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24 Nov 20, 08:46 AM |
#41
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Imagineer
Join Date: May 10
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24 Nov 20, 10:35 AM |
#42
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Very Serious Dibber
Join Date: Oct 16
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24 Nov 20, 11:03 AM |
#43
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Imagineer
Join Date: Sep 15
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Maybe the cost of providing all this has increased over the years? I suppose a lot of people want public services etc. but want to pay little or no tax but as you say that’s another topic.
Edited at 11:45 AM. |
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24 Nov 20, 11:26 AM |
#44
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Imagineer
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You are confusing two similar statistics
Whilst pensioners may pay 11% of all income tax, that doesn't mean lots of pensioners pay tax. It may in fact mean only 1 pensioner pays tax, it just that they have a Zuckerberg sized income. If half a million pensioners are high rate tax payers, that is only 4% of the pensioner population, whereas (according to the BBC 13.7% of the UK population pays in the 40% tax rate) |
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24 Nov 20, 11:50 AM |
#45
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Imagineer
Join Date: May 10
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I believe it's closer to 4.5% of the over 65 population are higher rate tax payers and agree the of the under 65 population there are approx 13.7% higher rate payers.
The tax is not just paid by multimillionaire in fact they are pretty good at not paying it is also paid by the likes of myself and many people I know. |
24 Nov 20, 12:04 PM |
#46
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Imagineer
Join Date: Nov 07
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Tell me about it - many “pensioners” (or those old enough to draw a pension rather than be a OAP) I know are not overly wealthy but pay HRT on their pension as their investment income takes them over the threshold even if their occupation pension doesnt. Like you say it is becoming more normal and far from just multimillionaires ... its happening in the real world - I know from personal experience !
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24 Nov 20, 12:09 PM |
#47
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Imagineer
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We have just been through all of this when DH had (and has now taken)a new job offer.
He falls in the 40% bracket but had a car and company benefits which used up his free allowance and he was heavily taxed on. He took a 30k rise, but as it's a US based HR he has to provide everything like a phone and a car himself. It was so confusing with tax codes and no benefit in kind to see if it was worth it, as it involves a lot of train travel to London which is pricey. We still won't even know until he is paid! It is a lot better place to work at, it's just so confusing to work it all out as we have no idea how much the car etc took up of his allowance.
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24 Nov 20, 04:55 PM |
#48
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Imagineer
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It's not exact but the benefit in kind of a company car is about 30% of it's list price. So a £30k car is £9000 and tax at 40% is therefore £3600. However the private cost of a £30k car could be as much as £5600 p.a. so he might be £2k p.a. worse off. The biggest horror story is the rail fare with many commuters now paying over £10k p.a. An £18k pay rise suddenly is now worth only £6k.
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24 Nov 20, 06:42 PM |
#49
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Imagineer
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It really isn’t normal- certainly outside of the Dibb bubble. Very few pensioners (<5%) receive an annual income over £50,000.
Going forward, these high pensions will be limited to public sector workers. Those in the private sector would need a pension pot over £2m to get a £50k annual pension |
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24 Nov 20, 06:51 PM |
#50
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Imagineer
Join Date: May 10
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Well that's not entirely true because for those who put their pension into a SIPP they can actually take the pension they want!
Some pensioners have property investments that pay them a good income even after all the expenses involved, some are still working as well as taking pension. Outside the Dibb bubble I know many pensioners who have double (both partners) with income over £50K |
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