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Where your tax money goes


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#21 JohnM

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Posted 09 June 2013 - 09:27 PM

The state pension is already means tested.  It is taxable income. 

 

The age related personal allowance has been frozen at £10,500 or so until the standard personal allowance catches up.

 

Someone with a good SERPS contribution record will get a state pension of almost that anyway, as serps etc is added on top of the basic state pension

 

In addition, if you  get a state pension and have an "adjusted income" of over £26,100 pa, as you might with a public service or private sector final salary pension after  decent length of service, the personal allowance is progressively reduced until you are on the standard personal allowance.

 

See http://www.hmrc.gov....sonal-allow.htm



#22 MikeW

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Posted 10 June 2013 - 10:21 AM

Should the state pension be available to everyone or just those that need it? Obviously means testing is expensive, prone to abuse and stressful for those involved. But if you can afford to live without the state pension, should you claim it? This is a question that is going to have to be asked as the proportion of pensioners raises past the tipping point.

Until National Insurance is abolished and Income Tax is raised to 50% minimum then I will expect to get the benefits I am paying for.



#23 MikeW

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Posted 10 June 2013 - 10:24 AM

State pension isn't a benefit.  Its a contractual consideration. You (and your employers) are obliged to pay NI contributions and in return, the state agrees to pay you a state pension. Technically, you are paying for mine. Others (probably Sev) will pay for yours.

A Ponzi scheme then.  Probably with 40 years to go before it does a Madoff.



#24 l'angelo mysterioso

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Posted 10 June 2013 - 11:27 AM

Should the state pension be available to everyone or just those that need it? Obviously means testing is expensive, prone to abuse and stressful for those involved. But if you can afford to live without the state pension, should you claim it? This is a question that is going to have to be asked as the proportion of pensioners raises past the tipping point.

Yes because you've earned it through your contribution to society and because of the tax you paid
That's inalienable, never mind this notional tipping point
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#25 shaun mc

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Posted 10 June 2013 - 12:34 PM

Yes because you've earned it through your contribution to society and because of the tax you paid
That's inalienable, never mind this notional tipping point


Edited by shaun mc, 10 June 2013 - 12:36 PM.





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