3% stamp duty rise to 5%

Lol, you’re not alone mate. Lockdown was the best year of my life. Had the entire Lake District to myself.
 
temp123 said:
I put my money into S&S ISA > S&P 500 ETF, that'll be my retirement fund and I'll be able to withdraw on it tax-free for the rest of my life.
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you might want to hope that a retrospective rule making your ISA drawings within the scope of HMRC. I have an ISA which I've put the limit for years and I think this'll be a nice target for them.
diablo said:
Not just Labour. It is only a matter of time before private pensions are targeted by all governments. Their market value is currently £1,179 billion and rising. There can be no more tempting target. I've no doubt the tax-free lump sum will soon start being eroded away.
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Yes, and I am a good few years off drawing from it, so what I can hope is labour gets ousted and the Cons change the rules back, but then again they only made decisions for sound bites in the last few years so even that I'm sceptical of.
 
I too think that the ISAs are a perfect target, however, I think it would be a bad move. It means that the one thing that us peasants have to save in, due to the explicit tax advantage, would be gone. That translates to me as - how can you ever trust them with one of their savings vehicles ever again?

Then people move into assets that they can't sting you on...
 
I just learned that you can put gold in your pension. I'm not sure of the implications of storing it within a pension though...

Gold for Pensions | The Royal Mint

Gold for Pensions allows your SIPP or SSAS to hold, manage and sell physical gold bullion held within your pension scheme. Book an appointment today
www.royalmint.com www.royalmint.com
 
My biggest concern with this budget is that it the tax rises are unlikely to raise what Labour hopes they will, which means they'll back next Spring for more.
 
www.taxresearch.org.uk

Tax does not pay for government spending

I posted this video on YouTube this morning. As I wrote in the explanatory note that accompanied it, probably the biggest challenge to understanding how the economics of governments really works comes from the need to understand that governments of the sort we have in the UK are not funded by...
www.taxresearch.org.uk

It is purely ideological.
 
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username said:
www.taxresearch.org.uk

Tax does not pay for government spending

I posted this video on YouTube this morning. As I wrote in the explanatory note that accompanied it, probably the biggest challenge to understanding how the economics of governments really works comes from the need to understand that governments of the sort we have in the UK are not funded by...
www.taxresearch.org.uk

It is purely ideological.
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Not here to argue, as I'm not clued up on finances in any way, shape or form, hence why I'm not wealthy;

Isn't that explanation just semantics, though? I understand that tax covers inflation from spending borrowed money, but the inflation is forecast and tax increased to cover spending, so tax does still cover spending, just indirectly, no?

I'm happy to be wrong, I just don't understand why the explanation of semantics even matters.
 
username said:
www.taxresearch.org.uk

Tax does not pay for government spending

I posted this video on YouTube this morning. As I wrote in the explanatory note that accompanied it, probably the biggest challenge to understanding how the economics of governments really works comes from the need to understand that governments of the sort we have in the UK are not funded by...
www.taxresearch.org.uk

It is purely ideological.
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A good explanation of why those people who work in the public sector don't actually pay any tax.
 
RegalDomains said:
My biggest concern with this budget is that it the tax rises are unlikely to raise what Labour hopes they will, which means they'll back next Spring for more.
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Yep I agree this is the start of the money grab.
 
I can’t believe we have 9.6 million people between 16-64 not working in the UK this is ridiculous get people working paying taxes then the government don’t need to pay out so much money in benefits simples 😁.
 
Backyard5562 said:
A good explanation of why those people who work in the public sector don't actually pay any tax.
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I don't think he is correct to be honest, neither the Government or the Bank of England has historically created the money. They only really started doing so with QE in 2008.

The biggest creators of currency are the mortgage providers. Every time they create debt for a mortgage, that's new currency. I think 95% of the UK's £'s been created this way. It's most likely why immigration is out of control, we build over any plot of land that we can find. Why on earth mortgage providers can create currency at will is unfathomable, it needs to stop.

The guys point about the gov taking tax to cool the economy is sort of right, but I also think it is done to keep people using the £.
 
The BoE gives banks permission to make new money when making loans.
 
GreyWing said:
I don't think he is correct to be honest, neither the Government or the Bank of England has historically created the money. They only really started doing so with QE in 2008.

The biggest creators of currency are the mortgage providers. Every time they create debt for a mortgage, that's new currency. I think 95% of the UK's £'s been created this way. It's most likely why immigration is out of control, we build over any plot of land that we can find. Why on earth mortgage providers can create currency at will is unfathomable, it needs to stop.

The guys point about the gov taking tax to cool the economy is sort of right, but I also think it is done to keep people using the £.
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For sure, most money creation comes from banks. I was just having a dig at the public sector because it does explain why those working in the public sector don't pay any tax, even though they will claim they do. It's a circular transaction within the government.
username said:
The BoE gives banks permission to make new money when making loans.
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I thought they had the authority to create money purely because of the fractional-reserve banking system.
 
Backyard5562 said:
For sure, most money creation comes from banks. I was just having a dig at the public sector because it does explain why those working in the public sector don't pay any tax, even though they will claim they do. It's a circular transaction within the government.

I thought they had the authority to create money purely because of the fractional-reserve banking system.
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Fractional-reserve banking no longer exists.

 
Backyard5562 said:
I thought they had the authority to create money purely because of the fractional-reserve banking system.
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Yes, essentially they have permission to counterfeit money through the Fractional Reserve system. Which wasn't the biggest of issues when those minimum capital reserves were enforced at 20% or so. Sadly there are almost no reserve requirements now. I can't remember how they word it, it looks like their are minimum reserve requirements, but they are self certified or something, so there isn't really.
 
diablo said:
Fractional-reserve banking no longer exists.

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In the traditional sense, it doesn't. Even though banks hold some reserves relative to their deposits, they're not lending on that criteria; I meant more the system allows them to do it. I should have gone with "Endogenous money creation," as they like to call it.
GreyWing said:
Yes, essentially they have permission to counterfeit money through the Fractional Reserve system. Which wasn't the biggest of issues when those minimum capital reserves were enforced at 20% or so. Sadly there are almost no reserve requirements now. I can't remember how they word it, it looks like their are minimum reserve requirements, but they are self certified or something, so there isn't really.
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I didn't realise how open season it was tbh. As per that BOE document, it's based on regulatory requirements and risk management. What could possibly go wrong when the Fox Commission is investigating the hen house murders?
 
Backyard5562 said:
In the traditional sense, it doesn't. Even though banks hold some reserves relative to their deposits, they're not lending on that criteria; I meant more the system allows them to do it. I should have gone with "Endogenous money creation," as they like to call it.

I didn't realise how open season it was tbh. As per that BOE document, it's based on regulatory requirements and risk management. What could possibly go wrong when the Fox Commission is investigating the hen house murders?
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It doesn't exist in any sense. There are no fractional reserve requirements.
 
GreyWing said:
Yes, essentially they have permission to counterfeit money through the Fractional Reserve system. Which wasn't the biggest of issues when those minimum capital reserves were enforced at 20% or so. Sadly there are almost no reserve requirements now. I can't remember how they word it, it looks like their are minimum reserve requirements, but they are self certified or something, so there isn't really.
Click to expand...

There are no minimum requirements. Fractional reserve banking ended years ago. I'm an economist by training and liquidity reserve ratios were abolished before I went to university in the 80s.
 
Rightname said:
I can’t believe we have 9.6 million people between 16-64 not working in the UK this is ridiculous get people working paying taxes then the government don’t need to pay out so much money in benefits simples 😁.
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Would be interested in seeing a breakdown of that number and their reasons for not working, and proportion who claim benefits.

A big slice will be 16, 17, 18 year olds still in education, which I believe is now mandatory? Another chunk in full-time education at uni, some of them will have part-time jobs but others might get a direct debit from mummy and daddy.

Presumably a hefty slice of kept women / housewives (or husbands, to be more PC).

Presumably it includes early retired however, which is the polar opposite to being a feckless layabout, but in fact so successful at not being a feckless layabout that you get to buy yourself time to layabout on a fancy chair in a smoking jacket browsing your Edwardian postcard collection, or whatever it is that people do when they cash in their chips at 55 :ROFLMAO:

Might be one of those 'careful what you wish for' things really, where one of the solutions to the problem of 9.6m economically inactive is to ban early retirement, which would be the enemy of aspiration. Cutting off your nose to spite your face, like the women who campaigned for pension equality and so got their retirement age raised by years to mirror men!

I personally aspire to retire at 60, its what keeps me going with various endeavours, which means for 4 years I'll be counted in your statistic.
 
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