It’s going to be Option B.
BBC News - State pensioners with no other income will not have to pay tax - BBC News
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I notice there’s a rider on that (“until 2030”).
I wonder if that might be due to the parliamentary convention that no parliament can bind its successors - and by 2030 there should be a new parliament? That new parliament could then repeal the law, or allow it to continue…
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Simpler to say “in this parliament” then, surely?
No wonder Nigel Farage, is doing so well in the polls. Labour cutting the heating allowance for OAP’s in the UK & now using fiscal easing that could eventually impose tax on OAP’s state pension. All this fiscal easing is going to cost…
This is great fodder for Farage, throw in the associated costs of the people crossing in small boats etc. The housing shortage, the rising cost of living, there’s going to be some serious finger pointing come the next election.
I remember mentioning here last year before the election of the key Labour people interviewed on R4 came across as not being very bright - someone gently suggested that wasn’t accurate. I very much wonder if that was in fact, quite an accurate assessment, based on performance since coming to power.
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The super rich will always avoid tax. I have said this before, but a hedge- fund manager once said to me “ only the poor pay tax” and he was right. And trying to unpick the tax evasion and avoidance tactics of the super rich is very difficult. They pay a lot of money to stay one step ahead of the tax man.
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Only have to look at Trump to agree the extremely rich pay no tax. How does he get away with it?
In a word ‘depreciation’. Trump says it is his favourite word (bar perhaps tariffs!). In the US, the tax code apparently permits you to write off depreciation (as a commercial property owner), being the notional loss in value of an asset, against taxable profits ie creating an accounting and tax loss, rather than a real economic loss. Obviously there are many shenanigans that probably also form part of his tax returns, but both he and the New York Times which investigated his US returns allocated a starring role to depreciation to explain his continuous tax losses on his US returns.
How-to tax evasion is demonstrated in the Panama Papers 
Basically, shell companies within shell companies all registered in tax free dodgy countries. US businesswoman Leona Helmsley’s former housekeeper testified during her trial that she had heard Helmsley say: “We don’t pay taxes; only the little people pay taxes.” Mantra of the obscenely wealthy.
An enjoyable film
https://www.allocine.fr/film/fichefilm_gen_cfilm=264753.html
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So when he wants a loan he talks up the value but when it comes to paying tax, the value goes down?
I think he’s been accused of exactly that, one set of values for the bank and a different set for the tax office.
Absolutely. The discrepancies between the actual value of his NY properties and those claimed in both loan agreements and insurance arrangements was the core basis of the $500m judgement for fraud against him, successfully brought by NY Attorney General Letitia James. Unfortunately the $500m was overturned by a higher court, but the fraudulent judgement remains unaltered.
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Forget about finger-pointing at one individual - that’s a deflection. What’s happening in the UK is that a lot of ordinary people are being hit, right left and centre, with stealth tax, and direct tax. Experts have written that the ‘attack’ on personal, private pensions will cause a ticking time bomb for future generations - your children and grand-children because they will no longer have acces, or the money, to building up a decent retirement pension. Strange too, that these ‘stealth taxes’ and tax changes hit only those who work for the private sector - every public sector employee is NOT affected - they keep their lovely pension contributions, and their gold-plated pensions. That’s double-standards isn’t it ? Along the lines of Keir having protected his own pension - the only person to have an Act of Parliament with an individual’s name - His - to protect his pension. No one else has ever had that privilege.
On top of which it’s absolutely ludicrous that a pensioner, on a STATE pension WILL be paying income tax - talk about Peter stealing from Paul.
Young people are also being hit very hard because of increased costs of employing someone. Small businesses are closing, right, left and centre; the hospitality industry is being hit - and don’t feel they can offer young people the flexible working they want - because of increased tax, and ‘workers’ rights. As for dividend taxes - my husband and I worked all our lives, saved a bit, invested in shares in the company that employed him - and as a widow I will be paying increased tax on the small dividend payments. And I am a low income person - not your ‘moderately rich’. And who decides what is ‘moderately rich’ anyway - depends on one’s perspective. From what I read on here I would describe most of you all as ‘moderately rich’ - and yes, you should all pay far more in taxes !!!
This budget is not a budget for growth or to help the economy. It was not necessary for Reeves to build up such a ‘war chest’ - or headroom - and she as warned by the Treasury it was not necessary. The markets do not now trust anything this government says; which means that the huge UK debt will cost even more in interest payments - the markets will punish the UK as no longer trustworthy.
Thank god I’m returning to France- and have an escape from the doom and gloom. Ordinary people are very unhappy; and the pay per mile for the EV’s that everyone was encouraged to buy - will cause many people more financial problems. And yes, it was known at the time that these EV’s were being pushed that there would be a growing shortfall in revenue from the road fund licence - but the cult of net zero over-ruled any common-sense ideas of dealing with the shortfall. Pay per mile for EVs - OK; but the next step will be pay per mile for any vehicle. And you can absolutely sure that other governments will be watching this ‘experiment’ before doing the same to you, and you and you……. !!!
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Bit of a side thought - just thinking about taxes and IHT. How does the french ‘forced inheritance’ affect family run farms in france ? Butterfly mind here - but just a reflection on what’s happened in the UK to the farmers and the changes in IHT which is - and will - have devastating effect on family run farms. (Apologies for ‘thread drift - just wondering !!- dinner party conversation again !!)
I’m still trying to work out if I am an “ordinary person”. Possibly not.
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Thank god I’m returning to France- and have an escape from the doom and gloom.
Does that mean you’ve decided which country you want to live in?
They do say that half the income from council tax is spent on paying council staff their gold plated pensions! Doesn’t leave that much for the rest of their needs
Who’s they? Does what they say have any basis in reality?