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  1. #211
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    Re: Let's tax pensioners

    Quote Originally Posted by SocketRocket View Post
    The standard state pension is around £6K a year, not exactly a beanfeast. The current tax free allowance is around £11K and this is always offset initially against state pension.
    Current State Basic Pension is currently over £8.5K and this gets uprated depending upon personal circumstances. Mine uses up nearly all of my personal tax allowance
    Handicap 9 (was 6, now showing my age)An absolute miss mash of clubs

  2. #212
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    Re: Let's tax pensioners

    Thee was an interesting article on the news this morning which points out the plight of middle to later age private renters. They might be able to afford the rent whilst they are still working but will never be able to afford it when the stop working and live on a basic pension.
    Handicap 9 (was 6, now showing my age)An absolute miss mash of clubs

  3. #213
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    Re: Let's tax pensioners

    I recently found out that you can offset your spouses pension against your own if you are a higher tax payer.

    Married couples tax allowance introduced by Cameron in 2015...ÖÖ.I got about £500 back dated and it now saves me about £280 a year.

  4. #214
    Major Champion chrisd's Avatar
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    Re: Let's tax pensioners

    Quote Originally Posted by jim8flog View Post
    Current State Basic Pension is currently over £8.5K and this gets uprated depending upon personal circumstances. Mine uses up nearly all of my personal tax allowance
    My wife and I get close to £19k between us under the new universal benefit scheme.
    removed list of clubs as they change too frequently !

    Handicap 12.0

  5. #215
    Ryder Cup Winner SocketRocket's Avatar
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    Re: Let's tax pensioners

    Quote Originally Posted by jim8flog View Post
    Current State Basic Pension is currently over £8,5K and this gets uprated depending upon personal circumstances. Mine uses up nearly all of my personal tax allowance
    Current state pension is £125.95 per week. Don't know where you get £8.5K from. You can get more if you qualify for secondary pension but thats not the basic pension. You can also get more if you qualify for the new State Pension but most current pensioners don't get that.
    Play it cool Trigger!

  6. #216
    Major Champion chrisd's Avatar
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    Re: Let's tax pensioners

    Quote Originally Posted by SocketRocket View Post
    Current state pension is £125.95 per week. Don't know where you get £8.5K from. You can get more if you qualify for secondary pension but thats not the basic pension. You can also get more if you qualify for the new State Pension but most current pensioners don't get that.
    We both qualify for the new state pension and it's worth £174 a week to me, we can't claim any other benefits because it's the new universal scheme but then I wouldn't get any others anyway.
    Last edited by chrisd; 12-May-2018 at 05:58.
    removed list of clubs as they change too frequently !

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  7. #217
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    Re: Let's tax pensioners

    Have to admit I was shocked when I was younger and found out pensioners even paid tax considering they had paid tax all their lifeís

    However now Iím older can see it would be unsustainable to stop taxing them

    Did find out something nice last night tho , the wife got her days for part time back from her school following her maternity leave and we have the days we wanted. She will pay £15 a month income tax as she dropping 2 days so whilst she doesnít take home as much itís not as bad as it could have been because of the old tax free. She gets her 2 days at home with little one aswell

  8. #218
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    Re: Let's tax pensioners

    Read just now that 100% mortgages are making a return

    If they are strict with them and donít get stupid again this could help people a lot more than 10k and tax the pensioners more

    However letís be honest itís the banks it wonít be done properly

  9. #219
    Global Moderator PhilTheFragger's Avatar
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    Re: Let's tax pensioners

    Quote Originally Posted by pauljames87 View Post
    Read just now that 100% mortgages are making a return

    If they are strict with them and donít get stupid again this could help people a lot more than 10k and tax the pensioners more

    However letís be honest itís the banks it wonít be done properly
    100% mortgages are fine unless

    1 they want to move house within 5 years
    2 house prices stop rising
    3 interest rates increase

    Any of the above could result in negative equity, but as long as the repayments are met there isnít a long term problem.

    Problem comes if they split and there is negative equity, Iíve seen people persued well after the house has been sold and it isnít pretty
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  10. #220
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    Re: Let's tax pensioners

    Quote Originally Posted by SocketRocket View Post
    Current state pension is £125.95 per week. Don't know where you get £8.5K from. You can get more if you qualify for secondary pension but thats not the basic pension. You can also get more if you qualify for the new State Pension but most current pensioners don't get that.

    From the UK.gov pension website

    What you'll get The full new State Pension is £164.35 per week.
    Handicap 9 (was 6, now showing my age)An absolute miss mash of clubs

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