Child Benefit Tax Charge
Discussion
LowTread said:
Hard to imagine them not doing something about HICBC. It's universally hated and so many are dragged into self assessment by it now.
£50k doesn't feel like the aspirational target it once did. Now it's just the point where you bend over and hand the govt the lube.
I'm hoping the tax bands change to help boost productivity, but i really don't think direct tax or NI cuts are what we need right now.
I'm ready to be disappointed though.
Yep, all my life I've aspired to earn 50k, now I've finally got there I find for a family man earning between 50 and 60 is in the worst possible tax position.£50k doesn't feel like the aspirational target it once did. Now it's just the point where you bend over and hand the govt the lube.
I'm hoping the tax bands change to help boost productivity, but i really don't think direct tax or NI cuts are what we need right now.
I'm ready to be disappointed though.
What a load of b
ks, no wonder the Tories are hemorrhaging votes.Interesting summary of the past and future options here https://www.blickrothenberg.com/insights/detail/hi...
borcy said:
Thanks, I can view the other one though even though I dont subscribe? 
LowTread said:
Well i'll be pretty miffed if they literally do nothing.
That's me salary sacrificing more into my pension in 2025 then.
And part time in 2026.
The govt can go fk themselves then.
Yup, just another blow for the average family who can keep getting fThat's me salary sacrificing more into my pension in 2025 then.
And part time in 2026.
The govt can go f
k themselves then.ked by the government for working hard.Puzzles said:
it will be pretty devastating if they raise the age you can access your private pension
True - I understand that it could remain locked to 10 years earlier than state retirement age.I'm 50 this year and I am expecting it to move to 57 by the time I can access.
I will need to be 68 to access my state pension, at which time people younger than me will need to be 58 to access their private pension. However, there is no documentary evidence of this (the bit about being 58).
Beethree said:
LowTread said:
Well i'll be pretty miffed if they literally do nothing.
That's me salary sacrificing more into my pension in 2025 then.
And part time in 2026.
The govt can go fk themselves then.
Yup, just another blow for the average family who can keep getting fThat's me salary sacrificing more into my pension in 2025 then.
And part time in 2026.
The govt can go f
k themselves then.ked by the government for working hard.In a world where min wage for just doing 37.5 hrs a week is £20k, how on earth does a marginal rate of 62% at £50k for an average 2 kid family make sense??
Edited by LowTread on Thursday 29th February 18:16
WhiskyDisco said:
Puzzles said:
it will be pretty devastating if they raise the age you can access your private pension
True - I understand that it could remain locked to 10 years earlier than state retirement age.I'm 50 this year and I am expecting it to move to 57 by the time I can access.
I will need to be 68 to access my state pension, at which time people younger than me will need to be 58 to access their private pension. However, there is no documentary evidence of this (the bit about being 58).
State Pension for you is 67 currently, will it change to 68, who knows, there is/was talk of it but life expectency has dropped.
LowTread said:
Yep. If your wife doesn't earn much, you have kids and you happen to have a slightly half decent income (but nothing amazing) then you're getting shafted for 60%+.
In a world where min wage for just doing 37.5 hrs a week is £20k, how on earth does a marginal rate of 62% at £50k for an average 2 kid family make sense??
I am in this position. But it is not a higher tax rate really.....it is paying back a benefit you have been given.In a world where min wage for just doing 37.5 hrs a week is £20k, how on earth does a marginal rate of 62% at £50k for an average 2 kid family make sense??
Edited by LowTread on Thursday 29th February 18:16
It is vindictive though as my wife hardly earns anything, but I do. But friends of ours earn far more collectively but don't pay anything back..... Ho hum.
The more I read this thread the more annoyed I get!
I'm fortunate enough to be earning a decent wage around £65k my wife only works part time due to child care costs so we loose all the child benefit.
What's the sweet spot between £50k and £100k if there is one?
I'm keeping my fingers crossed for some tax breaks but I'm not going to hold my breath.
I'm fortunate enough to be earning a decent wage around £65k my wife only works part time due to child care costs so we loose all the child benefit.
What's the sweet spot between £50k and £100k if there is one?
I'm keeping my fingers crossed for some tax breaks but I'm not going to hold my breath.
Milner993 said:
The more I read this thread the more annoyed I get!
I'm fortunate enough to be earning a decent wage around £65k my wife only works part time due to child care costs so we loose all the child benefit.
What's the sweet spot between £50k and £100k if there is one?
I'm keeping my fingers crossed for some tax breaks but I'm not going to hold my breath.
99,999 is the sweet spot! Once you go over 100k you get hit with another whammy in that you start to lose your tax free allowance - giving an effective tax rate of 60% until you earn over £125kI'm fortunate enough to be earning a decent wage around £65k my wife only works part time due to child care costs so we loose all the child benefit.
What's the sweet spot between £50k and £100k if there is one?
I'm keeping my fingers crossed for some tax breaks but I'm not going to hold my breath.
md_ph said:
Milner993 said:
The more I read this thread the more annoyed I get!
I'm fortunate enough to be earning a decent wage around £65k my wife only works part time due to child care costs so we loose all the child benefit.
What's the sweet spot between £50k and £100k if there is one?
I'm keeping my fingers crossed for some tax breaks but I'm not going to hold my breath.
99,999 is the sweet spot! Once you go over 100k you get hit with another whammy in that you start to lose your tax free allowance - giving an effective tax rate of 60% until you earn over £125kI'm fortunate enough to be earning a decent wage around £65k my wife only works part time due to child care costs so we loose all the child benefit.
What's the sweet spot between £50k and £100k if there is one?
I'm keeping my fingers crossed for some tax breaks but I'm not going to hold my breath.
The £100k mark is another two promotions above me so not going to get there for a while!
For the tax year 23/24 do I have until January next year to pay extra in to my pension to receive the tax relief or have I got to pay the extra in before April this year?
Doing a bit more reading I've read something about higher rate tax relief on earnings over £50270 through self assessment, is this something I should be doing now or by January next year?
My earnings for tax year 22/23 was £49k so I didn't need to worry about all this nonsense then!
Apologies if I haven't made sense
For the tax year 23/24 do I have until January next year to pay extra in to my pension to receive the tax relief or have I got to pay the extra in before April this year?
Doing a bit more reading I've read something about higher rate tax relief on earnings over £50270 through self assessment, is this something I should be doing now or by January next year?
My earnings for tax year 22/23 was £49k so I didn't need to worry about all this nonsense then!
Apologies if I haven't made sense
Edited by Milner993 on Thursday 29th February 21:45
Telegraph still seem to think it is on the cards.....
https://www.telegraph.co.uk/money/tax/how-much-wou...
https://www.telegraph.co.uk/money/tax/how-much-wou...
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