Budget 2023

[Miss-Shelf]

Following budget more closely this year due to the bone being thrown to early years ahead of election Will free childcare plan really work?

 

[souljacker]

Wraparound care is actually a good idea. Pity none of the schools have the money, staff or space to provide it.

 

[brogdale]

kinnel, that's the last thing that U75 needs!

 

[hash tag]

I gather they are handing out cash to help with potholes. This should please the people of Worthing cupid_stunt ?

 

[Karl Masks]

kinnel, that's the last thing that U75 needs!

View attachment 366808

What the cuntchrist is this dumbshit? Harassing the over 50's again I guess

 

[hash tag]

What the cuntchrist is this dumbshit? Harassing the over 50's again I guess

Trying to patch over the employment crisis caused by the Brexit screw up.

 

[Karl Masks]

Can't imagine many older people wanting to pick fruit all day. No disrespect to the wrinkly old bastards

 

[Epona]

What the cuntchrist is this dumbshit? Harassing the over 50's again I guess

See the thing is I've long wished there was more help for older people who wanted to retrain (a lot of stuff aimed at 16-24 year olds looks quite appealing) but yeah with this lot you're not wrong, I feel sure there is going to be more stick than carrot, probably an excuse to pay people under minimum wage while they are training etc.

 

[Louis MacNeice]

Can't imagine many older people wanting to pick fruit all day. No disrespect to the wrinkly old bastards

None taken.

Cheers - Louis MacNeice

 

[cupid_stunt]

I gather they are handing out cash to help with potholes. This should please the people of Worthing cupid_stunt ?

I think you mean they are handing out peanuts to help with potholes, the amount wouldn't even be enough to deal with the problem across the county of West Sussex, and it's meant for the whole country.

 

[sparkybird]

Glad to see the government helping out the rich once again, regarding removing the limit on total pension pot, outside of tax and outside of inheritance tax

 

[Smokeandsteam]

See the thing is I've long wished there was more help for older people who wanted to retrain (a lot of stuff aimed at 16-24 year olds looks quite appealing) but yeah with this lot you're not wrong, I feel sure there is going to be more stick than carrot, probably an excuse to pay people under minimum wage while they are training etc.

You’re correct on your first point. It would be good and there will be take up on my view. A stick approach would be counterproductive because the cohort we are taking about can’t be sanctioned back (in significant numbers) as they are are retired/not seeking benefits. It’s actually a good, and overdue, policy

 

[Pickman's model]

You’re correct on your first point. It would be good and there will be take up on my view. A stick approach would be counterproductive because the cohort we are taking about can’t be sanctioned back (in significant numbers) as they are are retired/not seeking benefits. It’s actually a good, and overdue, policy

I'll be sure to remind you of when you praised a tory policy

 

[DaphneM]

According to the sky news budget calculator I’m £350 a year better off, which is better than nothing I suppose

 

[Ranbay]

I buy one pack of fags ever 2-3 months , just paid £17.69 for 20 Marlboro gold

 

[Ranbay]

I buy one pack of fags ever 2-3 months , just paid £17.69 for 20 Marlboro gold

Sorry was £16.50 i bought a can of monster also..... still £16:50!!!

 

[Karl Masks]

I can't believe nothing in terms of pay. I guess the government thinks it can just extend the Cost of Living support payments (900 between this and next spring iirc) until the election and then...

10% (and more) inflation is baked in now. Halving it won't do what the Tories want us to think it will. This is a huge downward spiral with no visible end

 

[brogdale]

Sorry was £16.50 i bought a can of monster also..... still £16:50!!!

Blimey; 10 Cadets for 10p out of the vending machine on the way to school seems a long time ago.

 

[stavros]

Has anyone sought the opinions of Truss and Kwarteng, and how Hunt may have been possessed by treasury orthodoxy?

 

[cupid_stunt]

I can't believe nothing in terms of pay. I guess the government thinks it can just extend the Cost of Living support payments (900 between this and next spring iirc) until the election and then...

10% (and more) inflation is baked in now. Halving it won't do what the Tories want us to think it will. This is a huge downward spiral with no visible end

Err, the independent office for budget responsibility has forecast inflation will drop to just 2.9% by the end of this year.

 

[MickiQ]

Entered my details in the budget calculator

You will be £0.00 better off

Meh

 

[smmudge]

Glad to see the government helping out the rich once again, regarding removing the limit on total pension pot, outside of tax and outside of inheritance tax

But but but those poor doctors.... the tories are trying to save the NHS you know!!!!!! (or maybe they will retire earlier with their bigger pensions)

 

[MickiQ]

But but but those poor doctors.... the tories are trying to save the NHS you know!!!!!! (or maybe they will retire earlier with their bigger pensions)

That's been the problem though, top doctors nearing the end of their careers have been retiring early to avoid going over the £1m limit and getting stung with a massive tax bill.
This means in theory they will stick it out for a few more years since there is now no motivation to go early.
This is the one decent idea in the budget though not many will benefit from it.

 

[sparkybird]

That's been the problem though, top doctors nearing the end of their careers have been retiring early to avoid going over the £1m limit and getting stung with a massive tax bill.
This means in theory they will stick it out for a few more years since there is now no motivation to go early.
This is the one decent idea in the budget though not many will benefit from it.

Yes but why not just do something for doctors instead of bankers, lawyers etc. This is a rhetorical question of course.

 

[Smangus]

This is the one decent idea in the budget though not many will benefit from it.

Except that lots of rich people now have a massive pensions loop hole that means that can avoid tons of inheritance tax .On top of the tax free pension contributions they can make.

They could have limited it to doctors/NHS as a sector but chose to open it out to all wealthy people.

 

[B.I.G]

Except that lots of rich people now have a massive pensions loop hole that means that can avoid tons of inheritance tax .On top of the tax free pension contributions they can make.

They could have limited it to doctors/NHS as a sector but chose to open it out to all wealthy people.

This is a question not a dispute as I haven’t looked at the specifics.

How does it work in regard to avoiding inheritance tax?

 

[strung out]

This is a question not a dispute as I haven’t looked at the specifics.

How does it work in regard to avoiding inheritance tax?

Anything saved in a SIPP can be inherited tax free, so the more money that can be put in your SIPP (per year and in total), the less inheritance tax is paid upon death.

Edit: think there are different tax rules depending on your age when you die too, so might depend on that. Death before 75 means the SIPP has no income tax paid upon withdrawal. Death after 75 means the SIPP attracted income tax.

 

[B.I.G]

Anything saved in a SIPP can be inherited tax free, so the more money that can be put in your SIPP (per year and in total), the less inheritance tax is paid upon death.

Oh. Cheers. I didn’t know SIPPs were still a thing.

With all the talk of doctors, I had assumed it was the value of their final salary pension pot that was the applicable amount.

 

[strung out]

Oh. Cheers. I didn’t know SIPPs were still a thing.

With all the talk of doctors, I had assumed it was the value of their final salary pension pot that was the applicable amount.

Doctors get a bit of a rough deal (relatively, compared to private sector), because they don't get a pension pot they can bequest, and while they end up accruing a very nice Defined Benefit pension until death, the formula used to calculate total pension value for the purposes of the lifetime allowance means they end up hitting the limit well before normal retirement age and paying a significant amount of tax that gives them an effective pay cut.

It's possible, perhaps even likely, that some doctors about to hit the lifetime allowance will now not take early retirement and end up carrying on working, but it's not guaranteed (doctors have always been able to opt out of accruing further pension once they hit the lifetime allowance), and the abolition effectively gives a significant bonus to all high earners in the form of a whacking great tax cut.

 

[B.I.G]

Doctors get a bit of a rough deal (relatively, compared to private sector), because they don't get a pension pot they can bequest, and while they end up accruing a very nice Defined Benefit pension until death, the formula used to calculate total pension value for the purposes of the lifetime allowance means they end up hitting the limit well before normal retirement age and paying a significant amount of tax that gives them an effective pay cut.

It's possible, perhaps even likely, that some doctors about to hit the lifetime allowance will now not take early retirement and end up carrying on working, but it's not guaranteed (doctors have always been able to opt out of accruing further pension once they hit the lifetime allowance), and the abolition effectively gives a significant bonus to all high earners in the form of a whacking great tax cut.

So they could have changed the formula of the NHS pension overall pot?

Exempted NHS pensions from the cap?

Or exempted SIPPs from the new limit.

Presumably better targeting what they claimed they wanted.

Cheers for the detailed info.