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40% Off The Price Of Gold

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The government allow rich people to buy Gold at a 40% discount.....

as well as everything else that their pension funds invests in. So why do so many people here get upset that it can be invested in housing?

In reality, everyone gets tax relief on their pension contributions. And SIPPS funds have to pay full price for property, like everyone else.

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The government allow rich people to buy Gold at a 40% discount.....

as well as everything else that their pension funds invests in. So why do so many people here get upset that it can be invested in housing?

In reality, everyone gets tax relief on their pension contributions. And SIPPS funds have to pay full price for property, like everyone else.

1) This is a massive handout by the government to the rich of taxpayer's money; so hardworking FTB's taxes are being used to price them even further out of the property market. This in itself is reason enough for outrage.

2) The British are obsessed with property. You and I know that SIPPs can be invested in wine, race horses, art, even yachts, but all Brits will care about is that they can push up the price of bricks and mortar in this country even further. This instils despair in the heart of every put-upon would-be FTBer.

3) This is a reversal of the progressive taxation policies which have been the foundation of the Labour party ever since it's inception, and many of those who have been stalwart Labour voters all their lives have every right to feel betrayed by the metamorphosis of their party into a caricature of Thatcher's Tory party in front of their very eyes.

Clearly you think SIPPs are the best thing since sliced bread, and I cannot convince you otherwise; but do not expect any FTB's to share your delight.

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Clearly you think SIPPs are the best thing since sliced bread, and I cannot convince you otherwise;

How on God's earth did you reach that conclusion?

I'm just dispelling a common myth - that people will only get tax relief if they buy a property.

1) This is a massive handout by the government to the rich of taxpayer's money; so hardworking FTB's taxes are being used to price them even further out of the property market. This in itself is reason enough for outrage.

2) The British are obsessed with property. You and I know that SIPPs can be invested in wine, race horses, art, even yachts, but all Brits will care about is that they can push up the price of bricks and mortar in this country even further. This instils despair in the heart of every put-upon would-be FTBer.

3) This is a reversal of the progressive taxation policies which have been the foundation of the Labour party ever since it's inception, and many of those who have been stalwart Labour voters all their lives have every right to feel betrayed by the metamorphosis of their party into a caricature of Thatcher's Tory party in front of their very eyes.

Clearly you think SIPPs are the best thing since sliced bread, and I cannot convince you otherwise; but do not expect any FTB's to share your delight.

So if you feel betrayed over this, you would also have felt betrayed that Labour were already giving the wealthy tax relief , even before the new rules were announced.

Or didn't you?

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:lol: @ the cross wires, your on the same side :lol:

I think you'rte right. But wherever did he get the idea I'm in favour of SIPPS. I'm very much against raising the annual cap for contributions to 215k, since this will move money from the poor and average paid towards the wealthy - not what I expect a "socialist" government to do. It's nothing to do with property, however.

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I think you'rte right. But wherever did he get the idea I'm in favour of SIPPS. I'm very much against raising the annual cap for contributions to 215k, since this will move money from the poor and average paid towards the wealthy - not what I expect a "socialist" government to do. It's nothing to do with property, however.

There is a 1.5m cap. The increase in the annual limit will help people who make a one-off large sum in one year. Anyone who uses the higher limit more than a few times will be hit with penal tax rates.

The only way the rich will benefit is that they will be able to fund their pensions in the last few years before retirement, thus eliminating much political risk. I wonder if anyone else is sufficiently cynical to think that the rules are actually designed to discourage higher earners [1] from contributing to their pensions and so increase the current tax take? ;)

Thanks,

MoD

[1] I remeber reading the 1.5m cap could be a concern for anyone from middle management up. I recall the assumptions they made were optimistic in that a high growth/inflation was predicted. It was nevertheless plausible that the middle class could be affected. NB: the cap is not on contributions but on the fund value, so it is not actually possible to fully use the limit without running the risk of breaching it.

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MoD

[1] I remeber reading the 1.5m cap could be a concern for anyone from middle management up. I recall the assumptions they made were optimistic in that a high growth/inflation was predicted. It was nevertheless plausible that the middle class could be affected. NB: the cap is not on contributions but on the fund value, so it is not actually possible to fully use the limit without running the risk of breaching it.

I hadn't thought of that. So if the value of property held in a SIPP does inflate, there's a real risk of a tax penalty (if the total funds then exceeds 1.5million)

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Yep - another application of Gordon's fiscal drag.

With inflation on the rise and doctored CPI statistics you can bet the £1.5M cap will not keep pace with general price increases.

Same as the inheritance tax, stamp duty and all the allowances.

B@st@rd.

Edited by cgnao

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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