November Budget

[freespeech]

......so 26th November is the date. I guess I'll start worrying about whether they will drop the tax free lump sum limit any time soon then. NRA60 is due in April so this could be significant.

[RobertT]

There was similar speculation about pension lump sums 12 months ago – nothing happened!
Earlier this year the press thought the ISA limit was being reduced – it wasn't!

There's always talk of what the Chancellor might change in the run up to a budget – it's not always correct!

I obviously don't know if there's going to be any major changes or not, but the press don't know either!
Personally I think it's best to avoid the speculation and the click bait and concentrate on whatever happens, when it happens!

[milly]

The government are desperate for cash and pensions are an easy target for the Marxists.

[RobertT]

So RR has announced her budget plans and as far as pensions are concerned, it could have been worse!

As widely expected, there's no changes to tax free lump sum limits.
But the introduction of the £2,000 annual salary sacrifice cap from April 2029, will mean anyone paying more than around £38 per week into their RM pensions/AVC's will pay more NIC's.

What's going to affect many is the freezing of the tax thresholds until 2030, meaning everyone will be paying more tax(unless your income is below £12,570).

[Wullie10]

Been saying this for ages. Anyone continuing working 65 to state pension 67 is in for a nice surprise. At least the " depressed and anxious" will have more beer and fag money while they bang out a few more kids.

[sweepster70]

Been saying this for ages. Anyone continuing working 65 to state pension 67 is in for a nice surprise. At least the " depressed and anxious" will have more beer and fag money while they bang out a few more kids.

Couldn't agree more..... This budget was only for two reasons. To pay for the ever increasing benefit bill and to appease the Labour back benchers.
We as workers have been absolutely hammered.

[milly]

The budget is nothing more than a wealth transfer from the working class to the benefit class, who then blow much of their benefits with the global corporations who don't pay tax in the UK.

[RobertT]

Been saying this for ages. Anyone continuing working 65 to state pension 67 is in for a nice surprise.

The thresholds were first frozen from 2022 by Rishi, and this extension might not get the headlines that a penny or two on income tax might get, but it's brutal on the working people of this country.

I read somewhere recently, the personal tax allowance would be £15,550 now without the freeze, meaning about £3,000 more of everyone's income is taxable. That's an extra £840 in tax and NIC's per year the Treasury are grabbing from the majority of workers.

By the time this latest freeze comes to an end in 2031, that figure will increase to around £1,400 per year in extra tax and NIC's compared to the personal allowance keeping pace with inflation.

And anyone earning over the higher rate tax band of £50,270 will be hit even harder.

[Sean06]

Been saying this for ages. Anyone continuing working 65 to state pension 67 is in for a nice surprise. At least the " depressed and anxious" will have more beer and fag money while they bang out a few more kids.

Couldn't agree more..... This budget was only for two reasons. To pay for the ever increasing benefit bill and to appease the Labour back benchers.
We as workers have been absolutely hammered.

Genuine question have you ever received benefits. as im sure 99.9% have at some stage.

[milly]

Been saying this for ages. Anyone continuing working 65 to state pension 67 is in for a nice surprise. At least the " depressed and anxious" will have more beer and fag money while they bang out a few more kids.

Couldn't agree more..... This budget was only for two reasons. To pay for the ever increasing benefit bill and to appease the Labour back benchers.
We as workers have been absolutely hammered.

Genuine question have you ever received benefits. as im sure 99.9% have at some stage.

Personally, I have never received a penny in benefits but that's not the point.
Benefits are there for people in need, benefits are so generous that only fools go out to work nowadays.

[the beautiful bd south]

Will this change to tax relief in 2029 does that mean their will be better savings options out there than AVC's?
As the employer does not contribute, the attraction (for me) of paying into an AVC is not paying Tax/NI on contributions.
I think my investments will be directed elsewhere when the change comes into effect.

[RobertT]

Will this change to tax relief in 2029 does that mean their will be better savings options out there than AVC's?
As the employer does not contribute, the attraction (for me) of paying into an AVC is not paying Tax/NI on contributions.
I think my investments will be directed elsewhere when the change comes into effect.

There is no change to tax relief – it's a change to salary sacrifice(PSE)!
It's important to realise they are different things!

Tax relief will still apply to pension payments in exactly the same way as it's always done, so each £1 gross you pay will still only cost you 80p(assuming the tax rate stays at 20%).
But the benefit of PSE, and therefore the savings in NIC's, will be drastically reduced.

[mjd24]

Been saying this for ages. Anyone continuing working 65 to state pension 67 is in for a nice surprise. At least the " depressed and anxious" will have more beer and fag money while they bang out a few more kids.

Couldn't agree more..... This budget was only for two reasons. To pay for the ever increasing benefit bill and to appease the Labour back benchers.
We as workers have been absolutely hammered.

Roughly half of benefit/welfare spending goes on pensions.

Most people on Universal Credit are actually in work.

[mjd24]

Been saying this for ages. Anyone continuing working 65 to state pension 67 is in for a nice surprise. At least the " depressed and anxious" will have more beer and fag money while they bang out a few more kids.

Couldn't agree more..... This budget was only for two reasons. To pay for the ever increasing benefit bill and to appease the Labour back benchers.
We as workers have been absolutely hammered.

Roughly half of benefit/welfare spending goes on pensions.

Most people on Universal Credit are actually in work.

[milly]

Been saying this for ages. Anyone continuing working 65 to state pension 67 is in for a nice surprise. At least the " depressed and anxious" will have more beer and fag money while they bang out a few more kids.

Couldn't agree more..... This budget was only for two reasons. To pay for the ever increasing benefit bill and to appease the Labour back benchers.
We as workers have been absolutely hammered.

Roughly half of benefit/welfare spending goes on pensions.

Most people on Universal Credit are actually in work.

Yeah,16 hours, lol.