Labour Pension Tax Raid? How To Beat

[@kinggeoffrey3801]

With the state pension becoming unattainable, it's the government's responsibility to push and convince the public workplace pensions and SIPPs are the way forward. By taking any of the benefits away they will just stop people contributing to a pension. They need to increase the benefits on pensions not reduce. Mind boggling how stupid these people are.

[@69spook]

I agree. 👌

[@PaulB-q3d]

If you can’t provide for yourself you rely on the government, a socialist government will lap this up.

[@MrKlawUK]

agree 100% - private pensions have been fiddled with too often with SERPs and opting out and the migration away from DB schemes unless in public sector. Auto enrollment only just got going. We need a generation of people making private pensions contributions normal to allow future governments to save some money on state pension. They tax contributions too much it’ll backfire massively

[@stevejakab]

Also there’s a 30 day rule if you reinvest quickly again

[@MrKlawUK]

we’re ignoring how we’re already the highest taxed in a long time - under 14 years of conservative governments? The days of ‘labour tax up, conservative tax down’ are long gone I think

[@cameronjamespensiontransfer]

It's a valid point, tax rates have certainly been rising even under Conservative governments. For example, the tax-free personal annual allowance hasn't increased by much recently. The old idea of ‘Labour tax up, Conservative tax down’ doesn’t necessarily apply anymore. How are you currently planning to your future situation?

[@Misiu223]

Labour do not care that we've already been taxed. If you have anything left, they will tax it again

[@jimgardner6394]

All speculation and if you dont know where the tax axe will fall its extremely difficult to address it. One of my top concerns is if they include my pension pot in IHT calculations which could have a massive effect on estate planning. You mention this possibility but then carry on with the video without addressing it! IF there is a good possibility of changing the rules around pension pots what should you do to limit the tax implications?

[@cameronjamespensiontransfer]

Thanks Jim. Correct until 30th October everything is entirely speculation. However, it would be surprising if Labour didn’t look to gain more tax from pensions. As it is relatively low hanging fruit. UK pensions forming part of the estate for IHT purposes is not something we can rule out. As arguably UK Pension pots have for many, become an extremely tax efficient vehicle to legally avoid inheritance tax, and pass the assets ontotheir beneficiaries. Until Labour confirm there is nothing that can be done to limit this, as you don’t know what legislation to work around.

[@palmtree-e2l]

​@@cameronjamespensiontransfer I heard the likelihood is they'll introduce a tax free IHT threshold for pensions.

[@stevantunic511]

Not voting Labour is the best form of tax planning, a lot of people forgot that in July.

[@cameronjamespensiontransfer]

Let's hope the Autumn Budget is not as bad as the media is hyping it up to be 👀 What do you think will happen?

[@PDCRed]

Depends whether you believe that taxes can and should be put to good use. I’d love to pay far less tax, but I realise it’s absolutely essential in supporting my severely disabled son who has had his income, and the services he relies on, utterly and systematically eroded by the previous far right govt. Unfortunately we don’t have a population that believe in society - real society, where we don’t see societal obligations as optional, or feel like we can raid the piggy banks of the most vulnerable whenever we feel like winning a few more votes.

[@Petersworld77]

Tory’s raised taxes to eye watering levels when in power. Tory’s lied about reducing/abolishing NI. Everyone in July knew that just about everything in the UK was broken under the Tory’s and yet you still get people like you trying to pretend otherwise.

[@Petersworld77]

@@PDCRedwell said

[@davideyres955]

@@PDCRedyou’ve identified the problem. Too many people don’t contribute more into the system than they take out so the burden is falling on too smaller part of the population. this part of the population is stopping spending and the economy is crashing. This is happening in slow motion so people aren’t spotting it. Labour will accelerate it and break the economy. We’ve already seen that the rich are bailing, the middle class are also starting to consider leaving and we will end up in a country like the UK was in the 70s with high tax, lots of public expenditure and very high inflation. Getting inflation and union militancy under control took decades and a lot of people’s livelihoods and labour will bring this doom on us. They will continue with the multi cultural experiment that Blair started and has continued despite not being wanted by the majority. This country will go to hell unless something is done and Labour sure arnt the ones to do it.

[@PDCRed]

Why is everyone so definitive about pensions/contributions being raided?

[@myfyrmadocjones]

They have form.

[@cameronjamespensiontransfer]

Thanks for your comment, do you think Labour are going to keep pensions and contributions levels fixed as they are? Or do you think there is a likelihood they may look to gather further tax revenue via pensions?

[@cameronjamespensiontransfer]

Unfortunately very true @myfyrmadcojones

[@PDCRed]

@@cameronjamespensiontransferI’ve no particular evidence, but I think they may remove relief on contributions above, say £20k per year, such that you can still get 40% relief up to a point. May be overly complicated, but isn’t the system anyway?!

[@davidcoard1978]

Pensions an easy target. Assets of the Wealthy not so easy to target; hence no wealth tax.

[@jenniferbrown6630]

Just leave the pensioners alone you have already done a lot of damage

[@pip1723]

I've heard they may introduce a33% flat rate tax relief on pension contributions excellent idea.

[@pip1723]

Yes it's a great idea the majority aren't high tax payer's.

[@hxjohn]

I doubt anyone will get any improvement especially The less well of

[@hxjohn]

I doubt anyone will get any improvement especially The less well of

[@pip1723]

Yep people like me and millions like me in public service jobs who believe it or not have aspirations and earn a pittance keeping the country going...an extra 8% doesn't seem a lot.

[@Petersworld77]

All speculation at this time. Can you redo this video when we know the facts of what they are actually going to do? Of course Labour have form for raising taxes because they always have to fix what the previous Tory government broke.. it’s a never ending cycle of break-fix-break-fix. Wouldn’t it be great if we could break this cycle.

[@cameronjamespensiontransfer]

Correct. All speculation. However some individuals are taking action in advance of the 30th October. Not advisable as they are taking a huge gamble on trying to predict policy. Ofcourse we will look to film a video once the dust settles. As even in the early days it will still be uncertain exactly what interpretations tax specialists agree on. If you hit subscribe then you will be notified when it goes live. Which possible tax would impact you the most? IHT or 25% TFC?