Sunak has decided to help out certain industries - at last.

Who do you mean by ‘the wealthy unemployed’?

Germanshepherdsmum

Who do you mean by ‘the wealthy unemployed’?

The "wealthy unemployed" are those of all ages with assets (including shares and property) who don't work for a living and won't have to pay increased National Insurance Contributions.

Gosh ... that’s me!

Well I own a property and shares and I have savings…

Yep…

growstuff

Germanshepherdsmum

Who do you mean by ‘the wealthy unemployed’?

The "wealthy unemployed" are those of all ages with assets (including shares and property) who don't work for a living and won't have to pay increased National Insurance Contributions.

Do you confine that to people of working age (i.e not OAPs) or do you include everyone in your definition.

('cos if it's the second you're going to upset a lot of Gnetters )

I have experience of upsetting GNers. (and frankly I don't give a damn)

I include those who have "wealth" (ie assets) who don't work for them (and in some cases never have).

The latest changes to National Insurance Contributions (which is just another form of tax) will affect all those who are employed or self-employed, but not those who have income from assets.

Generally, the wealthiest people in the UK don't work, which is something people sometimes forget when there are discussions about rich and poor.

PS. I was giving a definition of "the wealthy unemployed" in response to a question.

PPS. That's why I wrote "of all ages".

I worked bloody hard for my assets. As did my husband and my parents. I think OP is John McDonnell who regarded anyone with anything to leave to their children as wealthy.

Germanshepherdsmum

I worked bloody hard for my assets. As did my husband and my parents. I think OP is John McDonnell who regarded anyone with anything to leave to their children as wealthy.

ditto, unfortunately it’s one of the cardinal sins on GN…

Germanshepherdsmum

I worked bloody hard for my assets. As did my husband and my parents. I think OP is John McDonnell who regarded anyone with anything to leave to their children as wealthy.

Many people work bloody hard, but don't have the opportunity to acquire assets.

If the GNers are over the current retirement age then they aren't included in the definition.

At the moment, anybody in employment, who is over the retirement age does not have to pay Class 1 NIC but their employer has to pay Employers' Contributions for them. There is talk of deducting Employee's contributions from those working who are over retirement age - that's as far as it goes.

Self employed people above retirement age do not have to pay Classes 2 and 4 NIC but I suspect that the govt will get around to them.

I certainly worked bloody hard and have virtually no assets - I still have to work and will have to pay National Insurance Contributions, despite being above state retirement age.

growstuff

Germanshepherdsmum

I worked bloody hard for my assets. As did my husband and my parents. I think OP is John McDonnell who regarded anyone with anything to leave to their children as wealthy.

Many people work bloody hard, but don't have the opportunity to acquire assets.

So why penalise those who have been fortunate ?

Surely folks should aspire to go upwards as opposed to downwards?

Dinahmo

If the GNers are over the current retirement age then they aren't included in the definition.

At the moment, anybody in employment, who is over the retirement age does not have to pay Class 1 NIC but their employer has to pay Employers' Contributions for them. There is talk of deducting Employee's contributions from those working who are over retirement age - that's as far as it goes.

Self employed people above retirement age do not have to pay Classes 2 and 4 NIC but I suspect that the govt will get around to them.

Employed and self-employed people over state retirement age will have to pay National Insurance Contributions after the latest changes - despite having worked bloody hard until state retirement age!

GrannyGravy13

growstuff

Germanshepherdsmum

I worked bloody hard for my assets. As did my husband and my parents. I think OP is John McDonnell who regarded anyone with anything to leave to their children as wealthy.

Many people work bloody hard, but don't have the opportunity to acquire assets.

So why penalise those who have been fortunate ?

Surely folks should aspire to go upwards as opposed to downwards?

Why penalise those who have been unfortunate?

GrannyGravy13

Germanshepherdsmum

I worked bloody hard for my assets. As did my husband and my parents. I think OP is John McDonnell who regarded anyone with anything to leave to their children as wealthy.

ditto, unfortunately it’s one of the cardinal sins on GN…

In this instance no one is talking about taxing your assets. So no, I am not John McDonnell in disguise.

Put simply, someone earning £25,000 pa is going to have to pay extra NIC from next April. Someone with investment or rental profits, or both, totalling £25,000 is not going to have to pay extra income tax and, as you know, you don't pay NI on those sources of income.

So please think about what I've written and what the news wsa about a few weeks when the changes were announced.

Dinahmo People have short memories.

Dinahmo

GrannyGravy13

Germanshepherdsmum

I worked bloody hard for my assets. As did my husband and my parents. I think OP is John McDonnell who regarded anyone with anything to leave to their children as wealthy.

ditto, unfortunately it’s one of the cardinal sins on GN…

In this instance no one is talking about taxing your assets. So no, I am not John McDonnell in disguise.

Put simply, someone earning £25,000 pa is going to have to pay extra NIC from next April. Someone with investment or rental profits, or both, totalling £25,000 is not going to have to pay extra income tax and, as you know, you don't pay NI on those sources of income.

So please think about what I've written and what the news wsa about a few weeks when the changes were announced.

I am a few years off retirement age, I pay NI and tax, I am well aware that my contributions as an employee and employer will increase in 2022.

I just don’t get the “at last” part of the thread title!
It strikes me that Rishi Sunak has responded very promptly to a situation which is only just developing.

Some industries have been asking for more clarity and/or financial aid for some time now. The first UK Omicron cases were detected at the end of November.

Sunak has been in California, believed to have been talking to American health providers. I don't think there was any need for those talks at the moment. His time would have been better spent planning for the inevitable.

The govt have been vacillating over the subject of restrictions because they knew that as soon as these were introduced they would have to fork out, yet again.

GG13 Since you are aware that your contributions are going to be increased why did you start on about your assets and leaving property to your children?

I've checked my OP and there way in which it could be misinterpreted to talk about taxing assets.

growstuff

I certainly worked bloody hard and have virtually no assets - I still have to work and will have to pay National Insurance Contributions, despite being above state retirement age.

Confused.. If you have reached state pension age and are in receipt of your state pension you do not pay NI?

Dinahmo

GG13 Since you are aware that your contributions are going to be increased why did you start on about your assets and leaving property to your children?

I've checked my OP and there way in which it could be misinterpreted to talk about taxing assets.

I replied to germanshepherdsmum not your OP.

I have no intention of disclosing what I will / will not leave to my children on an open forum.