Things That Gladden The Heart

PNWokingham said:
the budget - while largely signposted, it was a relief that my worst fears around messing with pension tax relief, tax free withdrawls on pensions or ISA rules did not materialise! Phew!!!!!!!
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Paul, some folk can only dream of having that much to be concerned about. :oops: :rolleyes: ;)
 
PNWokingham said:
the budget - while largely signposted, it was a relief that my worst fears around messing with pension tax relief, tax free withdrawls on pensions or ISA rules did not materialise! Phew!!!!!!!
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Ach…much of it would have been fearmongering by those and suchlike.

Haven’t caught up with the budget. Anything around drawdown pension pots becoming subject to IHT? My instinct is that they should be…and I say that knowing full well that it’s likely that that could impact the amount my dependents past my Mrs would inherit. So be it.

ETA…had a quick look at key points from the budget and at first reading it looks like unspent pension pots will be subject to IHT from 2027. Must get on with spending mine 👍
 
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Beezerk said:
Booked some flights to Lanzarote for a cheeky week away with the missus in March. Never really done that quick week away thing as it’s always been a fortnight in the Caribbean or something. Really looking forward to it 😎
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Where about in Lanzarote are you going?
 
We took our daughter and nephews on a ‘Haunted Woodland Walk’ at a local garden centre this afternoon, just as it was getting dark. It was well set up, with actors seemingly enjoying their roles.

It was good fun and genuinely quite scary in parts (in a jumpy way rather than a paranormal way). My 12 year old and our 11 year old nephews loved it. Highlight was my brother in law letting out a Ned Flanders style squeal when a clown that appeared to be a mannequin grabbed his shoulder as we walked past. Haven’t laughed that hard for a while. Hot chocolates and toasted marshmallows afterwards. Great family time.
 
SwingsitlikeHogan said:
Ach…much of it would have been fearmongering by those and suchlike.

Haven’t caught up with the budget. Anything around drawdown pension pots becoming subject to IHT? My instinct is that they should be…and I say that knowing full well that it’s likely that that could impact the amount my dependents past my Mrs would inherit. So be it.

ETA…had a quick look at key points from the budget and at first reading it looks like unspent pension pots will be subject to IHT from 2027. Must get on with spending mine 👍
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I was pretty certain that pension potts would come into IHT scope and was not even that concerned as hard to argue agaianst - i was concerned aboit changing tax relief saving for a pension from marginal rate, which would have impacted me a lot and i would consider deeply unfair, and also reducing the 268k maximum that you are allowed to take out tax free, as again this would have been bad and imoral for mant that are using this allowance to pay off mortgagaes etc.

Oter changes on IHT are hard to really have a big moral argument against, albeit i think the tax is far too penal and should be simplified to say 1 to 1.5m each with no other allowances such as houses etc

The big tax rise on employer national insurance is far better for me personallly than the other 2 pension grabbing alternatives albeit it is still a poor choice for the country and will hit jobs and growth and i think a much better alternative wouuld be a civil service sector cull to pre covid levels and dramataically increase efficiencies - time will tell if this is a really bad move but initial reactions in the bond markets were a definite negative and people expecting a dramatic decrease in mortgage costs over the next 18 months may feel this pain
 
PNWokingham said:
I was pretty certain that pension potts would come into IHT scope and was not even that concerned as hard to argue agaianst - i was concerned aboit changing tax relief saving for a pension from marginal rate, which would have impacted me a lot and i would consider deeply unfair, and also reducing the 268k maximum that you are allowed to take out tax free, as again this would have been bad and imoral for mant that are using this allowance to pay off mortgagaes etc.

Oter changes on IHT are hard to really have a big moral argument against, albeit i think the tax is far too penal and should be simplified to say 1 to 1.5m each with no other allowances such as houses etc

The big tax rise on employer national insurance is far better for me personallly than the other 2 pension grabbing alternatives albeit it is still a poor choice for the country and will hit jobs and growth and i think a much better alternative wouuld be a civil service sector cull to pre covid levels and dramataically increase efficiencies - time will tell if this is a really bad move but initial reactions in the bond markets were a definite negative and people expecting a dramatic decrease in mortgage costs over the next 18 months may feel this pain
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The problem here was the length of time between election and budget, allowed commentators to predict rightly or mainly wrongly as it happened, of all the measures that would be introduced.
I remember reading in the Times, probably a fib looking back, of the thousands rushing to withdraw pension pots on the unfounded speculation that these were going to be hit. Wouldn't one need something more than a rumour before making a big decision like that?
 
Red devil said:
The problem here was the length of time between election and budget, allowed commentators to predict rightly or mainly wrongly as it happened, of all the measures that would be introduced.
I remember reading in the Times, probably a fib looking back, of the thousands rushing to withdraw pension pots on the unfounded speculation that these were going to be hit. Wouldn't one need something more than a rumour before making a big decision like that?
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It's the same type of invented story as rich people rushing to sell their homes and move abroad 🙄
 
In the budget it was confirmed that the Miners pension scheme will release the £1.3 billion reserve fund it has held for decades back to the miners. Bottom line it means an extra 32% extra every 4 weeks on miners Guaranteed pension.It is paid as a bonus so not guaranteed forever. That is on top of a 19% bonus miners received last month on a 50% share of £1.2 billion surplus in the mining scheme asserts. The government got the other £600 million.
The sad thing is that thousands of miners died without getting a single penny of that money.
I am sure the mining unions, campaigners and some MPs will now be targeting the 50% surplus successive governments have had from the pension scheme since the early 90’s. Estimates are they have had between £5 - 8 billion, depending who you believe.
 
Capital gains tax, inheritance tax, huge pension fund passed on after my death, none of these have any bearing on or to me.
I am not a working person so National Insurance payments do not impact on me.
I have no mortgage payments or rent to pay. I do not have children at private schools.
I do not have, and have no personal connections with, off-shore accounts, properties and businesses.
Mrs V got the winter fuel allowance last year, but will not be getting it this year. We will suffer no hardship as a result and we are happy to make this contribution to the country's recovery.

I have only to consider what is best for the country as a whole. I know and accept that others may have a greater personal impact to deal with.
Front page of The Times today uses the phrase "Tax Burden".
I do not see tax revenue as a burden. I see it as a necessary way for the country, and the general population within it, to pay for the things it needs and deserves.
I see this budget as enabling us to have improved and more of those things.
I like to think of myself as patriotic and altruistic.

I am interested in hearing more about the Covid Corruption Commissioner.
 
The New York Yankees totally self-destructing in Game 5 of the World Series and losing to the LA Dodgers. Dropped balls, errors, mental mistakes - it was all great. Coming off Game 4 where two of their fans were ejected for ripping a ball out of the glove of the LA right fielder who was making a catch. Classless organisation, classless fans and now losers. Fantastic. And a friend of mine who is retiring from the major leagues this season finished his career by getting a World Championship ring after being traded to the Dodgers at mid-season. :giggle:
 
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