George is at it again

From my experience the tax to worry about is capital gains tax - I've owned rental property in the past and on selling was hit with a 40% tax bill on any gain .

 

The latest control freakery is the beginning of the abolishment of cash in society. The £50 note is set to be withdrawn, reason given as its used for money lawndering and drugs running
The real reason is it will result in peole only having a max £20 note and we will be "helped" by being "encouraged" to go cashless.
If every transaction is recorded electronically there will be no more cash in hand in society , everything that has to be vat added will be paid instantly, there will be no tolerance of transactions outside the "system".

Complete control of the popuation will be achieved by the few.

 

When was the last time you had a £50 note ? I have only had one , and it was like being a criminal spending it ! Manager called over had to leave name and address ..... So for me plastic is fantastic
@WeeTam I have never heard anyone supporting the £50 note before . Are you a secret criminal mastermind

 

Never owned a £50 note so I doubt I will miss them, not done much money laundering, but did leave a tenner in my jeans once while in the washing machine, looked much better once ironed.

I dont see anything new in what is going on.

Never had a company pension scheme, but started my private one back in the early 80s, for reasons too complicated to go into I had to dump it and start a new one, then the government changed the rules again, so I had to start a new one, this just went on and on.
Eventually I gave up, so not been in a scheme for the last 10 yrs.

Now looks like I might end up in another company scheme, with 5 yrs to go, but I dont think my boss is too keen, so might end up being persuaded to opt out.

Pensions IMO have always been a rip off, and always will be.
My mattress is getting thicker though

 

I just wish the labour paty would boot out Corbyn so they actually have a bit of a chance getting voted in in the next election, that should co inside with me just about retiring.

Then the labour party can splash the cash this bunch have hoarded.

Its just part of a never ending cycle, its just Corbyn standing in the way at the moment.

 

also known as the "the state pension is costing too much - people are living too long- lets force 'em to take out a personal pension" pension.

 

You can opt out.

 

@fat controller, I want you to be aware that I don't give these out very often! Infact this is only the second time.... Even Kev is laughing, I read you post out loud!

 

A study was done a while back comparing British pensions with Dutch pensions . Guess which ones came out far better ............ The Dutch.
Why ?
Both payed in the same but the difference was that the UK pension had far more fees taken from its pot over the years.
The end result was the Dutch pension was vastly better value and accrued a bigger final cash pot.
The pension industry in this country is used to keep the city of london going with fresh new cash constantly pouring in supporting the south east and uk economy at the expense of the British workers pensions.
People were turned off pensions and looked to plan for the future by investing in buy to lets. That option has basically been closed down now due to the stamp duty increase and loss of interest relief on the mortage against tax.
The government demands you to pour your cash back into the city of london via the pensions "scam".

 

No soap box to stand down from Beckie... I totally agree... We are currently looking at our pensions now as when we retire they will be worth nothing 10 years to 65 which the age bracket will no doubt change again!

Like you we are thinking of investing in property which will pay much more... but in this country... maybe not! So sad isn't it, charity begins at home and anything left goes to others. In this country its the other way around!

I don't comment publicly on political issues but this seemed an apt time!

 

You are right @Apple Blossom investing in property in this country now is a waste of time, it shouldn't be like that.

I have an opinion that by the time I reach 65 (25.5 years time) there won't be any state pension because all the money would have been spent & wasted! What really irritates me is the fact that I like many of you have tried to do the right thing by saving & investing but in the end we will just get penalised for doing so, if you have nothing it appears that you are better off! Whilst I'd rather hold my head up high & say 'I tried my hardest to do the right thing' it does leave me with a very sour taste in my mouth, the system is very unfair indeed.
All we can really do is carry on do what we think is right & hope for the best!
Keep smiling everyone

 

My Uncle 'did the right thing' - he saved hard for his retirement - and now pays the higher rate tax on his income and due to his health can't get out to spend his heavily taxed savings.

I'm not sure that saving for the future is actually a clever thing to do. My own view (which I've often 'spouted' on here) - save just enough to live comfortably - reduce you future tax liability - and get out of work while you still have your health.

After all - you can't buy time or health - .

 

Gonna get it in the neck, but I never did agree with the buy to rent idea, it's what has pushed up house prices to stupid levels, so personally I do hope that it gets sorted out.
Old fashioned as I am, I believe one house should be enough, and that is the one you live in.

Private landlords are different, and I do see a need for them.

My main bug bear is interest rates, it wont be long before you have to pay the bank/building society to look after your money, we really need to go back to the days of a sensible base rate, which works for both borrowers and investors.

That would also slow down the house price rises that are totally stupid, if we all went back to looking at a house as somewhere to live, instead of some massive money making scheme the country would be a better place in my opinion.

 

I half agree with you on this point. But the problem is not so much with private individuals investing, it's the whole system around it. Banks having specific packages for it, and letting agents pricing properties at massively inflated rates. For example, where I leave (quite cheap by national standards) you'd really struggle to find anywhere to rent for less than £500 pcm. My mortgage on my big semi detached house with front and back gardens and drive etc is only just over £300 pcm. If I was to buy to rent, I think I'd be a nice landlord. I'd charge a rent that just about covers the mortgage and maintenance. My main interest would be in having an asset to sell or rent out when I retire.

I don't agree that buy to let is the main driver in rising house prices though. The reason for that is blatantly obvious. It's supply and demand as they say in marketing. Demand is high and supply is low.

There's a reason for that too. Equally obvious. It's to do with changed attitudes about what is 'normal' and politically correct, and it annoys the flip out of me because apparently I'm not being politically correct because I give my missus freedom of choice. It's about household income. For a long time, the norm was that the dad went to work and the mam looked after the house and everyone in it. It meant each family unit typically lived off one set of wages. This incidentally is how it still works in my house. But no, that won't do. Nowadays it is expected and normal that the kids get sent off to somebody else whole both parents go to work. Or kids don't come into it at all until later in life. Two incomes per household means more disposable income per household, which means prices can go up accordingly.