I went through this article /letter (I know, I should get out more).
The writer is complaining about pension pots becoming subject to inheritance tax AND about beneficiaries paying income tax on disbursements at up to the top rate of 45%.
The writer (modestly 😀) doesn’t estimate the full estate size, but he does discuss his “family home,” so he must be entitled to the full £500,000 nil rate band. For a £1 million IHT+IT cost the total estate might be in the £2 million range?
Indeed. The clue lies in the words. Retirement pots are for retirement and IHT is a tax on inheritance (which is easily minimised with a bit of planning as the Duke of Westminster can attest). I'm rather nostalgic for the days when Labour politicians talked openly about the need for redistribution.
The writer tells us that he’s already paid a lot of tax - 30 times the UK average per year! - but somehow skips over the bit about getting tax breaks in accumulating the “modest” nest egg.
*Cartman licking salty tears off crying child’s face meme.*
If there’s one thing I paid for, and demand off my Labour government, it’s cosseted financially secure pensioners finally getting it in the neck. I want to see them serving me at McDonald’s. And then I want their house, sold at a pittance.
If there’s one thing I demand from my Labour government it’s equity. Not radical nonsense - I’m an oldie who will gladly forgo WFA & continue to pay my tax and thank God that having got rid of radical nutters on the right we’re not governed by equally radical nutters on the left.
It’s like I say: there’s nothing wrong with cosseted, Brexit voting English pensioners that a retirement to a cold dormitory in the shetlands can’t fix.
Even if many pensioners voted for Brexit and many of us didn’t, that’s democracy. I’m not sure if you think you’re being particularly radical or, even, if you think you’re being amusing.
Having said that, I’ve never been to the Shetlands although it looks lovely.
We’re coming for all the oldies. They voted for Brexit, they’ve got all the money, and all the houses, so we’re coming for them, and we’re going to tear their world apart. We’ll have them all living in dormitories in the Shetlands by 2035. We’re going to Logan’s Run this shit.
Comments
The writer is complaining about pension pots becoming subject to inheritance tax AND about beneficiaries paying income tax on disbursements at up to the top rate of 45%.
Obviously, Reeves’s transgression is to threaten to tax the beneficiaries, not the author.
If there’s one thing I paid for, and demand off my Labour government, it’s cosseted financially secure pensioners finally getting it in the neck. I want to see them serving me at McDonald’s. And then I want their house, sold at a pittance.
Having said that, I’ve never been to the Shetlands although it looks lovely.