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Taxation after retirement!


mk2vitesses
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OK, so here I am at that age and WTF where did that go!!

So I have paid in NI for over 47 years and TAX for 50 yes 50 years!

I was conned into buying a private pension when I could least afford it which government swore in 1970's would only TAX when I retired!

Mr Brown TAXED the private pension funds to pay for, well votes I guess?

That caused the funds to fall, the value goes down so you sell more to pay the bill and well you get it, don't you?

Alistair Darling continues to rape of the funds, thanks so much for your fiscal advise mate!

So where does that leave us, yes US!

Why do we pay TAX on our state pension?

We had no option other that to pay into it?

OK.

I have done better than most, rather than give retired people handouts so they can survive let's not TAX the state pension in the first place, period!

There is a petition online that calls for the state pension to be removed from our individual TAX allowance per year, seems reasonable to me, find it and get it to the 100,000 so it gets noticed!

TAX the already TAXED money doesn't sound a fair deal to me!

OK trying to be fair and reasonable as per the original agreement on private pensions, only pay TAX when they hit the personal TAX allowance threshold!

So why take any notice of this?

Well you are all getting older, you are all being asked to work into later years, costs are going up, pension income is static in most cases!

So it is not your problem now but it will catch up with you!

The ramblings of an old man, or someone who has a long memory! :)

 

 

 

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Gordon Brown abolished tax relief on dividends, which has indeed made the govt a great deal of money.

but the state pension per se is not taxed? Although it can be if your combined income is above the zero rated thehold.

This doesn't seem terribly unfair as I know a number of people who are in receipt of their state pension and still working. 

But I am very much in favor of abolishing NI for employees altogether, as there are too many schemes let alone income streams (including my main one) which pay no NI, seems terribly unfair.

Then adjust tax tates to 25% and 45% with a zero rate threshold of maybe 15K. It would make a positive difference to the lowest paid, I would pay a little more, but wouldn't begrudge it. But all the people avoiding NI would have to cough up. I guess that would include pensioners, but those on just a state pension would be well within the zero rate of tax. Which is who point of the zero rate threshold? I think. (ie it is the amount needed to "survive/exist", but it varies with where you live by some margin)

 

The other thing to remember is the country uses the money raised for all the stuff that happens. Yes, easy to criticise, often with good reason, the way it is spent. But the vast majority goes on what most of us would regard as essential services with the contentious stuff being smaller numbers. Still huge but spread over 70 million of us not so much.

Edited by zetecspit
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On 10/6/2021 at 8:08 AM, zetecspit said:

But I am very much in favor of abolishing NI for employees altogether, as there are too many schemes let alone income streams (including my main one) which pay no NI, seems terribly unfair.

Then adjust tax tates to 25% and 45% with a zero rate threshold of maybe 15K. It would make a positive difference to the lowest paid, I would pay a little more, but wouldn't begrudge it. But all the people avoiding NI would have to cough up. I guess that would include pensioners, but those on just a state pension would be well within the zero rate of tax. Which is who point of the zero rate threshold? I think. (ie it is the amount needed to "survive/exist", but it varies with where you live by some margin)

Quite so...

On 10/6/2021 at 8:08 AM, zetecspit said:

The other thing to remember is the country uses the money raised for all the stuff that happens. Yes, easy to criticise, often with good reason, the way it is spent. But the vast majority goes on what most of us would regard as essential services with the contentious stuff being smaller numbers. Still huge but spread over 70 million of us not so much.

Well put

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