the October budget but not today.

Pat McFadden on TV this morning saying no tax announcements today, just spending decisions (cuts).
 
1finny said:
All roads seem to be pointing to….

The exemption on Pension Pots avoiding Inheritance tax to be scrapped.
Tax relief on pension contributions to be harmonised and relief for higher earners to be reduced.
Capital Gains tax to be tagged to Income Tax.
Click to expand...
1finny said:
All roads seem to be pointing to….

The exemption on Pension Pots avoiding Inheritance tax to be scrapped.
Tax relief on pension contributions to be harmonised and relief for higher earners to be reduced.
Capital Gains tax to be tagged to Income Tax.
Click to expand...
What a fantastic way to tackle the huge pension/retirement shortfall most people have. That will really encourage people to contribute more to pensions. Really hope this doesn’t happen but I can also see it.
 
JHS1 said:
What a fantastic way to tackle the huge pension/retirement shortfall most people have. That will really encourage people to contribute more to pensions. Really hope this doesn’t happen but I can also see it.
Click to expand...

There are many who think it is unfair that higher earners get more tax relief for their pension contributions than lower earners.
They wont take it away - they will just make it equal.

I’m up for that
 
1finny said:
There are many who think it is unfair that higher earners get more tax relief for their pension contributions than lower earners.
They wont take it away - they will just make it equal.

I’m up for that
Click to expand...
I can understand the logic, but it is a lot easier to hit that higher rate of tax these days.

If this does happen, I would really hope they do it inline with a tax allowance increase, even if it's not proportionate
 
1finny said:
Yeah, I agree - but I am worried about him over time….
Click to expand...
Why?

I'm genuinely interested as I don't know much about him other than Corbyn removing him from his shadow cabinet over comments on terrorism that were taken as an implied criticism of Corbyn.

I'm assuming there's more to it?
 
viv_andersons_nana said:
The wealth is there. There’s just no political will to redistribute it.
Click to expand...
I'm always interested when I hear that the UK is a wealthy country, as I am not sure that we are? We have a big GDP but very little else as far as I can see.

I see us like some flash city trader earning millions but blowing it all to look flash and living pretty much payday to payday.
 
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