What Labour Means For Investing (What they aren't saying)

👉 Build a £100k Investment Portfolio From £0, As Fast As Possible: www.chrispalme...
Investing Platforms I use:
⮕ 🚀 ISA - Invest Engine: (Up to £50 Welcome Bonus*) investengine.c...
⮕ 📈 SIPP - Vanguard: www.vanguardin...
⮕ 🚀 2nd ISA Option: Trading212: (Free Share Worth Up To £100) bit.ly/41NxqGb
⮕ 📈 Lifetime ISA: Hargreaves Lansdown: bit.ly/3ZuHZvC
⮕ 🏦 My Interest Account (Plum): Free £5 cashback if you hold £100 in a Plum account for 90 days*: bit.ly/3QERKVt
My favourite Stock Picking Tool:
⮕ 🔎Stockopedia: (Get 25% OFF) stk.pe/chrispa...
My Computer Set Up:
⮕ 🖥️ Desktop: www.amazon.co....
⭐ Join Our Investing Community:
/ chrispalmer24
⮕ Regular Portfolio Updates
⮕ Get 1 on 1 support from me
Where I buy Crypto (Now have a FCA Registered Crypto Card - Free)
⮕ 🪙CoinJar - FCA Registered - cjr.io/chrispa...
My Favourite Side Hustle:
⮕ 💸 Matched Betting (UK & AUS) - tinyurl.com/3h...
*Terms and service conditions apply. Capital at risk. None of the advice mentioned in the video is to be taken as financial or investment advice as it’s for entertainment purposes. Some links above include affiliate commissions/referrals.

[@chrispalmer24]

What change are you most worried about or excited for?

[@tonyh1460]

25% tax free pension being reduced I’m taking it now and will push into ISAs next April Or buy a Porsche 😂

[@stevie3screens]

Very concerned about Corp tax and CGT

[@christines5430]

I hope they don't touch pensions!

[@chrisp4170]

Excited that we get the chance to show Liz Truss, Boris Johnson and their Tory benefactors that the country rejects their incompetence, mismanagement and arrogance.

[@davidgardiner4720]

Main fear? That there will still be no wealth tax.

[@simonhollis5256]

Capping ISAs would only incentivise people to shift their savings to real estate, in turn making housing even more unaffordable. Terrible policy.

[@itsmesaltax]

I agree, I would be wacking mine into real estate for sure

[@seanmurray8051]

Or taking it offshore

[@Benzknees]

Or to spend it & push up inflation, deprive UK companies of funding, and increase the balance of payments problem as much would go on imports & holidays.

[@SoloSi2024]

The Labour rookies.

[@seawavechau]

Happy with the possible changes

[@I-Like_Milk]

They talk about the rich paying their fair share but then go after pensioners, the self employed and owner-managed private service (ltd) companies. Maybe because it’s easy.

[@me-myself-i787]

They seem to think that everyone who isn't an ordinary worker is rich.

[@sonofsomerset1695]

@@me-myself-i787 They want us all to be workers forever and equally poor. Vote Reform and pray they win, or at least will kick up a fuss as Labour goes full communist.

[@mw8653]

If your not living on benefits and holding a job down you be rich pickings for the coming govt.

[@markblance8492]

Labour view anyone who is not on the breadline as rich. So you work hard, gain a solid education, make sacrifices to develop your career, etc, etc and Labour will penalise you with higher tax. On the other hand, you live a life of Riley, can’t be bothered and Labour will reward you. Labour is a race to the bottom. They have not other strategy than tax success, to give the rest a feel good factor. God help us all

[@FrostSpike]

@@markblance8492 It's like this thing about imposing VAT on private school fees as, apparently, there aren't enough maths teachers in state schools. All that'll happen is that 25% of pupils in private schools, around 150,000 thousand of them, will have to leave and go into state schools, there will continue to be a shortage of teachers (and school places) and those pupils won't get a decent education, won't get a decent job, and not pay the same amount of taxes when they do get a job. Enforced equality always means a race to the bottom.

[@rufdymond]

Tax, tax, f*&7ing tax…..all these political parties are hopeless. Taxing people more will fix nothing, the key is growing the economy and thus increasing the tax take that way. Growing the economy is a win for everyone.

[@knowledgeseeker5499]

Legal corruption and destruction of economic growth for their own personal gains

[@beer77monster]

Gary Neville, the great economics expert, would dispute that point…🥴

[@DevineOne]

reduce government expenditure.

[@googlesucks925]

That's why we need business people running the country, not self serving, entitled brats.

[@DevineOne]

lowering taxes grows the economy.

[@avipatable]

The people of this country need to wake up.

[@avipatable]

@@rhinoboy6603 I feel like the masses fall into two camps... those that don't care as long as they can afford the latest trendy consumables/food/holidays etc, and those who feel powerless and lost. We seem to accept that when prospective leaders of our country make their campaign "pledges" that they will be broken or the opposite will happen. I feel like we are the good men who do nothing and are allowing evil to triumph. I think if we stood for our principles more then we wouldn't be in such a mess. I know that studies show 1% of a typical population is psychotic, but that percentage rises to 1 in 20 among CEOs and senior members of the police/military etc, so with this in mind, I wouldn't find it hard to believe that the WEF/WHO etc are indeed a cabal of elites who want a one world Government with the plebs controlled by CBDCs and social credit scores.

[@avipatable]

​@@rhinoboy6603 I feel like the masses fall into two camps... those that don't care as long as they can afford the latest trendy consumables/food/holidays etc, and those who feel powerless and lost. We seem to accept that when prospective leaders of our country make their campaign "pledges" that they will be broken or the opposite will happen. I feel like we are the good men who do nothing and are allowing evil to triumph and that if we stood for our principles we might not be in such a mess. I can hardly imagine having a leader who actually campaigned for something I want! Can you imagine the crowds that flood the streets for Orban and Bukele doing the same for Rishi or Starmer! I've seen that studies show 1% of a typical population is psychotic, but that percentage rises to 1 in 20 among CEOs and senior members of the police/military etc, so with this in mind, I wouldn't find it such a stretch to believe that the WEF/WHO etc are indeed a cabal of elites who a one world Government with the plebs controlled by CBDCs and social credit scores.

[@Marenqo]

Such hyperbole

[@avipatable]

@@Marenqo Perhaps, but have you forgotten the reaction to Covid already? Have you watched Trudeau say how he most admires the way China controls its people. And haven't you been watching the WEF talks, the 15 min cities, the "European army", the 200 million Euro fine to Hungary for doing what its people want?

[@avipatable]

@@Marenqo The 11 million illegals in entering the US in a bit to make a 1 party state? 100,000's of illegals entering the UK with no end in site?

[@stephen2203]

Thirty years ago ... a man with whom I was working told me about tax rises imposed by Harold Wilson's government (?) upon people who earned significant salaries. In particular the guy at the top of ITT earned about half a million, which was a lot in those days, and was threatened with taxation levels around 80% on income above some nominal value. So he decided to move out of the country. However.... not only did he leave the country, went to the Netherlands iirc, he also took the ITT head office with him. So the UK lost a profitable company, all the head-office jobs and all the senior management. What a result!

[@cantstartit]

He hated motorists and hardworking people too.

[@grahamlake9728]

I think this was known as ‘the brain drain’ when we lost the best entrepreneurs and job makers!

[@ConorDoesItAll]

And everyone clapped when they landed in Iceland right?

[@blorg8206]

everyone hates motorists@@cantstartit

[@Benzknees]

Famously the Rolling Stones, David Bowie, Marc Bolan, Rod Stewart, Ringo, and Cat Stevens left the country due to an 83% top rate on earnings & 98% on investment income. Harold Wilson said he wanted 'to squeeze the rich till the pips squeaked'. As a result of this & Union militantism Britain became the 'sick man of Europe' in the 1970s and then Labour PM Jim Callaghan said 'if he were a young man he'd leave the country'. Add in a humiliating IMF rescue of the economy, the slow collapse of industry, soaring unemployment rates, power cuts, rubbish piled high in the streets, and more people leaving the country than entering. It was a depressing time, and along with the 2008 Crash, terrifying to think Labour are about to get in again.

[@craig1315]

Reducing tax relief on pensions seems to be the rumour. And Reeves has supported this in the past. Some candidates have advocated for capping the ISA tax free allowance at £100k overall!! It's not what's in their manifesto that's worrying me, it's what they've left out. If they do either of the above, it's a disaster.

[@chrispalmer24]

Well said Craig - I think it's always the case with these things. When they won't answer questions about raising taxes it terrifies me😅I'd rather them be honest with us!

[@googlesucks925]

​@@chrispalmer24don't think honest and politician go in the same sentence mate. We can hope for it one day though.

[@AgileSnowWeasel]

You see, what is happening is that people with big ISAs are retiring early. Very early. Retired people aren't generating much tax, and they're not productive. Political policies seem to be to make very early retirement harder. A £100k ISA threshold would be ludicrous. £500k less so. It could be applied on withdrawal, much like the 25% tax free pension, so you can have larger ISAs but you will pay some form of CGT tax once you've withdrawn (eg) £500k. £200k is more likely.

[@fanfeck2844]

@@AgileSnowWeaselbut why do you think Labour would give you a 500k isa if they want you to keep working? The only way to keep people working is to pay them less

[@AgileSnowWeasel]

@@fanfeck2844 tbh I don't think people who sacrifice now to prepare for the future should be penalised regardless of how much they put away. A lot of people sacrifice a lot to get their savings, so why should they pay a penalty in the future?

[@ab36935]

Basically labour hates it when individuals take charge over their finances. They will raises taxes for the middle and high earners. You get what you vote for.

[@Nova2Yung]

Fact.

[@presterjohn71]

Anything is better than the crapshow we have had for the last 14 years. It is a sad state to be in when Labour now seem the more fiscally sensible party. You can bleat all you like about what Labour might do even though they have said they won't do those things. We have already seen how badly the Conservatives have managed the country.

[@googlesucks925]

​@@presterjohn71have you seen reforms manifesto?

[@stevem195988]

@@googlesucks925yes that’s why I wouldn’t vote for them more lies and misinformation just like Brexit

[@stevem195988]

No it’s higher earners they are after unlike the last lot that were after the low and middle income earners

[@adamloveless3576]

The United States, Americans have roths Ira which is like an ISA and that cannot be taxed. If it was then be he'll to pay. Here if they introduce tax on Isas, I would leave. As I have sacrificed vacations, going out, and watching my savings. If you penalise people for that, then I believe the system is broken.

[@tortle873]

Labour is the "Penalise people for being responsible" party. I dont have much faith they will look after working people. Their votes come from people on benefits.

[@markblance8492]

I fully agree. I have made life choices to diligently save in ISAs and my Pension so I am not a burden on the state when I retire. Now they want to come after this. Makes me wish I had bought fat cars, exotic holidays etc, etc. I WILL LEAVE THE U.K. already looking at where and properties. Labour are a nightmare for anyone who tries to be sucessful

[@Alex-df4lt]

@@markblance8492 You shouldn't have left the EU.

[@markblance8492]

@@Alex-df4lt I didn’t. Unfortunately democracy doesn’t work like that.

[@johnlindsay3820]

I wish they’d leave pensions alone - crazy when you need a bit of certainty about the future

[@MarkBurnham-x2w]

The council tax you mentioned about £320k is on 1991 values so the £320k house you shown will most likely not worth that in that period. A quick google search shows all the houses on that road are band "C" so £1,674.73 pa or £139.56 per month if they pay on a 12 month scale rather than 10. Although the disparity is still ridiculous given the property sizes they aren't the same tax band.

[@chrispalmer24]

Good point! I'm not sure if it's the same in England actually but in Wales (Labour) they've done a lot of reassessing properties and they've gone up quite a lot. A property I recently look at currently was built in 1986 I believe, £68,000 when new but it's in G which I believe is £288 per month over 12 months.

[@MarkBurnham-x2w]

​@@chrispalmer24 I believe they're only reassessed when sold.

[@MrREHW]

Chris, was going to make the same point about the date of valuation and sadly you have really got the wrong end of this which does rather discredit your advice. Love the videos generally though but please make sure you understand the subject.

[@One-tw5nw]

Yeah everything on council tax in this vid is just wrong.

[@caparn100]

@@chrispalmer24 That's because council tax is based on the value of the property in 1991.

[@philipashton1443]

I feel the dividend allowance of only £500 is unfair it should be £1000. Same as the personal tax savings allowance.

[@thedustcart]

Sadly Labour don’t like anyone who does well for themselves. They will gouge you once you become successful whatever your background. Worrying times.

[@GavinLawrence747]

Basically people have to vote to keep a labour seat out, might even mean voting lib dem, but if thats what it takes...

[@thedustcart]

@@GavinLawrence747I hear you but the Glib Dums will never get my vote……ever. In one fell swoop they plunged countless millions of students into serious debt almost overnight. There really is no credible alternative.

[@FirstMM]

There are people who do well for themselves, and people who do well for themselves at the expense of others. Hopefully Labour will attack the latter and not the former. I dare say that we will see.

[@Nova2Yung]

Its extremely worrying indeed

[@davidanderson7138]

Socialism only works when there are enough people to pay for it!

[@thewoodster]

Labour always hit the financially responsible people and reward those who don't contribute and rely on the state.

[@googlesucks925]

Typical socialists. They want people reliant on the government.

[@VIP-rp3oq]

Unfortunately yes😢

[@venil82]

Thats exactly th definition of communism, which is what they are

[@sonofsomerset1695]

Vote Reform, our only hope!

[@venil82]

@@sonofsomerset1695 they are not even a proper party, a bunch of clowns with anti immigrant rhetoric

[@DavidBrown-bs7gg]

Raising taxes is bad enough, but look where they're spending it..

[@dereklee7958]

You mean wasting it.

[@user-ug8wx5er1w]

Transfer of wealth. I’m about to see my family home get taken away, 40% tax so they can pay for economic migrants to decimate my homeland.

[@samhodgins9804]

Taxing energy companies will mean it is added to our bills abd goods shooting up the cost of living further

[@sonofsomerset1695]

Yup, and dumb Sunak is already destroying the North Sea oil tax revenue by putting it up to 75% with a communist windfall tax, and Labour want it even higher! They've both gone crazy, vote Reform!

[@TomRaine]

UK is just in a slow terminal decline. I left and benefitted greatly. Sad because the potential of the UK is huge.

[@SirHargreeves]

AI will cause a boom. Sad you are going to miss out.

[@hobi1kenobi112]

I won't leave. This is my country and I refuse to run away like a terrified hillbilly.

[@mj8325]

This is not great news trying to plan for retirement 20-40 years ahead with the threat of tax increases and pension skims ridiculous labour doesnt seem to like people who aspire

[@chrisp4170]

Based on what, exactly?

[@TW19567]

Meanwhile Tories want to tax you and then hand it to donors via dodgy contracts.

[@grahamlake9728]

@@TW19567 nope

[@d3vski]

In the eyes of the Labour masses, the middle class is £20 to £30k, and rich is anyone earning greater than £30k. They will pound the middle classes with taxes. It’s a classic case of red distribution of wealth for long term votes. Anybody who thinks that Labour won’t touch the almost £2trn sloshing around in private pensions is living in La La Land! ISAs will be hit in some shape, the extreme lefties will put enough pressure to do so. Labour really does not like aspiration. It wants the middle class to be forever trapped as such knowing that they are the real cash cow for Labour chancellors.

[@mbak7801]

A lot of graduates with their new degrees walk straight into jobs paying well over £30K. That is not even middle class.

[@milesshelbourne394]

Why don't MPs "get out of the way". All this BS about building houses, setting up GB energy - it's pretty pointless - MPs don't do anything - they need to get out of the way to let the rest of us do it...

[@samhodgins9804]

Can someone tell me how Labour will improve our living standards without resorting tribalist platitudes that Labour care for the poor

[@tortle873]

Thats the really clever part, they just dont.

[@dankc60]

Reform's policies are actually incredible especially the basic tax rate threshold increase to 20k. That will be massive especially in this cost of living crisis

[@andrewstorm8240]

But isn’t it like £13k now?

[@SafaDave]

They want to cut everything including what the Tories have already cut and they are pushing to privatise the NHS, read there policies. It’s a loser. The snake oil salesman will strike again.

[@richardw2646]

Complete fantasy. Several independent commentators have already pointed out the massive errors/holes in the figures. They will be promising pink unicorns next.

[@chrispalmer24]

Some very good promises - it's definitely a very expensive policy, but feels like they are trying at least, seems quite positive for small business to me.

[@pip1723]

Yeah that's what populist party's do promise everything and deliver nothing reform policies are pure fantasy ...

[@RageOfAThousandSuns]

It would make more sense to just reduce the amount you can pay in rather than cap it at 100k. It is just adding complication to things.

[@AgileSnowWeasel]

£20k a year or £100k in a decade, whichever is hit first? It wouldn't affect most ISA investors. But probably just easier to raise tax on higher earners beyond £100k in the first place.

[@gug1970]

Given that anything going into an ISA has *already been taxed* - I say balls to the lot of them.

[@Scincus.scincus]

@@gug1970 Yes it is, but all gains are tax free. The £20k per year limit we get in the UK is extremely generous compared to pretty much anywhere else in the world

[@gug1970]

@@Scincus.scincus oh, i understand the rules, but its a bit like arguing that being punched in the face is better than being stabbed in the eye. It is, but you're still getting punched in the face.

[@caparn100]

10:51 The house prices listed in the table reflect their value in *1991* , not their current market value. Therefore, the house you mentioned in Chester is likely in Band C, not Band G. Band C is the third-lowest tax band, not the highest.

[@maz4998]

exactly - this was quite a significant standout error to me....unfortunately made be query the rest of what was said

[@Supremerob20]

I'm convinced in the long term more and more talented people are going to move abroad and use their ISAs tax free income to fund it. So eventually they'll do some sort of tax raid on ISAs. Probably >£100k or something similar to make it palatable at first. Then just allow the stealth tax of inflation to increase it. Hope Reform become the opposition. Ideal would be for Labour to win with a tiny tiny margin so they can't actually get anything done 🤡

[@davidcooks2379]

If they have a slim majority, they will be wailed by the small extremist minority, thr Corbynistas. So it would be even worse. They should have enough majority to overcome that, but not enough to completely overthrow common sense

[@Donnypump]

Move where though? Maybe Canada or Australia but getting work visas for US is almost impossible and EU much harder since Brexit (along with language challenges for non bi-linguals)

[@Supremerob20]

​@@Donnypump moving to settle is certainly hard. Probably people with kids will stay here. But single people will just go digital nomad. Many countries offer nomad visas these days and it would make sense if smaller countries increasingly marketed themselves to attract such business. Places like Madeira/Portugal, all of eastern Europe, Middle East, Thailand, Taiwan, Indonesia, Philippines, El Salvador, Argentina

[@CosmicBrain21]

@@DonnypumpThat’s just not true. I have plenty of friends and ex-colleagues who have moved to both EU and non-eu countries. In fact, some countries like Spain have the beckham law which allows you to work for a few years paying only 24% tax up to 600K euros. If things get any worse here, I might consider moving my family there.

[@plizak]

@@Donnypumpmove where ever you want. Take out your entire ISA and set up a company in the destination country. Then hire yourself to qualify for a visa.

[@maccgordon8310]

What are the chances of energy companies like Shell & BP moving out of UK to avoid increased windfall taxes?

[@googlesucks925]

Bleady high. During the 2019 election we had an engineer out from BT and he was saying the bt bosses were pissed off that corbyn wanted government control over bt. There was also an interview with one of the Labour frontbenchers and a ceo of a company basically telling him. If labour wins, he's off.

[@crispyduck1706]

Everyone moans about energy companies making big profits but I guarantee everyone’s pension funds hold these shares amd we enjoy the dividends to boost our pension funds

[@clivemitchell3229]

It's not wise to base government funding on windfall taxes. How do you fund government spending the following year?

[@ddk4664]

They left years ago

[@pedromogga6928]

Regarding Pensions ... I think what Labour will eventually do is prevent people getting a state pension If they have a total of £1M in a personal pension.

[@stevie3screens]

That would need adjusting on a yearly basis given currency debasement and inflation. Even now, if you were sat on £1M in a pension pot at 50 what do you think that would be worth in real terms at 68? Even at 60 with an annual debasement around 10-12%

[@pedromogga6928]

@@stevie3screens I agree, due to inflation that £1M will be eroded ... but lets be honest ... they have to start somewhere and according to figures from 2022 only 10% of workers had a pension of £375,000 or over. Pensions (whether taxing or encouraging them) for any new government will be way down on the list of priorities.

[@stevie3screens]

@@pedromogga6928 Given this is a hyperthetical, whoever is in Governement could go in any of several directions. However, two points I would make...Firstly, currency debasement is a much greater threat to anyone's savings than inflation and secondly if your quoted figure of £375K is correct this would seem an unliklely avenue to go down as it just wouldn't produce any meaningful tax. The average in a UK private pension is £125K at end of working life. That's £12500 per year for 10 years plus your state pension of around £11500 today gives you an annual before tax income of £24,000....If you expect to go on for longer than 10 years this drops accordingly. Cannot see much in the way of a tax grab going on here as you rightly say

[@davidharrington1133]

ISAs, pensions and property are huge reservoirs of wealth that Labour will net be able to resist raiding

[@matthewhester5891]

If they do, this be last time ever, Labour get in, they are a real 💩 show.

[@pistopit7142]

@@matthewhester5891 not necasarily. Mojority is not wealthy enough to worry about these things as they don't have anything that could be taken from them, thanks to 14 years of previous government.

[@stevantunic511]

I like to look at what these people said in the past away from an election. Not very encouraging if you're a saver. NI on pension income would be a huge blow for many and a doubling of capital gains tax makes it a waste of time to invest.

[@campervannation9309]

Taxing ISAs will reduce investing in stocks and share which will slow down industry and the economy 😊

[@clivemitchell3229]

Perhaps we should take into account the wealth of Labour MPs? Will they vote for policies which will make them significantly poorer?

[@paulcawley6330]

They'll have accountants who we will pay for

[@SteveHitchcock-g3t]

real estate rayner they like there house the labour party and all these union people. never see school teacher living in working class area

[@Isclachau]

Anybody that works or saves well, it’s not looking good is it. I’m still unsure why people are saying Labour will help working people considering Starmer can’t even define what a working man is …….

[@Mike-lb1hx]

Unless pension contributions from employers are taxed as a benefit in kind you will see 1) Employers making the contributions rather than employees 2) Pensions moving even further into a 2 tier system with good pensions for state employees and rubbish for most of the rest If you do tax employer pensions it'll erode pension contributions considerably

[@Draggonny]

We already have a 2 tier system in occupational pensions within private companies. I had a contract that said that if I opted for a salary sacrifice pension instead of the automatic enrolment they'd match my contributions up to 7% but you can't join a salary sacrifice pension if the contributions take you below minimum wage. So there's a special pension just for higher earners where they contribute more because it gives them a tax break. All other salary sacrifice deductions do the same thing so you can only get your cheap car, bike, computer, insurance etc etc if you already have a decent wage. There are no such discounts for the working poor.

[@BF1GUN]

Never voted Labour, never will. I’m not a rich person, but I try to work hard to make life comfortable and avoid the state paying for me. Labour though, won’t appreciate that and will want to take whatever they can.

[@Nova2Yung]

Spot on. In fact the whole idea of saving for yourself and investing whether it was PEP’s, ISA’s, help buyers get their first homes, all started under thatchers government and are so successful they continue till this day regardless of who’s in power!

[@petetasker8599]

I’ve never voted Tory and never will.

[@mbak7801]

@@petetasker8599 You never can. The Tory party was dissolved in 1834. Since then it has been the Conservatives.

[@petetasker8599]

@@mbak7801 I bet you’re fun at parties 🥱

[@AgileSnowWeasel]

Btw those council tax bands are done on 1991 values - not current values. It's stupid that current house values are 'back valued' to 1991 values when calculating tax bands, but it is how it is. That £4m house was probably £500k-£1m back then. I support extra council tax bands, but it needs reassessing, but if that happened there would be winners and losers, and the losers would be surely miffed - therefore I suggest they are reassessed on sale/transfer only. I also wonder if they'll add 'extra adult' fees, with so many stay-at-home-children you can have houses with 3 or 4 adults paying the same as a two adult property. If you get a 25% rebate for 1 adult, why not a 20% surcharge for each extra adult?

[@AgileSnowWeasel]

Labour have since said that they will not reinstate the LTA (probably once the backlash and the issues with doctors, etc, became clear to them). If they eventually do, it should be a higher allowance (over £2m), and far less punitive if you do hit it (e.g., 20%, not 55% IIRC).

[@molten_ice]

The house prices brackets for council tax are prices of houses as of 1991. So the multi million dollar houses will pay way more tax than the 500,000 ones because both fall into different brackets despite being at the highest bracket if the prices were as of today and not 1991.

[@bufordmaddogtannen]

I'd simplify the way capital gains taxes are calculated on stocks and shares, so that it's possible to use different brokers without worrying about fringe cases, then fix it at 20% for everyone. With the requirement that brokers must take care of tax withholding. This would allow people not to worry about calculations, tax returns and accountant fees if they invest outside of an ISA.

[@Danc1978]

Basically, Labour want to get their hands on our hard earned cash, any way they can. The Tories aren’t much better. The only positive policy I’ve seen regarding tax is Reform UK wanting to raise the personal allowance to £20,000 and raise the higher rate to £70,000 … a brilliant policy that will benefit everyone.

[@davideyres955]

Brilliant? Income tax is the largest income the government has so this will reduce the tax take of the largest input. So where are they going to make up the shortfall? Remain are just a protest vote, not a serious opposition.

[@steve6375]

The UK is going down the toilet. There is no incentive for people who want to work, to work harder and earn more, and no incentive for people who don't want to work to start work. Also people are living longer and can still work even into their 70s. We should encourage people not to retire early or at least work part time. The current older generation know how to use a computer and smart phone so if they are receiving a pension, why tax them so much on their job income that it is not worth their while to work? It just harms the country .

[@chrisp4170]

Lol. Reform's last big policy was Brexit. Look how that has worked out...

[@Ratgibbon]

You're putting your financial hopes in a man who said about Liz Truss' disastrous mini budget that it's "the best Conservative budget since 1986".

[@SP-cx2qi]

Agree with what you say about Tories & Labour, but do not fall for Reform's rhetoric. The sovereign debt is a huge issue which I can't see being solved by any of the parties. The real change will come when there is some kind of monetary reset. Until then expect them to carry on kicking the can down the road and a very volatile decade or more.

[@paulreading8980]

Council tax is to pay for local services like emptying your bins, it costs the same to empty all bins. The poll tax was the fairest tax as everyone paid the same contributions but whereas only home owners fund the cost of local councils those taxed who didn’t have a property there were more losers than winners. The winners were single people and pensioners. The poll tax was badly implemented because it was very difficult to collect. The best option is to abolish council tax and add it on to income tax instead.

[@Freddie1M]

I agree.

[@adrianlloyd6403]

Pensions,savings and property are the last assets individuals have now to be taxed to a greater degree for government spending.If you're in ownership of any of these then expect to pay a lot more tax going forward.

[@kennethknight7870]

why is no one talking about dividend tax it is lower than incme tax and yet is the main source of certain peoples income

[@williamharries6647]

Why would you choose paying into a Lifetime ISA over paying into a pension?

[@chrispalmer24]

It’s the best account for gains honestly if you get over the limitations

[@alexceleste7778]

@@chrispalmer24 what are the limitatios currently? compared to pension

[@davidconcannon4236]

First time watcher - overall interesting video. You did make a mistake around council tax though as the house values used to calculate your tax rate are as they were on 01/04/1991. This means you would need a house worth roughly just over £860k at today's values to be in the highest tax bracket, not £320k as you stated.

[@chrispalmer24]

Thanks David, glad I’m reaching a new audience! I think I should have said about a lot being reassessed too, one I’m currently looking at was £68k in 1986 value and is now in G (second highest) may be different in Wales

[@TMZ-5jr]

Labour are leading the growth agenda. It’s been so long since growth occurred people don’t believe it’s possible and the only options are tax, spend or immigration.

[@tortle873]

What part of this promotes growth? It seems like an incredibly anti-growth agenda to me.

[@TMZ-5jr]

@@tortle873 Being competent would be a great start. removing planning restrictions, mainly focused on building several new towns. An industrial strategy for growth (energy, steel, giga factories) in the UK. Onshoring skills and jobs by investing in skills and training here.

[@crispyduck1706]

We just have to hope as Labour had a similar product called PEPs before ISAs were replaced they appreciate that people saving will mean they won’t rely on the state in the future

[@ricardo46]

Do you mean PEP?

[@AgileSnowWeasel]

This is really what Labour should do, make pension contributions mandatory with no opt-out. Make the minimum company contribution 5%. Let the employee choose the provider if they want (e.g., Vanguard SIPP). Make half of NI pension contribution mandatory too.

[@mrradman2986]

@@ricardo46 PEPs were not introduced by Labour. Labour have never rewarded those prudently saving, it is simply stick or bigger stick, never carrot.

[@crispyduck1706]

@@ricardo46yep I do edited my comment now

[@crispyduck1706]

@@mrradman2986Just googled it Peps were replaced in 1999 by ISAs under Tony Blair

[@googlesucks925]

Tiktok battles, childish comments and attacking candidates. Uk politics has become a joke. They're no longer politicians. They act like celebrities. The British public come last in their eyes and unfortunately voters just bounce back and forth between the main parties, voting for the opposite to punish the other. Great video Chris.

[@ynwa5xinistanbul]

My understanding is that the £320k valuation relates to the 1991 value not today’s value, so that is quite misleading…

[@chrispalmer24]

Unless your house has been reasessed (mine has). £68k in 1986 now in band G. It's Labour in Wales, I presume more will follow suit in England which will make it as mentioned sadly!

[@issiewizzie]

what about revenue from exports ..... I think over the next few years we should focus on that.

[@Tomm9y]

Restrict the banks ability to lend, firstly on the construction cost & labour of new homes, older homes on scaled back valuations. The cost of building homes is around 25% to 33% of the sales price, okay there are site costs, planning and environmental costs, etc. but the profits made by the developers and landbankers are huge. Reduce valuations by at least a half on new properties, then check earnings criteria and don't include so much of the woman's earnings, they need to be able to take many years out of the labour market.

[@johngreen6191]

WTF can you do with £100k today as part of your financial planning?

[@steves427]

Thanks for your thoughts. Does not surprise me after the progressive hit on General Investment dividends over the past few years by the Cons. Keeping my fingers crossed that it is only " available cash value" that is capped & not" total invested value". Big difference between c.£17,000 & £131,000 in my case. The dividends from which are currently, potentially my third pension source, should there be any further pension, savings & investment 'theft'.

[@crg92]

Tax return 4 times a year? They taking the piss

[@blags2]

Honestly, it's already way too much of a ballache

[@grahamlake9728]

Council tax should be calculated on every person in the house and not just the building. Then houses of multiple occupation would contribute properly. Oh! Was that the poll tax! Good idea!

[@ClaudiaSchreiber-b1p]

"Shrink-flation' is the least of our worries compared to rising rents and stagnant wages, but it is an undeniable indicator of how bad our inflation has gotten. I have 100k that i like to invest in a non-retirement account, any advice on that?

[@NatalieFormor]

A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K

[@tourrhythmgolf-3to1]

you are wrong on council tax. the 320k was on Apr 91 values which is about 1.5m nowadays

[@chrispalmer24]

Yeah I’ve addressed this in my latest video. Wales is 2003 so I expect England will be adjusted to the same. A better example would have been how new builds are automatically in the highest brackets where as other houses are based on 1991 values

[@Bettys_Eldest]

I pay 8% tax on my dividends and 10% on capital gains. The working man with a similar income pays 20% income tax and 8% NI, How is that fair?

[@SoloSi2024]

How're they going to make it more affordable to buy a property if they go after savings? Banks are sucking up everyone's spare cash in interest rates. There's no room for tax increases as well.

[@keithknight6521]

I been a pensioner for just over a year now. I am still working has a cabbie but only part time, just do a 2 hours school run twice a day, 5 days per week for 40 weeks of the year. I took out an annuity on my pension pot and will takes 16 years to get all my fund back. However my wife is 12 years younger than me and this annuity will still continue. I am now only earn half of what I use to earn. Once I fully stop working, probably in about 3 years time when I reach 70. I will be on fixed income and the only increase will be on my state pension. Unless they increase the tax allowance. They will deduct 20% of the rise from my annuity. For the moment my State Pension just about cover the cost of living in a home, energy, water, council tax, My annuity pay for our food, toiletry, washing and clothing. Our savings pay for modest holidays, house repair. ( My Taxi earnings pay for the car, once I stop work probably stop driving.) My wife is not well enough to work but she only qualify for PIP. I am expecting that soon PIP will be ending and transfer to Universal Credit she wont qualify for because of my pension and our savings, I am really scare if I ever goes into a care home. We will be bankrupt in about 3 to 4 years,

[@Its.all.a.game.m8]

Hello Chris, we have lost faith in the UK. My wife works in project management and I work in construction / developing. Where would you consider or recommend re locating to? I’m sick of being taxed to the hilt.

[@pistopit7142]

I would reccomend you to move to a less paid job or reduce your hours.

[@bufordmaddogtannen]

Spain for the sun. The Isle of Man for lower taxes and tax free capital gains.

[@Its.all.a.game.m8]

@@bufordmaddogtannen Isle of Man could be a go. Cheers

[@bufordmaddogtannen]

@@Its.all.a.game.m8 keep in mind that it is also possible to keep a permanent job in the UK, move to and setup a payroll in the Isle of Man. Plenty of info online about it.

[@mbak7801]

@@bufordmaddogtannen Also save up any tax savings as that sort of scheme can/will be clobbered and taxes applied retrospectively.

[@thomaswalsh4741]

As the content creator mentions in the video, very unlikely to see a taxable threshold on ISA, he ‘s basically used it for the headline as click bait, which has certainly worked on me.

[@chrispalmer24]

I really hope we don’t! Yeah unfortunately I have to take the most click worthy part of the video to entice people in (bloody KZbin algorithm 😂)

[@PokePond]

Good content, there needs to be more open discussions about changes to help educate the masses on finances.

[@chrispalmer24]

Thanks mate! I’ll try to do more :)

[@paulwright9749]

My prediction is that Labour will bring defined contribution pension funds of individuals within IHT on the death of the individual or on the death of a spouse whichever happens last. Maybe not at 40% but even at a lower rate this would raise tens of billions! Let’s be honest once you are dead who cares and the kids will be fine with what’s leftover!

[@stevencalvert9454]

I hate that they just keep changing the rules, next will be sipp age, we open it under one set of rules then theu change the rules and we are stuck

[@chrispalmer24]

Scary isn't it! It really makes you second guess your plans

[@stevencalvert9454]

@chrispalmer24 scary and depressing mate, things we do as we go along to retire comfortably and as early as possible just get picked apart with no input from voters. If we open say a sipp under a set of rules those rules should be honoured

[@tommy5386]

How is the Resolution Foundation linked to labour i thought they were a independent think tank?

[@TMZ-5jr]

Labour have said they are not reintroducing the lifetime allowance tax.

[@FrostSpike]

They'll just call it something else.

[@patmanrick]

Re council tax, and thr £320k house, werent those values set in 1991, so the 320k house would not be the kind of house currently on the market for 320k?

[@steveywonder1990]

May I ask what PC is that? Did you build it? Or pre built?

[@chrispalmer24]

This is it! Someone asked me recently so I put it together :) www.amazon.co.uk/shop/chrispalmer/list/1HT8G4TJXTA32

[@Yesthatisme14]

​@@chrispalmer24 is this kind of setup/build good all-rounder? Or only for editing and office stuffs and not for high end gaming?

[@russellpetrie119]

it sounds like they want self employed to be vat registered does that mean there going to drop the amount you have to earn to become vat registered?

[@tortle873]

Sounds very typical of Labour, I wouldnt put it past them. No success is too small for them to punish you.

[@russellpetrie119]

@@tortle873 careful what you vote for it might come true

[@russellpetrie119]

or not lol dont worry no voting here

[@darrenvalentine2477]

Can't see the 100k ISA limit as workable, especially with the frothiness of share prices, and allowing multple accounts. How in the hell would the tax be calculated across so many accounts? Funds may not report value for days sometimes etc. With any pensions tax relief changes, I would assume S/S would get around this, as it would be deducted pre tax/NI.

[@petern1938]

I think they'll 'standardise' CGT rates with income tax rates. Add more Council Tax bands to catch all those 'mansions'. I also think IHT could be a target, allowances reduced and/or pensions having to be included.

[@leesmith9299]

10:57 it says it on the screen - it's the property value in 1991. that house would NOT be in the highest council tax band.

[@VegasMilgauss]

Warning from America, the Democrats limited who can open and fund Roth IRAs (basically your ISA) based on income.

[@chrispalmer24]

Thanks for sharing, that's really interesting, what's it limited by?

[@mcgravy60]

2024 income limits to contribute to a Roth IRA start to phase out at $138k for singles and $218k for married couples. After $161k for singles and $240k for marrieds, contributions are not allowed. Max annual contributions are $7k per year, $8k if you are over age 50.

[@bennyt1701]

What time frame does he speak about tax over 100k on ISA'a? I've watched all of the video but somehow missed it?

[@paulduncan789]

4:06

[@louisdyer5684]

Council tax is in 1991 prices, so the example in today's prices is incorrect

[@timwaldram5619]

Have you missed Labour’s recent statement that they won’t be reintroducing the LTA?

[@chrispalmer24]

This was written pre-that announcement, but I wouldn't say anything's for certain, I hope for our sake it won't be reintroduced though!

[@cameronmmj9291]

Manifestos aren't worth the paper they're printed on. The only way we'll know is when they finish their first year

[@gug1970]

Yes. I'd definitely believe anything that Starmer said.

[@jonathanreevescad]

Thanks for your thoughts chris

[@spiritualdeath101]

Good vibe on this channel. Your best starting point is the IFS - downstream from that is mostly political spin. The main thing I worry about is fiscal drag [dragging millions more into the tax net] and the potential doubling of the council tax. Also if Labour get it wrong Rachel Reeves could do a 'Liz Truss' - the £ would collapse thru lack of confidence. I believe there is a risk of this happening so expect Starmer to be timid in his approach.

[@travellingtom6091]

Why is getting rid of the P2P ISA a good thing? Isnt it just removing choice?

[@shamone10]

Yeah I was a bit perplexed by that! I've been using crowdproperty and loanpad for years, use those IFISA's as short-term investments alongside a Stock ISA for the longhaul

[@ftsetradersteve2742]

Taxing the rich isn't going to happen as most of the tax has to be collected from the middle income earners because of statistics.....They say they are not putting up income tax rates but they will freeze the allowance instead which in effect puts up income tax....They will increase inheritance taxes as it fits their ethos....Council taxes will rise as they close down migrant hotels and camps and impose migrants on local councils nationwide and that will hit pensioners who can't escape that tax....They will give existing migrants an amnesty through back door routes to allow for this thus encouraging more illegal crossings....

[@chips8388]

Council tax segment is flawed; 1991 property valuations are used for England. Fundamental error which undermines the point you're making.

[@patmanrick]

Why would reducong the £20k ISA allowance be unpopular? Its a tax break to the relatively rich. I wouldnt have a problem if they capped ISAs at £12k (for example) and reduced the annual pension contribution allowance to say £30k (and perhaps increased the carry forward to 5 years to help those who receive a windfall later in life). They should, IMO, also scrap childrens ISAs and pensions, which are purely tax breaks for the top 1% On top of that, they should scrap SDLT, Business rates and council tax and replace them with a land value tax I also think IHT should be lowered to 18% but with no exemptions other than the nil rate band and removing the IHT relief on pensions

[@julianfp1952]

I agree on the £20K ISA allowance. I’ve thought for a long time that someone has to be quite wealthy to have £20K after tax left over from their income each year to be able to put into an ISA. The argument I often hear against reducing the allowance is that it would discourage saving/investing which seems nonsense to me. Admittedly it can be dangerous to extrapolate from one’s own attitude but I am an example of someone who maxes out his ISA allowance each year but that doesn’t mean that after that I blow all other excess income, I just accept that I’ve protected as much as I can in my ISA and invest the rest of my spare income each year elsewhere.

[@mbak7801]

@@julianfp1952 Your idea of wealthy has helped keep salaries in the UK at rock bottom numbers compared to Europe. I emigrated into Europe into a relatively junior position and received the minimum salary to allow my employer to bring me from the UK. I was in the top 2% of the UK salary/wage scale. I still find that shocking. Maxing out an ISA every year would have been quite easy. An awful lot of UK wage earners can do that now and they are not rich by any means.

[@woofolliesmydog8628]

If Labour get in the country is destroyed. Reform is our last hope.

[@sonasp1961]

You don't mind paying for your healthcare then?

[@woofolliesmydog8628]

@@sonasp1961 We pay into a broken system that doesn’t work anyhow.

[@sonasp1961]

@@woofolliesmydog8628 have you thought about the cost of every hospital/GP visit, every treatment, every scan, if a family member gets cancer (1 in 3): how much more that will cost under a party like reform.

[@silvafox7719]

​@@woofolliesmydog8628The NHS is broken due to underfunding and private contracts being handed out by the tories. Frank Hester alone has over £400 million in contracts for the NHS. Those contracts are driven my profit not from health outcomes. Farage wants to give tax breaks to private health companies l, so they'll make it even worse. You can't cut taxes like Reform are suggesting without killing off public services.

[@zenastronomy]

they just the same wolves in disguise as tories and Labour. wake up. British oligarchs are enslaving us.

[@frankdevine7199]

HI,ALL,( ANY TAX ON ISA WE THE UK PUBLIC WILL JUST WITHDRAWAL IT SINK OF PAYING TAXES, )

[@1001legoboy]

Any thought on the exchange rate - gbp/usd for example

[@flyhi2773]

In terms of buying power, both are declining, probably the US dollar at a faster rate than the GBP but that might well change under Labour.

[@radsup]

Great content! good to know the values of certain people. I think you got the council tax wrong. The price from the table should be price in 1991 or some other old year not the current sale price (whenever people went and estimated the value of all the properties, I think Wales estimated them 2005). Thus in your example the 4 million house would probably have bigger council band and pay more tax.

[@BaileyMxX]

Youve said Labour would reinstate the LTA on pensions? Are yoi sure, didnt Rachel Reeves and a few others asked roll back on that a few week's ago?

[@chrispalmer24]

A lot is changing in the short term, I take it all with a pinch of salt at the moment. They are fond of the LTA, I see it creeping back in within the next year or so

[@iaincrowley1339]

Yes they did thank goodness.

[@BaileyMxX]

@@chrispalmer24 not what they said in an interview with the BBC a few weeks ago.

[@minimad8793]

well you certainly called it :) landslide victory and glad you thought about what may happen when they come into power.

[@chrispalmer24]

Yep! We will see. I think it’s best to try and think optimistically about it and hope something positive comes :)

[@brianwest7344]

All these mucking around with pensions just means I wont invest in a pension as you never know what you're getting.

[@johnholkham2420]

The Council tax is a joke, a terraced house can the same as a millionaires house in another area.

[@chrispalmer24]

The point I should have made and missed is how new builds which is what most people will have to buy are automatically in the highest brackets while mansions are lower

[@pip1723]

Yet we are being taxed more than ever under the Tories....

[@mwscuba]

Except we won’t be tho

[@samhodgins9804]

Were not though and Labour want to create new taxes and increase existing ones making things worse and they are keeping tax thresholds the same to drag more people into tax by increasing the living wage and causing inflation

[@pip1723]

Labour won't be increasing taxes that's just the right wing media it's been debunked the daily mail ect .

[@Donnypump]

​@@samhodgins9804Where have they stated that though. Sure they've committed to maintaining the threshold freeze but that was a Tory policy in the first place

[@samhodgins9804]

@@Donnypump yes but Labour voted through the budget with them. Surely if Labour care for the working poor they could help alleviate it by increasing these thresholds so why don't they?

[@lewishorsewell8852]

I'm pretty sure the sipp is 60k not 80k. I don't run a financial KZbin channel

[@chrispalmer24]

Maybe be the part where I’m referring to a SIPP being 60k and ISA 20k (80k) unless I said it wrong

[@mattsmith1157]

All these changes will have very little impact for most people who cannot afford to invest in pensions or ISAs. CGT should be increased to income tax rates, bring in NI on dividends paid from close companies and watch and remove any tax relief for BTL investors.

[@SirHargreeves]

Or not.

[@seanmurray8051]

Yup, move everything out the country then 👍🏻

[@mattsmith1157]

@@SirHargreeves or not have any public services.

[@malcolmnicholls2893]

How the agencies spend tax is the problem.

[@steve6375]

Sunak is very frugal. He even lives in terraced housing - though maybe not for much longer.

[@chrispalmer24]

😂😂 "One of us!"

[@BerlinLondon16]

great video, incredible how you can remember all of this info 👏👏

[@chrispalmer24]

Thanks Amin!

[@hangxiaohuz748]

The Conservative are so finished people would rather vote for their Ex-Marriage Partner than Sunak or Boris the War Mong. As for Labour how disliked can any Starmer become. People would rather voter for Zelensky than Labour. But what is the alternative is there. Where can we find an Intelligent Gifted Patriot who is willing to lead our country out of the mess those two parties have put us in.

[@DalanyBoulommavong]

Thank you for sharing. Financial education is crucial today to show incredible resilience and discipline in the volatile market, masterfully balancing strategy and insight for success. This dedication to continuous learning is inspiring...managed to grow a nest egg of around 2.1BTC to a decent 15B TC in the space of a few weeks... I'm especially grateful to Linda Wilburn, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape..

[@DalanyBoulommavong]

Linda Wilburn program is widely available online.

[@leor7870]

What about brexit?

[@theoceanman6221]

Taxing past £100k would immediately cause me to change plans. It would destroy my lifetime emergency fund.

[@andyonions7864]

Reintroducing LTA means pensioners can pay up to 55% whereas workers only pay up to 45% tax. Barmy.