OBR leaks the Budget.

[tHEgLASSdOORS]

People who were educated through state education, have made a nice life out of the fruits of that but are now angry we all want to pay for the same for the next generation.

Makes you wonder with some people how they’ll ever be truly content.

[Protheroe]

It’s the rich way of throwing their toys out of the pram, the same people that will cough up £1500 on a Porsche service or £5k on a new patio set are moaning about paying the mansion tax. Basically they have been able to get away with paying as little tax as possible through dividends, chucking huge drawings into pensions or simply bullshitting are having the loops closed.

They’ll live.

But it's not the rich is it? That's the great conceit. 

A million more drawn into paying Basic Rate by the end of the decade.

4.7 Million will be paying higher tax up from 2.7 Million.

These people aren't rich, far from it. Most haven't built anything like the wealth they'd hoped to.

Is it right that Labour plans for the threshold for Student Debt repayments to be pretty much the same as the Minimum Wage by the end of the decade? If so, please tell me the point of the vast majority of kids bothering to go to university. How on Earth do middle income graduates ever hope to build wealth?

Labour is engaged in a bizarre act of income compression between minimum wage / benefit cap and £100,000. It's plain as the nose on your face that they don't understand incentives. They certainly don't understand that the vast majority of people will rely on a DC pension in retirement - and at every turn they are reducing the incentive for people to provide for themselves.

This was the most political Budget of recent years. It was designed to appeal to the PLP and no-one else. It is the last desperate act of a failing PM and a duplicitous Chancellor devoid of a shred of credibility.

It's not that people aren't prepared to pay - I have all my life, but Rachel has found the apex of the Laffer Curve, and for me that's it. This tax year my combined business and personal taxes will be knocking on the door of £600,000.  

With the #glidepath now set the question Mrs P and I were discussing over dinner last night is whether we go to Spain, Malta, Cyprus or Portugal. I suspect the kids will try the US. There's very little incentive for them to struggle with the rest of their generation to build a life here.

[baggy1]

Conflating two stories an again there Proth to move the discussion I see. I was talking about those that have threatened to fly the country.

Good to have you back mate btw. I’ll answer the rest in a bit.

[tHEgLASSdOORS]

Reckon I’d settle on Spain or those 4, Portugal a close second. Malta too insular for me and I can certainly see the appeal of Cyprus but it doesn’t have the same appeal as being in a country with the cultural breadth and depth that Spain has.

Im planning to do a stint in Uruguay in two years time then suss out the best of SA from there

[baggy1]

It’s the rich way of throwing their toys out of the pram, the same people that will cough up £1500 on a Porsche service or £5k on a new patio set are moaning about paying the mansion tax. Basically they have been able to get away with paying as little tax as possible through dividends, chucking huge drawings into pensions or simply bullshitting are having the loops closed.

They’ll live.

But it's not the rich is it? That's the great conceit. 

A million more drawn into paying Basic Rate by the end of the decade.

4.7 Million will be paying higher tax up from 2.7 Million.

These people aren't rich, far from it. Most haven't built anything like the wealth they'd hoped to.

Is it right that Labour plans for the threshold for Student Debt repayments to be pretty much the same as the Minimum Wage by the end of the decade? If so, please tell me the point of the vast majority of kids bothering to go to university. How on Earth do middle income graduates ever hope to build wealth?

Labour is engaged in a bizarre act of income compression between minimum wage / benefit cap and £100,000. It's plain as the nose on your face that they don't understand incentives. They certainly don't understand that the vast majority of people will rely on a DC pension in retirement - and at every turn they are reducing the incentive for people to provide for themselves.

This was the most political Budget of recent years. It was designed to appeal to the PLP and no-one else. It is the last desperate act of a failing PM and a duplicitous Chancellor devoid of a shred of credibility.

It's not that people aren't prepared to pay - I have all my life, but Rachel has found the apex of the Laffer Curve, and for me that's it. This tax year my combined business and personal taxes will be knocking on the door of £600,000.  

With the #glidepath now set the question Mrs P and I were discussing over dinner last night is whether we go to Spain, Malta, Cyprus or Portugal. I suspect the kids will try the US. There's very little incentive for them to struggle with the rest of their generation to build a life here.

Not certain where you got your figures from, unless you are putting the existing position alongside the extra from this budget, but there will be just under a million extra drawn into higher rate tax according to the OBR and about 3/4 of a million drawn into IT for the first time with the freezing: https://www.moneysavingexpert.com/news/2...cal%20drag'.

Student loans and debt - I’m not as up to date as I should be on this to allow a decent view, as both my kids are beyond that, but the whole encouragement of people to take out loans for qualifications that don’t guarantee work doesn’t feel right to me. I would rather see apprenticeships and employer sponsored professional training. Getting work experience alongside training towards qualifications, in my experience, gives the better results to longevity in the workplace.

It is strange to hear you say that individuals are not being incentivised to provide for themselves. It certainly isn’t the governments role to guide people or even make their decisions for themselves and if they don’t want to plan for their future then they have to understand the ramifications of that won’t be beneficial to them. Having said that, £2k is a strange position to set the bar at for pension contributions when I imagine the goal was to stop those that pumped £10s of thousands in to avoid paying the tax. I would have set the bar at £12k allowing for individuals to pay up to a grand a month into their future tax free.

I agree with the issues on wage suppression between the PA and £100k but at the moment it still represents less than 5% of those in employment. However, the fact that someone won’t earn more in the short term because of the pain point that it produces, which I agree it does, is short sighted and can be managed to a point if the right options are taken. I have noticed the shift in the telegraphs whinging down to the £50k earning bracket after they got no traction or sympathy for those earning over £100k. The argument of I don’t want to earn more because the taxman will eat a proportion isn’t the problem that needs solving in the UK at the moment.

If your combined business and personal tax is that high (I’m assuming you’ve included VAT paid in that amount which you’re actually just collecting and not paying out of your earnings) then well done but it also means that you have earned a fair bit yourself. The fact that you are thinking of upping sticks has as much to do with your point in life as it does any taxation measures I suspect. 

And Cyprus is your best bet as the lowest tax rate of them, something you’ll appreciate. As for generational struggles, my kids are a little older than yours by the sounds of it and are building decent lives for themselves despite the ‘struggles’ that the press paints for that generation. My advice is that the support of family around your kids will be as important as any earnings or taxation issues.

[man in the corner shop]

I thought all the Brexit cultists weren't allowed to live in Europe now.
Part of the sunlit uplands deal they so actively voted for.

[strawman]

I thought all the Brexit cultists weren't allowed to live in Europe now.
Part of the sunlit uplands deal they so actively voted for.

Visa is not just a credit card 

[Borin' Baggie]

I thought all the Brexit cultists weren't allowed to live in Europe now.
Part of the sunlit uplands deal they so actively voted for.

Visa is not just a credit card 

Don't complain about red tape and restrictions on growth then

[strawman]

I thought all the Brexit cultists weren't allowed to live in Europe now.
Part of the sunlit uplands deal they so actively voted for.

Visa is not just a credit card 

Don't complain about red tape and restrictions on growth then

Yes boss 

[chasetownbaggie]

It’s the rich way of throwing their toys out of the pram, the same people that will cough up £1500 on a Porsche service or £5k on a new patio set are moaning about paying the mansion tax. Basically they have been able to get away with paying as little tax as possible through dividends, chucking huge drawings into pensions or simply bullshitting are having the loops closed.

They’ll live.

But it's not the rich is it? That's the great conceit. 

A million more drawn into paying Basic Rate by the end of the decade.

4.7 Million will be paying higher tax up from 2.7 Million.

These people aren't rich, far from it. Most haven't built anything like the wealth they'd hoped to.

Is it right that Labour plans for the threshold for Student Debt repayments to be pretty much the same as the Minimum Wage by the end of the decade? If so, please tell me the point of the vast majority of kids bothering to go to university. How on Earth do middle income graduates ever hope to build wealth?

Labour is engaged in a bizarre act of income compression between minimum wage / benefit cap and £100,000. It's plain as the nose on your face that they don't understand incentives. They certainly don't understand that the vast majority of people will rely on a DC pension in retirement - and at every turn they are reducing the incentive for people to provide for themselves.

This was the most political Budget of recent years. It was designed to appeal to the PLP and no-one else. It is the last desperate act of a failing PM and a duplicitous Chancellor devoid of a shred of credibility.

It's not that people aren't prepared to pay - I have all my life, but Rachel has found the apex of the Laffer Curve, and for me that's it. This tax year my combined business and personal taxes will be knocking on the door of £600,000.  

With the #glidepath now set the question Mrs P and I were discussing over dinner last night is whether we go to Spain, Malta, Cyprus or Portugal. I suspect the kids will try the US. There's very little incentive for them to struggle with the rest of their generation to build a life here.

Not certain where you got your figures from, unless you are putting the existing position alongside the extra from this budget, but there will be just under a million extra drawn into higher rate tax according to the OBR and about 3/4 of a million drawn into IT for the first time with the freezing: https://www.moneysavingexpert.com/news/2...cal%20drag'.

Student loans and debt - I’m not as up to date as I should be on this to allow a decent view, as both my kids are beyond that, but the whole encouragement of people to take out loans for qualifications that don’t guarantee work doesn’t feel right to me. I would rather see apprenticeships and employer sponsored professional training. Getting work experience alongside training towards qualifications, in my experience, gives the better results to longevity in the workplace.

It is strange to hear you say that individuals are not being incentivised to provide for themselves. It certainly isn’t the governments role to guide people or even make their decisions for themselves and if they don’t want to plan for their future then they have to understand the ramifications of that won’t be beneficial to them. Having said that, £2k is a strange position to set the bar at for pension contributions when I imagine the goal was to stop those that pumped £10s of thousands in to avoid paying the tax. I would have set the bar at £12k allowing for individuals to pay up to a grand a month into their future tax free.

I agree with the issues on wage suppression between the PA and £100k but at the moment it still represents less than 5% of those in employment. However, the fact that someone won’t earn more in the short term because of the pain point that it produces, which I agree it does, is short sighted and can be managed to a point if the right options are taken. I have noticed the shift in the telegraphs whinging down to the £50k earning bracket after they got no traction or sympathy for those earning over £100k. The argument of I don’t want to earn more because the taxman will eat a proportion isn’t the problem that needs solving in the UK at the moment.

If your combined business and personal tax is that high (I’m assuming you’ve included VAT paid in that amount which you’re actually just collecting and not paying out of your earnings) then well done but it also means that you have earned a fair bit yourself. The fact that you are thinking of upping sticks has as much to do with your point in life as it does any taxation measures I suspect. 

And Cyprus is your best bet as the lowest tax rate of them, something you’ll appreciate. As for generational struggles, my kids are a little older than yours by the sounds of it and are building decent lives for themselves despite the ‘struggles’ that the press paints for that generation. My advice is that the support of family around your kids will be as important as any earnings or taxation issues.

The fiscal drag argument makes my teeth itch. Utterly boneheaded argument IMO. You don't want to move up into the 40% tax bracket? Great, stay on £49k a year. Be my guest. See how it feels in 5 or 10 years time.