Can’t comment on the media stuff mate,as I don’t watch or listen to the media a great deal but it really boils my piss the seemingly double taxation of your pension
I read that mate,fair enough it’s just the frustration of paying into the system all your working life then still coming back for more in retirement
I agree it’s frustrating mate, that’s why I believe the threshold should be raised to take the lower paid out of paying tax. I remember in the 70s the highest tax was 98 pence in the pound, if I remember correctly.
Don't know what you mean by double taxation of pensions vic, my pension isn't double taxed, my income over my personal allowance, currently £12570, is taxed; like it has been all through my working life.
My pension was non-contributory Rooch, but I think you are right, normally pension contributions are taken before income tax so you don't pay tax on them.
I believe there should be a personal allowance specifically for pensioners and set at a threshold that takes most pensioners out of paying tax completely. If it was set at £40,000 as an example, the majority of pensioners would be tax free and only the wealthy/rich would be liable to pay tax. There’s a massive difference between a pension income of £15,000 and one of £1,000,000. They get our money and house anyway if we need residential care in our dotage.
The government would only be able to nick our money and houses if they weren't protected . . . . they can be via trusts etc.
Fancy putting up for chancellor,I’ll vote for you Why can’t governments come up with something along these lines
Because anyone proposing this wouldn't get elected. I can see an argument that the state pension shouldn't be taxable, after all no other benefits are. But £40k tax free allowance? Haway man
I could be wrong but I don’t think it’s double taxation. I think they club your private and state pension together and whatever is over the limit gets taxed on your private pension.
My parents did it a couple of years back. Agreed, not easy, but definitely not insurmountable. Took them about three months back and forth with solicitors. I reckon some of it was them having to get hard copy wet signatures from us here in Australia.
My sister and her family tried to do it a few years back EJK. I’m not entirely sure what happened but, it was quite expensive and they still sold her house to pay for her care. I do know that if the deeds of a house are handed over to family and the person subsequently goes into care and the council suspect that it was done to avoid paying care fees, they will consider it deliberate deprivation of assets and the value of house will still be part of the financial assessment I spoke to a solicitor mate about just after I retired and his exact words were “the council are not fu**ing stupid man.”
Sod that vic, I can't even run a house budget, the missus does that and gives me pocket money I don't think pensioners are a priority of government, especially Labour, because historically they are mainly Conservative voters.
