Bye bye Starmer
Re: Bye bye Starmer
So far the budget isn’t tallying up with the OBR. The £22 billion black hole seems questionable at best. Economic growth projected to remain pretty flat over the next 5 years. Making it easier for the government to borrow money.
I think things will generally be ok if the worldwide economic health is ok and we bob along but it seems to be riding a narrow line and each budget must surely raise taxes more to keep up with additional spending
I think things will generally be ok if the worldwide economic health is ok and we bob along but it seems to be riding a narrow line and each budget must surely raise taxes more to keep up with additional spending
How about not having a sig at all?
Re: Bye bye Starmer
Some of the case studies of the changes in pension IHT handling make for some pretty shocking reading. Hope the conservatives fight the next election on abolishing IHT altogether. They'd get the farmers vote too.
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Re: Bye bye Starmer
Apparently only a tiny few rich people will ever pay it so doubt it would get them more than a handful of votes….
Cheers, Harry
Re: Bye bye Starmer
The line used to be that 4% of estates paid IHT. Reeves in her opening salvo today claimed it was 6%. That number is going up fast!
The artist formerly known as _Who_
Re: Bye bye Starmer
Nothing I’m working on directly. It is bad form (but typical for Labour and similar to the desperation to bring VAT on school fees in in the middle of a school year) - I pity the M&A team somewhere that just finalised a 5 page excel workbook with a deal fundsflow and now finds their numbers are all wrong after the payments have been wired.
Re: Bye bye Starmer
Looping back, i wonder if the school fee vat coming in mid year is actually intentional? People are very unlikely to take a child out mid year, and maybe the assumption is that once they’ve paid a term, they’ll just carry on. i expect it’ll work too.
Re: Bye bye Starmer
There is another nastier trap in the small print - even where an unconditional contract for sale has been exchanged before 30 October, the date for CGT purposes will be the date of actual transfer of the asset. Retroactive and I think may catch one of our transactions.GG. wrote: ↑Thu Oct 31, 2024 8:28 amNothing I’m working on directly. It is bad form (but typical for Labour and similar to the desperation to bring VAT on school fees in in the middle of a school year) - I pity the M&A team somewhere that just finalised a 5 page excel workbook with a deal fundsflow and now finds their numbers are all wrong after the payments have been wired.
Re: Bye bye Starmer
We were all done on the 29th, bloody pleased with that!
Dave!
Dave!
Re: Bye bye Starmer
It's really shitty to set the effective date in that way. Stoopid.
Re: Bye bye Starmer
Labour says 22, OBR says 10. I believe the bulk of the difference is the public sector pay review. Tories started it with a loose commitment to abide by the review board recommendation, but the bill didn't arrive until Labour took power. Arguably it was a foreseeable cost, but it hadn't been formally factored into the figures Jeremy Hunt gave to the OBR, so it's kinda debatable either way whether is should be described as part of the "black hole".
As an aside - why is it a *black* hole? Surely, it's just a common or garden hole?
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Re: Bye bye Starmer
It all strikes me as somewhat amateurish.. surely this is one of the reasons we have a civil service? Are they being unhelpful or is Labour not listening (as political appointees are known to do)?
Cheers,
Ian
Ian
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Re: Bye bye Starmer
Its a "black hole" because no one in Labour is willing to explain what is inside it...
Re: Bye bye Starmer
It’s also a black hole because whatever money you throw at it will disappear never to be seen again.
How about not having a sig at all?
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Re: Bye bye Starmer
The scale of the pensions IHT grab is becoming apparent - if the pot is subject to 40% IHT and then the recipient pays the 45% rate on income from said pension, that's a total grab of 67% of the value of that pension.
So then ask the question - for someone who rented but saved into a pension instead - why should their children get much more harshly treated than someone who owned their home and passed that on instead? Seems totally counterintuitive for a labour government.
So then ask the question - for someone who rented but saved into a pension instead - why should their children get much more harshly treated than someone who owned their home and passed that on instead? Seems totally counterintuitive for a labour government.