Farage Ltd and Similar Watch

[AndyWolves]

Not that I will likely ever receive it being only in my 30s but I don’t think you could stop people having something they’ve paid into just because they are deemed wealthy enough already. Obviously not the same but would be like paying 10% into a private pension for 40 years and then giving that away to someone else as you had enough money.

I think average life expectancy has increased a fair bit since the pension was introduced so understandably it costs more. I think an uncomfortable truth is that state pension age probably will need to rise, but then make people informed enough around how they can mitigate that.

I think we need more education around pensions, contributions etc so people really understand what pensions are and how to get the most out of them.

 

[Tredman]

Ultimately those in their late 50s/early 60s are probably the last to get state pension and free NHS. The Turkeys voting for Christmas will see to that.

 

[sycophantia]

Ultimately those in their late 50s/early 60s are probably the last to get state pension and free NHS. The Turkeys voting for Christmas will see to that.

That would be sad and a kick in the bollocks to those that made sacrifices to enable those things.
If it comes to that, then individual taxation should be reduced in line with what it costs to pay for those things, it won't happen of course.

 

[Tredman]

That would be sad and a kick in the bollocks to those that made sacrifices to enable those things.
If it comes to that, then individual taxation should be reduced in line with what it costs to pay for those things, it won't happen of course.

Individual taxation will for sure he reduced for business and billionaires

 

[sycophantia]

Individual taxation will for sure he reduced for business and billionaires

Stop it, Im already pissed off enough

 

[Wilf Wolf]

One thing they could do is limit the amount of money people can hold in ISAs. The idea of encouraging people to save and invest is sensible allowing people to build up huge pots upon which they pay no tax is not.

 

[Tredman]

One thing they could do is limit the amount of money people can hold in ISAs. The idea of encouraging people to save and invest is sensible allowing people to build up huge pots upon which they pay no tax is not.

There are suggestions that cash ISA will be limited to encourage investment in stocks and shares ISAs. The impending AI crash might be problematic there.

 

[Wilf Wolf]

There are suggestions that cash ISA will be limited to encourage investment in stocks and shares ISAs. The impending AI crash might be problematic there.

Agreed. Always dangerous a government encouraging investment in stocks and shares, but particularly so at the moment. Doesn’t change my point that allowing people to hold half a million in ISAs and pay no tax is not the best use of tax relief when so many are struggling and can’t save a penny.

 

[EpsomWolf]

Agreed. Always dangerous a government encouraging investment in stocks and shares, but particularly so at the moment. Doesn’t change my point that allowing people to hold half a million in ISAs and pay no tax is not the best use of tax relief when so many are struggling and can’t save a penny.

Agree with this.

First port of call for anyone with any savings/disposable income is to get it in the ISA, but the allowances are now way, way too high.

Not sure by what measure it’s right to be allowing anyone to slice a lovely 20 grand off their otherwise taxable investments every single year and protect it that way. Don’t forget, that’s 40 THOUSAND pounds EVERY YEAR, that a couple could ring fence tax-free.

People can invest wherever they like and there’s always going to be some disagreement around the level of returns and how they should be taxed, but 20/40 grand every single year in an ISA is ridiculous.

 

[jlo]

What's ironic about this discussion is people like me with few savings have absolutely no idea what these loopholes are or how they are used by many

 

[Tredman]

What's ironic about this discussion is people like me with few savings have absolutely no idea what these loopholes are or how they are used by many

Even if you have small amounts of savings you should stick them in an ISA. There are not loopholes, just ways for people to saving. Trading 212's instant access cash ISA pays 4.5% interest I think.

 

[Del Woppio]

4.5% of fuck all is still fuck all. Around half the country has less than £500 in savings, and that's not because they've found more tax efficient or profitable ways to look after their money, it's because when all the bills are paid and you've allowed yourself a slightly-better-than-miserable existence there's fuck all left

 

[EpsomWolf]

What's ironic about this discussion is people like me with few savings have absolutely no idea what these loopholes are or how they are used by many

Unless there’s insight through your profession, you’re from a privileged background or a high earner quite early, most people will have no idea. It’s impossible to get involved in that sort of thing when you’re doing well to just about keep moving forward with no meat on the bones.

Unless you’re in one of those groups it’s like a private members club. Those with larger investment pots get access to different opportunities and returns, and further access to advisors with knowledge of those loopholes. ‘Loopholes’, really? Tax avoidance, let’s call it what it is.

Cash ISA’s have to be the first port of call but are also a painful illustration of differentials. They’ve an irrelevance if you can’t even get started, a sensible choice and better than kick up the arse if you’ve a little to tuck away, but manna from heaven for those banging in 20/40 grand every year for a nice government assisted tax-free return, all whilst avoiding the very tax that would’ve paid if it was stuck elsewhere. Oh, and don’t forget, those people can also throw £9000 into every child/grandchild’s junior ISA every year for the further benefit of both themselves and the kids. And to think someone has decided that is a good idea.

Andy has a good Financial Literacy thread going where the importance of education and so on is discussed, but there’s a huge problem when those with real access are accelerating away while the door is firmly closed shut to those unable to even get started.

 

[Elephant Pyjamas]

4.5% of fuck all is still fuck all. Around half the country has less than £500 in savings, and that's not because they've found more tax efficient or profitable ways to look after their money, it's because when all the bills are paid and you've allowed yourself a slightly-better-than-miserable existence there's fuck all left

I know inflation is "only" at 3.5% but it certainly feels much worse than that doesn't it?

Food shopping seems to go up noticeably every couple of weeks

 

[Mel Evo]

I know inflation is "only" at 3.5% but it certainly feels much worse than that doesn't it?

Food shopping seems to go up noticeably every couple of weeks

Food inflation has been running higher. 4.5% in September. NLW and NIC hit retail costs harder than other sectors and it’s gets passed straight through.

 

[Elephant Pyjamas]

I know it's M and S, and only idiots would spend this much...but fuck me 150 quid for a turkey.

Turkeys

To get the main event sorted, browse Select Farms turkeys from our Christmas Food to Order menu. Find succulent birds to serve up to 18 guests, at M&S.

christmasfood.marksandspencer.com

 

[Mel Evo]

I know it's M and S, and only idiots would spend this much...but fuck me 150 quid for a turkey.

Turkeys

To get the main event sorted, browse Select Farms turkeys from our Christmas Food to Order menu. Find succulent birds to serve up to 18 guests, at M&S.

christmasfood.marksandspencer.com

Must have planned it before they knew Domenico Teti was leaving the country.

 

[Wilf Wolf]

4.5% of fuck all is still fuck all. Around half the country has less than £500 in savings, and that's not because they've found more tax efficient or profitable ways to look after their money, it's because when all the bills are paid and you've allowed yourself a slightly-better-than-miserable existence there's fuck all left

Which is exactly why there should be a cap on how much you can hold in ISAs as it benefits the already well off.

 

[Elephant Pyjamas]

Which is exactly why there should be a cap on how much you can hold in ISAs as it benefits the already well off.

Most things do!

 

[Tredman]

Which is exactly why there should be a cap on how much you can hold in ISAs as it benefits the already well off.

I'd say a cap on how much you can add per year rather than hold in total.