Protecting your finances now Labour are in charge

I don’t understand why some people are complaining about what a Labour government might do, but don’t complain about what the Tory government did do. Under them the tax burdon has steadily increased and is the highest it’s been in a very long time.

It was reported more than once that the previous government increased taxes 26 times . If that’s true then Labour have some way to go to beat that.
As for raising tax a little to pay for better health and welfare I, like many people woukd be willing to do so if that helps others.
Finally people who have so much money that they feel they need to move to places where they can fiddle their taxes, then they can do so. As it is most countries in Europe have higher rates of tax than we do, just as their state pensions are much higher and access to medical treatment is easier than here but plenty of other places where wealth can be hidden from the tax man/ woman. What do they say about Monaco? Sunny place, shady people.

X post mouse

Just asking my German family on update re taxes there, very similar basic rate to us, but extra 10% for SP, 8% for Health, 1.5 for unemployment cover, 1% for social care cover.
The basic tax free allowance for married couples is wait for it €21,816, poor Singles only get €10,908. These figures are from how to benefit from tax free allowance in Germany.
So are we sorting our taxes out fairly, I've always said tax me, they do actually, but why not put that money into a social care pot rather than muddled up by everything else.

I know. Now how often have you seen it happen?

Mouse

I don’t understand why some people are complaining about what a Labour government might do, but don’t complain about what the Tory government did do. Under them the tax burdon has steadily increased and is the highest it’s been in a very long time.

Deliberately targeting the wealthy would be a different thing to spreading it about a bit.

What would be the point of anyone working hard.
I for one would coast. I am not stupid.

fancythat

HousePlantQueen

fancythat

I had forgotten that Labour try and get so much money from wealthier people.

My DH had a relative in the 1970s, who left England because of it, and never returned.

With respect, what a relative did over 50 years ago is of no relevance.

You dont think Labour will do the same now?

No, not in the punitive way of the 1970s, not I don't. As for cutting myself off from regular contact with family and friends in order to save myself money in taxation, I would not even countenance the thought.

Fancythat you ask what would be the point of working hard.

We all work hard, but most are not paid much more than minimum wage despite the often vital and valuable work they do.

With respect, not all people work hard.
Rather far from it in some instances.

But I do appreciate that sometimes minimum wage earners work very hard indeed.

There are people who can choose how hard they work.

Had a Quick Look online fir European tax rates
Finland 56.5%
Denmark 55.9 ye%
France 55.4%
Austria 55%
Netherlands 50%
Germany 47%
Italy. 47%

fancythat

With respect, not all people work hard.
Rather far from it in some instances.

But I do appreciate that sometimes minimum wage earners work very hard indeed.

Not everybody with money works hard either, it’s unrelated to income. Effort is an underrated personal quality.

People who have only the one home quite frankly haven't worked hard enough

Jane [ grin]

😄

JaneJudge

People who have only the one home quite frankly haven't worked hard enough

Oh dear, I have only ever owned one home at a time. Could have done better. Bit late now.

Not everybody with money works hard either, it’s unrelated to income

Sometimes that is true.

Primrose, you are of an age to have lived through other Labour governments yet nonetheless you have accumulated investments and savings - sufficient in your own words to buy new cars (plural) and expensive holidays. You've also managed to own two properties. Not bad going really.

Based on that I'm assuming the "Red Army" didn't previously redistribute your land to the peasantry, leave you destitute or force you down the salt mines. Please, get a grip for the state of your mental health.

Now we have done the whataboutery, I am going to repeat my point.

There is no point in working harder if you personally dont think it is financially worth it. Or going to be financially worth it.

And that goes for everyone who is working.

karmalady

I am thinking and hoping, that they target the many second home-owners, holiday lets and air BnB owners, while leaving the majority of us ordinary folk alone

I don`t have rings of steel but am careful wrt the 7 year rule,whilst keeping enough to fund my own care, if needed.

I think you are forgetting that many of us provide very good, reasonable accommodation for local families who otherwise would be homeless as they wait years on LA lists.

As I said earlier, we rented our second property to a retired couple for 13 years before Covid. We put their rent up just once in all those years by a very small amount. If I added up all the rent they paid us compared to what I might have got with holiday lets the difference would be huge.

I sleep easy at night. 😉 what many people around here don’t like to see are second homes that are maybe used only a couple of weeks a year.

I expect that Primrose, like many of us, has worked hard for what she has. Don’t tell her to get a grip. I share her opinion that anyone with any assets must look to protect them as best they can, or see them seriously eroded by the new government. Like most of us, she is of an age where we think about what we may leave behind when we die. Changes to inheritance tax could mean that most of what we have is confiscated by the state. Some may think that’s an excellent thing. Primrose doesn’t, I don’t and many others who have worked hard for whatever they have don’t. The question would be, why have we bothered to buy our home and save money?

I just don’t get why those who want to protect their assets were asleep to the fact that there would be a Labour government, as sure as night follows day. Any decent financial accountant can help, and we all have choices.

Casdon

I just don’t get why those who want to protect their assets were asleep to the fact that there would be a Labour government, as sure as night follows day. Any decent financial accountant can help, and we all have choices.

Now you are changing your argument entirely Casdon.

Primrose53

Casdon

I just don’t get why those who want to protect their assets were asleep to the fact that there would be a Labour government, as sure as night follows day. Any decent financial accountant can help, and we all have choices.

Now you are changing your argument entirely Casdon.

In what way?