Excuses, Excuses, Excuses

[Archery1969]

https://www.bbc.co.uk/news/articles/cydv2v3170eo

Seriously disappointed by labour pretending a £20bn (per annum) black hole in public finances is news. It was repeatedly brought up pre election and they refused to discuss it (as did the Conservatives mind you).

==> so over to where will the axe fall / increase in taxes...

Yet again the British public are taken for morons by the main parties...

On the 4th June 2024 the resolution foundation said there was a £33 Billion hole in the UK public finances. Also, the OBR publish a report each month on gaps which is submitted to Parliament for every MP to look at.

Labour are now saying they didn't know it was this bad. That's rubbish.

Its thought the new Chancellor will now say 'Taxes will have to rise in the autumn', its likely she will go after those with private pensions. I imagine thats going to do down like a lead balloon.

I doubt she'll go after pensions. That would be daft. You tax human endeavour. If people can get to pension age with a usable pension they will have been taxed all along. It would be the first gaffe and people would definitely take revenge at the next election, council or general.

The rumour mill is suggesting the following:

- Slashing the tax relief on pensions for higher rate tax payers from 40% to 30%. This would affect just over 7 million individuals.
- Reducing the tax free sum which can be taken from 55 years old from 25% to 20%. This would affect everyone with a private pension.

This effectively would be a 15% tax raid on pensions.

Its just a rumour, so will have to wait and see. But I agree, if Labour did the above then it could be curtains come the next election...

[greenmark]

On the 4th June 2024 the resolution foundation said there was a £33 Billion hole in the UK public finances. Also, the OBR publish a report each month on gaps which is submitted to Parliament for every MP to look at.

Labour are now saying they didn't know it was this bad. That's rubbish.

Its thought the new Chancellor will now say 'Taxes will have to rise in the autumn', its likely she will go after those with private pensions. I imagine thats going to do down like a lead balloon.

I doubt she'll go after pensions. That would be daft. You tax human endeavour. If people can get to pension age with a usable pension they will have been taxed all along. It would be the first gaffe and people would definitely take revenge at the next election, council or general.

The rumour mill is suggesting the following:

- Slashing the tax relief on pensions for higher rate tax payers from 40% to 30%. This would affect just over 7 million individuals.
- Reducing the tax free sum which can be taken from 55 years old from 25% to 20%. This would affect everyone with a private pension.

This effectively would be a 15% tax raid on pensions.

Its just a rumour, so will have to wait and see. But I agree, if Labour did the above then it could be curtains come the next election...

I honestly think any attack on pensions is political suicide.Of course, they have a gigantic majority so they can do what they like, short of the leadership alienating their MP's and provoking a historic revolt.
Jeez I hope we don't see the dynamic we've watched with the Tories. Supposed to be running the country and get distracted by inter-party nonsense.

[Archery1969]

I doubt she'll go after pensions. That would be daft. You tax human endeavour. If people can get to pension age with a usable pension they will have been taxed all along. It would be the first gaffe and people would definitely take revenge at the next election, council or general.

The rumour mill is suggesting the following:

- Slashing the tax relief on pensions for higher rate tax payers from 40% to 30%. This would affect just over 7 million individuals.
- Reducing the tax free sum which can be taken from 55 years old from 25% to 20%. This would affect everyone with a private pension.

This effectively would be a 15% tax raid on pensions.

Its just a rumour, so will have to wait and see. But I agree, if Labour did the above then it could be curtains come the next election...

I honestly think any attack on pensions is political suicide.Of course, they have a gigantic majority so they can do what they like, short of the leadership alienating their MP's and provoking a historic revolt.
Jeez I hope we don't see the dynamic we've watched with the Tories. Supposed to be running the country and get distracted by inter-party nonsense.

I think the biggest fight will be the a) The onshore wind and solar panel farms and b) House building on redesignated green to brown sites.

If the above starts happening in Labour MP run areas, theres going to be allot of local anger and protests. Those MPs could be in for a very rough time from their electorate. That could cause the Labour party revolts in Parliament. Probably not enough to defeat new legislation but enough to give those in charge a large headache. Plus Sir Keir has now set an example, if you vote against, you lose the whip for 6 months. Taking it away from 7 doesn't really matter but if you had to take it away from 50+ then that could further cause allot of infighting.

[greenmark]

The rumour mill is suggesting the following:

- Slashing the tax relief on pensions for higher rate tax payers from 40% to 30%. This would affect just over 7 million individuals.
- Reducing the tax free sum which can be taken from 55 years old from 25% to 20%. This would affect everyone with a private pension.

This effectively would be a 15% tax raid on pensions.

Its just a rumour, so will have to wait and see. But I agree, if Labour did the above then it could be curtains come the next election...

I honestly think any attack on pensions is political suicide.Of course, they have a gigantic majority so they can do what they like, short of the leadership alienating their MP's and provoking a historic revolt.
Jeez I hope we don't see the dynamic we've watched with the Tories. Supposed to be running the country and get distracted by inter-party nonsense.

I think the biggest fight will be the a) The onshore wind and solar panel farms and b) House building on redesignated green to brown sites.

If the above starts happening in Labour MP run areas, theres going to be allot of local anger and protests. Those MPs could be in for a very rough time from their electorate. That could cause the Labour party revolts in Parliament. Probably not enough to defeat new legislation but enough to give those in charge a large headache. Plus Sir Keir has now set an example, if you vote against, you lose the whip for 6 months. Taking it away from 7 doesn't really matter but if you had to take it away from 50+ then that could further cause allot of infighting.

I actually like wind farms but wouldn't want one next door. They're turbines and make noise. Very nimby of me, I accept that.
House building? We have a new estate being built a few hundred yards away. It is a bit of pain with traffic restrictions and noise from 8:30 but hell, new housing is badly needed and that land has been sitting there for over a decade to my certain knowledge just looking ugly an neglected. So it's good that it's finally being used.

[Archery1969]

I honestly think any attack on pensions is political suicide.Of course, they have a gigantic majority so they can do what they like, short of the leadership alienating their MP's and provoking a historic revolt.
Jeez I hope we don't see the dynamic we've watched with the Tories. Supposed to be running the country and get distracted by inter-party nonsense.

I think the biggest fight will be the a) The onshore wind and solar panel farms and b) House building on redesignated green to brown sites.

If the above starts happening in Labour MP run areas, theres going to be allot of local anger and protests. Those MPs could be in for a very rough time from their electorate. That could cause the Labour party revolts in Parliament. Probably not enough to defeat new legislation but enough to give those in charge a large headache. Plus Sir Keir has now set an example, if you vote against, you lose the whip for 6 months. Taking it away from 7 doesn't really matter but if you had to take it away from 50+ then that could further cause allot of infighting.

I actually like wind farms but wouldn't want one next door. They're turbines and make noise. Very nimby of me, I accept that.
House building? We have a new estate being built a few hundred yards away. It is a bit of pain with traffic restrictions and noise from 8:30 but hell, new housing is badly needed and that land has been sitting there for over a decade to my certain knowledge just looking ugly an neglected. So it's good that it's finally being used.

Will the new estate have affordable housing, additional school and GP places ?

[greenmark]

I think the biggest fight will be the a) The onshore wind and solar panel farms and b) House building on redesignated green to brown sites.

If the above starts happening in Labour MP run areas, theres going to be allot of local anger and protests. Those MPs could be in for a very rough time from their electorate. That could cause the Labour party revolts in Parliament. Probably not enough to defeat new legislation but enough to give those in charge a large headache. Plus Sir Keir has now set an example, if you vote against, you lose the whip for 6 months. Taking it away from 7 doesn't really matter but if you had to take it away from 50+ then that could further cause allot of infighting.

I actually like wind farms but wouldn't want one next door. They're turbines and make noise. Very nimby of me, I accept that.
House building? We have a new estate being built a few hundred yards away. It is a bit of pain with traffic restrictions and noise from 8:30 but hell, new housing is badly needed and that land has been sitting there for over a decade to my certain knowledge just looking ugly an neglected. So it's good that it's finally being used.

Will the new estate have affordable housing, additional school and GP places ?

Affordable homes - yes. I kind of doubt the other 2 which is disturbing and a very good point.
Can't comment on the state of the local schools but next door seem to think they're ok and they're far from daft.
GP IMO here is s**t. Can't get an appointment by phone so if you want help you have to stagger down to the surgery and wait. It's a disgrace.
And as a result of your questions I've discovered that a neighbouring plot which had a really nice house that has been demolished has been sold with plaaning permission for seven 4 and 5 bedroom houses. For £1.4million. I doubt they will be affordable for most.

[Archery1969]

I actually like wind farms but wouldn't want one next door. They're turbines and make noise. Very nimby of me, I accept that.
House building? We have a new estate being built a few hundred yards away. It is a bit of pain with traffic restrictions and noise from 8:30 but hell, new housing is badly needed and that land has been sitting there for over a decade to my certain knowledge just looking ugly an neglected. So it's good that it's finally being used.

Will the new estate have affordable housing, additional school and GP places ?

Affordable homes - yes. I kind of doubt the other 2 which is disturbing and a very good point.
Can't comment on the state of the local schools but next door seem to think they're ok and they're far from daft.
GP IMO here is s**t. Can't get an appointment by phone so if you want help you have to stagger down to the surgery and wait. It's a disgrace.
And as a result of your questions I've discovered that a neighbouring plot which had a really nice house that has been demolished has been sold with plaaning permission for seven 4 and 5 bedroom houses. For £1.4million. I doubt they will be affordable for most.

Yeah, this is the problem, all very well building more but without the infrastructure for the impact on existing community then it becomes potentially big problem further down the line. You would have thought there should be some sort of consultation with existing local schools and GP surgeries to see if they will able to cope with 500 or whatever new homes and occupants.

[firlandsfarm]

I'm not against entrepreneurs, but they can't earn money without the rest of us and should pay their fair share and not use smart accountants/lawyers to avoid tax.

I understand what you are saying but where do you draw the line? We are talking here of tax avoidance and not evasion. Yes there are some highly complicated tax avoidance schemes around but they are really only tools for the super rich. They are expensive to utilise and cause a certain degree of financial inconvenience. But is there anything wrong with people who can afford to save some money and put it into an ISA? ISAs (previously PEPs) have created millionaires who have invested the maximum each year. It is a tax avoidance vehicle, should millionaires be able to invest tax free?

And how about something a bit radicle? I can see the sense of not charging CGT on the sale of a principle residence but only in certain circumstances, most people need the sale proceeds to enable the purchase of the next home. But what if there is not a new home or the person is downsizing? Why should they not pay CGT on the realised gain they invest elsewhere, maybe the whole proceeds if a new home is not purchased? Currently CGT is not payable on death, IHT takes over but with a much higher threshold. Why not charge CGT on the principle residence at death in recognition of the exempt status enjoyed during lifetime.

I believe the whole UK tax structure needs rewriting, it is one of the most complicated in the world having evolved over centuries with constant fine adjustments to suit the financial flavour of the day.. Taxes need to be redesigned and rates reviewed. FYI: Tolley's Yellow Tax Handbook, the tax advisers bible, is an annual up to date print of all the current UK tax law for the year. Finance Acts bring about many 'deletions', 'insertions' and rewording of the clauses, Tolley's cleans the publication every year with the changes in the Finance Act. Now to understand the extent of that current law. Tolley's publishes 5 guides, let's look at the publications for 2020-21. Parts 1a (legislation from 1890 - 2004 still active in 2020-21, 1b (legislation from 2004 - 2010 still active in 2020-21) and 1c (legislation from 2010 to 2021 still active in 2020-21) cover IT, CT and CGT. Part 2 covers what you may call 'fringe' law e.g. Statutory Instruments, Scottish and European issues etc. Part 3 covers IHT, NIC etc. So what does all this add up to in page count you may ask ... 18,348 pages! I'm going to suggest that's why we need so many civil servants!

[firlandsfarm]

Will the new estate have affordable housing, additional school and GP places ?

Affordable homes - yes.

My advice is to keep an eye on the planning amendments. Very few affordable homes have been built near me. Yes, they are included in the planning application and are approved but then some 6 months later the developer claims they have become not viable and asks to change them. For some reason such a request does not go through the planning process and is assessed within the Planning Department by a Planning Officer and when they grant the request it is not officially recorded. I submitted data information requests asking how many affordable homes had been waived and how many actually built from those given approval and was met with a "we don't record that information" response. I followed up asking how they can monitor their performance against the target if they don't record such information and received no response!

[Archery1969]

Will the new estate have affordable housing, additional school and GP places ?

Affordable homes - yes.

My advice is to keep an eye on the planning amendments. Very few affordable homes have been built near me. Yes, they are included in the planning application and are approved but then some 6 months later the developer claims they have become not viable and asks to change them. For some reason such a request does not go through the planning process and is assessed within the Planning Department by a Planning Officer and when they grant the request it is not officially recorded. I submitted data information requests asking how many affordable homes had been waived and how many actually built from those given approval and was met with a "we don't record that information" response. I followed up asking how they can monitor their performance against the target if they don't record such information and received no response!

+ 1

My oldest nephew project manages house building in the South-East of England. I wont name the company. Between 2012 and 2023 the company built 16,000+ homes. I asked him many times over those years how many were classed affordable. Turns out, on average less than 1% per year. He said there are multiple legitimate reasons why targets are never met. Part of his salary relates to selling/rental prices, so has he said, not in his interests to makesure the company meets the affordablility levels.

[Derek27]

Millions of butterflies are now flocking to the UK, thanks to a Labour government.

[sionascaig]

Millions of butterflies are now flocking to the UK, thanks to a Labour government.

And if you don't like butterflies - the Labour government is to blame...

[sniffer66]

Millions of butterflies are now flocking to the UK, thanks to a Labour government.

And if you don't like butterflies - the Labour government is to blame...

Gary Lineker is running a campaign - "Adopt a Lepidoptera"

[Derek27]

Millions of butterflies are now flocking to the UK, thanks to a Labour government.

And if you don't like butterflies - the Labour government is to blame...

My cat won't be complaining.

[Archery1969]

if you are over 55 and have a private pension then I strongly suggest to take it out.