Total of £475 for me and Margaret consisting of 8 prizes, including 2 x £100 on max holding. It does feel like you generally have a good month then bad month so I’m expecting bugger all next month. Glad to see Lifers getting a better return compared to last month that was generally poor for most. How can it be so consistently variable for a ‘random’ group of bond holders that happen to be Charlton fans? It’s odd, isn’t it?!
Nothing again. Though I've got £50 worth from years ago and I know the pb number slip is in a file somewhere. It's been so long since I clapped eyes on it that I may have won several huge prizes in the meantime. Or not.
With the upcoming budget (not to get political), anyone been doing anything to potentially alleviate risks/expense?
A couple of people at work who are approaching retirement have taken their max cash lump sums from their pensions, a few seem to have sold shares. Anyone anything else? Must admit if I were 4 years older I'd take my tax free pension cash lump.
I took around 1/3rd of my pension tax free allowance, but only because I will need the money in the upcoming few months to pay for a cruise and a few other things (we just altered our plans slightly and took it 6 months earlier than we initially planned). Mainly in the misguided hope that if anything is altered to the % of tax free money then if you already taken it then it won’t count, but I can’t see me getting away with that.
What is good and unplanned was that this sum was pure profit from our pension fund that we only started to invest in 18 months ago. Won’t need to touch my pension pot for around another 10 years now.
With the upcoming budget (not to get political), anyone been doing anything to potentially alleviate risks/expense?
A couple of people at work who are approaching retirement have taken their max cash lump sums from their pensions, a few seem to have sold shares. Anyone anything else? Must admit if I were 4 years older I'd take my tax free pension cash lump.
Again like you, not to be political, just going on form. The upcoming budget I can see a unpopular one for those of senior years like people approaching retirement or certainly in a position to stop work and take a pension, inheritance tax will also go up as it will seen to be popular with the partisans but will not directly benefit anyone
With the upcoming budget (not to get political), anyone been doing anything to potentially alleviate risks/expense?
A couple of people at work who are approaching retirement have taken their max cash lump sums from their pensions, a few seem to have sold shares. Anyone anything else? Must admit if I were 4 years older I'd take my tax free pension cash lump.
Again like you, not to be political, just going on form. The upcoming budget I can see a unpopular one for those of senior years like people approaching retirement or certainly in a position to stop work and take a pension, inheritance tax will also go up as it will seen to be popular with the partisans but will not directly benefit anyone
Agreed, I can see:
Capital gains tax either having a zero allowance and/or being at marginal rate. I've over the past 5 years taken most capital gains so I have very little left that would attract CGT, in fact probably just some work shares now.
IHT, I can't see the rate increasing, but never say never! But I can see the allowance/threshold being reduced from the £325k/£500k as an easy win as only effects a small number (predominantly those in or around London/SE due to property and the very wealthy). They may even bring CGT into death tax as well as IHT and linking to pensions remove that tax free element at death.
Pensions I think will be the interesting one (for me) - I can see the Tax free lump changing/reducing. Possibly a change to tax relief to a flat rate although that would be more around levelling up as they say rather than a collection of additional tax. Plus as above removing the tax free element on death in certain instances. Hopefully the LTA won't re-appear.
National insurance changes (for employers) since to be being talked about more.
Could be a change to ISA's - whilst the previous incumbents removed the LTA for pensions there are rumours that could be brought in for ISA's as well as potentially reducing the £20k allowance (as 95% of people don't use even half of that).
I did have an interesting chat with a colleague who retires next summer last week. His current plan or thought is to remortgage his own home, take out the cash and pay off his children's mortgages in the hope he lives 7 years, thus avoiding IHT on around £800k - £1m. Thought that was an interesting idea!
I e mailed my IFA re my SIPP tax free lump sum before I transferred it out. She was extremely confident that any possible reduction in the tax free lump sum would not be with immediate effect. I can no longer find the e mail, but she was pretty convincing. Anyway, I’m keeping my fingers crossed that she is correct.
Comments
I know the feeling.
EDIT: £150 for Father in law on Max holding.
4 consecutive months on zilch.
Time to put my money into something else me Thinks
Though I've got £50 worth from years ago and I know the pb number slip is in a file somewhere. It's been so long since I clapped eyes on it that I may have won several huge prizes in the meantime.
Or not.
Think we are running around 2.8% for the year so a bit down.
Neither of us are anywhere near maximum holding.
A couple of people at work who are approaching retirement have taken their max cash lump sums from their pensions, a few seem to have sold shares. Anyone anything else? Must admit if I were 4 years older I'd take my tax free pension cash lump.
Capital gains tax either having a zero allowance and/or being at marginal rate. I've over the past 5 years taken most capital gains so I have very little left that would attract CGT, in fact probably just some work shares now.
IHT, I can't see the rate increasing, but never say never! But I can see the allowance/threshold being reduced from the £325k/£500k as an easy win as only effects a small number (predominantly those in or around London/SE due to property and the very wealthy). They may even bring CGT into death tax as well as IHT and linking to pensions remove that tax free element at death.
Pensions I think will be the interesting one (for me) - I can see the Tax free lump changing/reducing. Possibly a change to tax relief to a flat rate although that would be more around levelling up as they say rather than a collection of additional tax. Plus as above removing the tax free element on death in certain instances. Hopefully the LTA won't re-appear.
National insurance changes (for employers) since to be being talked about more.
Could be a change to ISA's - whilst the previous incumbents removed the LTA for pensions there are rumours that could be brought in for ISA's as well as potentially reducing the £20k allowance (as 95% of people don't use even half of that).
I did have an interesting chat with a colleague who retires next summer last week. His current plan or thought is to remortgage his own home, take out the cash and pay off his children's mortgages in the hope he lives 7 years, thus avoiding IHT on around £800k - £1m. Thought that was an interesting idea!
She was extremely confident that any possible reduction in the tax free lump sum would not be with immediate effect.
I can no longer find the e mail, but she was pretty convincing.
Anyway, I’m keeping my fingers crossed that she is correct.