Top 5 financial things to do before labour get in?

Top 5 financial things to do before labour get in?

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phib

Original Poster:

4,469 posts

262 months

Monday 27th May
quotequote all
Having made an assumption rightly or wrongly that labour will get in, what should be the top 5 financial actions taken before labour get in.

I am by no means a finnacial expert !! In fact far from it.

So far I have I have come up with is pay max into pension before they reduce the threshold and pay school fees a year in advance to save the inevitable 20%.

Any other good ideas ?

Many thaks

Phib

Phooey

12,680 posts

172 months

Monday 27th May
quotequote all
Lube. Buy plenty of lube.

98elise

27,156 posts

164 months

Monday 27th May
quotequote all
End any long term relationship (other then marriage) where one partner contributes more than the other!

Labour are going give the other partner rights to your savings, home etc.




Edited by 98elise on Monday 27th May 16:03

phib

Original Poster:

4,469 posts

262 months

Monday 27th May
quotequote all

Phooey said:
Lube. Buy plenty of lube.
Lube bought !! See post two ! Married too long

mickythefish

484 posts

9 months

Monday 27th May
quotequote all
The Tories have been printing money, driving inflation, and borrowing at levels never seen in recent history. Who ever gets in is pretty rubber ducked, Western country growth is slowing, debt is massive and getting bigger.

Problem with printing money, is Steins law, "If something cannot go on forever, it will stop." so money is most likely to run out in the next 20 years in both the UK and USA unless extremely drastic cut back are made across the whole of the uk.

oh yeh taxes can be cut without taking on more debt, and increased taxes will accelerate the already declining economic growth trend. Not sure any party can increase taxes, the Burdon in 1 trillion can't really go any higher.

Edited by mickythefish on Monday 27th May 14:07

omniflow

2,636 posts

154 months

Monday 27th May
quotequote all
If you're over 55 (or whatever the relevant age is now) and have a SIPP, take the 25% TFLS - well, actually take 24.9%.

Puzzles

2,011 posts

114 months

Monday 27th May
quotequote all
98elise said:
End any long term relationship (other then marriage) where one partner contributes more then the other!

Labour are going give the other partner rights to your savings, home etc.
They’ve been a little quiet on that, I wonder if it will fall off the radar.

98elise

27,156 posts

164 months

Monday 27th May
quotequote all
omniflow said:
If you're over 55 (or whatever the relevant age is now) and have a SIPP, take the 25% TFLS - well, actually take 24.9%.
First thing I did when I hit 55!

Pensions rules are one thing that shouldn't regularly change, but do. Lifetime allowance rules seem to change every year!


Martin315

202 posts

12 months

Monday 27th May
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contango said:
omniflow said:
If you're over 55 (or whatever the relevant age is now) and have a SIPP, take the 25% TFLS - well, actually take 24.9%.
What do you base that action on?

I have spoken to a couple of IFA (hardly oracles) whoi suggest, any likely changes in pension taxation are likely to be gradually introduced rather than a stealth strike?
They’re not basing that view on any factual information. It’s just a guess.

alscar

4,502 posts

216 months

Monday 27th May
quotequote all
contango said:
omniflow said:
If you're over 55 (or whatever the relevant age is now) and have a SIPP, take the 25% TFLS - well, actually take 24.9%.
What do you base that action on?

I have spoken to a couple of IFA (hardly oracles) whoi suggest, any likely changes in pension taxation are likely to be gradually introduced rather than a stealth strike?
The two I’ve spoken to aren’t convinced it will happen immediately but are saying it will happen given Pensions are such an easy target.
Either way I’m not prepared to take the risk of not doing anything just in case.
When I raised the question of taking all of the 25% their reply was yes - why would you take “ only “ 24.9% though ?

Car bon

4,762 posts

67 months

Monday 27th May
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alscar said:
When I raised the question of taking all of the 25% their reply was yes - why would you take “ only “ 24.9% though ?
I guess to avoid any potential rounding error and hitting 25.1% ?

I just took 25% of the one I took - I am still trying to decide whether take my other one.

My feeling is that they won't remove it from people who could have already taken it, but may start to ratchet down the percentage for younger folk. Generally pensions are safer the closer you get to being able to access them, rule changes tend to either provide sufficient notice, or protections for those immediately affected.

alscar

4,502 posts

216 months

Monday 27th May
quotequote all
Car bon said:
I guess to avoid any potential rounding error and hitting 25.1% ?

I just took 25% of the one I took - I am still trying to decide whether take my other one.

My feeling is that they won't remove it from people who could have already taken it, but may start to ratchet down the percentage for younger folk. Generally pensions are safer the closer you get to being able to access them, rule changes tend to either provide sufficient notice, or protections for those immediately affected.
Yes perhaps rounding although it shouldn’t really be a problem.
I share your feelings though.
I benefit from having fixed protection so am especially keen to remove the 25% and use it to give my children an early inheritance so to speak.

av185

18,757 posts

130 months

Monday 27th May
quotequote all
98elise said:
End any long term relationship (other then marriage) where one partner contributes more than the other!

Labour are going give the other partner rights to your savings, home etc.


Edited by 98elise on Monday 27th May 16:03
Easily overcome by a simple lodger agreement and if she/he/it doesn't agree to signing one then there is clearly no love and they are obviously a gold digger so kick 'em out.

Simpo Two

86,028 posts

268 months

Monday 27th May
quotequote all
mickythefish said:
The Tories have been printing money, driving inflation, and borrowing at levels never seen in recent history. Who ever gets in is pretty rubber ducked
And when they took over from Labour in 2010 they found a note in a drawer saying 'There's no money left, good luck'.

Before blaming everything on Truss's brief tenure, as Labour does because it suits them and fools believe it, let's not forget that little pandemic thing:

'Current estimates of the total cost of government Covid-19 measures range from about £310 billion to £410 billion. This is the equivalent of about £4,600 to £6,100 per person in the UK.'

https://commonslibrary.parliament.uk/research-brie...

Everybody loved Rishi when he was printing money to give to people. But they squeal when it's payback time.

And as for inflation, https://www.knightfrank.com/research/article/2023-...

So, two massive clobberings that would have knackered any government's plans.

I don't think any government is going to halt the UK's decline. That would take things that people won't vote for, so we'll just get more shiny politicians making promises they can't keep and demanding 'change'...

Kickstart

1,065 posts

240 months

Monday 27th May
quotequote all
Personally I think that tax raises etc will be more of a slow burn thing once labour comes in - I cannot see them cutting spending and public debt is so huge that the pressure will slowly build to raise taxes that don't affect their voters

My guess is that over a parliament or two CGT will be increased to the same as the top rate of income tax, loss of higher rate pension relief, higher bands of council tax with various other smaller changes

Hopefully I will be wrong

sugerbear

4,193 posts

161 months

Monday 27th May
quotequote all
Simpo Two said:
mickythefish said:
The Tories have been printing money, driving inflation, and borrowing at levels never seen in recent history. Who ever gets in is pretty rubber ducked
And when they took over from Labour in 2010 they found a note in a drawer saying 'There's no money left, good luck'.

Before blaming everything on Truss's brief tenure, as Labour does because it suits them and fools believe it, let's not forget that little pandemic thing:

'Current estimates of the total cost of government Covid-19 measures range from about £310 billion to £410 billion. This is the equivalent of about £4,600 to £6,100 per person in the UK.'

https://commonslibrary.parliament.uk/research-brie...

Everybody loved Rishi when he was printing money to give to people. But they squeal when it's payback time.

And as for inflation, https://www.knightfrank.com/research/article/2023-...

So, two massive clobberings that would have knackered any government's plans.

I don't think any government is going to halt the UK's decline. That would take things that people won't vote for, so we'll just get more shiny politicians making promises they can't keep and demanding 'change'...
They may have left a note but it clearly wasnt true. Uncomfortable truth is that Gordon Brown saved the UK economy.

Stick Legs

5,269 posts

168 months

Monday 27th May
quotequote all
Just paid off the last of my unsecured borrowing.

Mortgage was fixed for 10 years at 3.06%.

Shaved a lot of discretionary spend.

I was toying with the idea of borrowing £40k to add to my £20k to buy an Aston DBS but will instead save up a bit more and go hunting around the £30k mark.

Trivial, entitled & tone deaf maybe. But if enough people do what I am doing the economy won’t like it.

Ranger 6

7,088 posts

252 months

Monday 27th May
quotequote all
omniflow said:
If you're over 55 (or whatever the relevant age is now) and have a SIPP, take the 25% TFLS - well, actually take 24.9%.
TFLS - ????

Tax Free what?

NorthernUproar

71 posts

123 months

Monday 27th May
quotequote all
This thread is totally incoherent. The current Uk tax burden is the highest it has been in 70 years. Despite this, public services are broken and the Thatcherite dream of privatisation has been proven to fatally flawed. So much so even the conservatives are talking of privatisation.

Yet despite this you believe that things will get worse for you under labour who btw also reduced effective tax rates overall from John Majors government. So your argument that labour = bad is wrong.

In a simple guy, I grew up in a council house and through free tuition fees went to university, built a business and retired at the age of 37. I’ve paid more in tax already than most folk will do in a life time. I’m not a non-dom, I love this country and want it to be good so so much, far more than those folk with flushed red faces who shout about loving our country loudly and regularly. though I could have been a non-dom, I don’t begrudge a penny in the taxes I paid.

To me it’s a simple choice, are you decent or are you a bit of a sh@t. Even if you’re a bit of a sh@t you surely want things to be better than they are. Because they’re largely crap here now. I can’t blame immigrants, half a dozen daft lads in a boat from Calais, Ukraine or Covid. It’s the chronic underfunding followed by latter crude and poor decision making in crisis funding for our education system, social services, health service, justice and infrastructure that we can blame. They’ve broken them all.

The “no money left” by the way is a treasury tradition that civil servants leave at the end of every government for the incoming portfolio holders. HMRC are already onto the private school fees ruse btw and I’m not aware of a single credible public school that are offering it. See Dan Niedle on the topic.

Alex Z

1,242 posts

79 months

Monday 27th May
quotequote all
Ranger 6 said:
TFLS - ????

Tax Free what?
Lump sum