£150 for me. Not bad on its own, but I am still well below 4% yield so far this year. (on 43k) I'm still waiting for Ernie to pull his finger out.
I'm running annually at about 4.5% on two max holdings. Happy with that.
Since Jan 2021 (annualised), I'm running at around 3% (my holdings have changed during that time, was max, now about £25k), my wife, max holding the whole time is 5.3%, daughter with £25k ish is at 9%! -
Sorry @PragueAddick looks like my daughter at least has been taking some of yours
With just a few weeks to go, we're not looking as good this half year with everyone below where we currently are, but suspect everyone is happy that it's higher than all our predictions. Think TEL is running away with this.......
Not there yet @Rob7Lee…remember we’ve lost 200 points from the recent high, so still all to play for. I actually thought it would be higher than 8,100 but didn’t need to suggest a higher number. As you say, the higher the better for all of us in any case.
My 7810 was a simple rise of 4% over 6 months, which seemed reasonable at the time, and I'd have been fairly content with that after the strong end to 2023. Things can change quickly, of course, but with 3 weeks left I am happy that my prediction has undershot by a good distance. I'm much better at beat the bookie than this. Perhaps I could learn from that...
Whilst not wanting to turn this thread into anything remotely political, for those interested in Pensions it looks as if Labour have rowed back and will no longer be putting in their manifesto the bringing back of the LTA - one piece of good news this week!
Whilst not wanting to turn this thread into anything remotely political, for those interested in Pensions it looks as if Labour have rowed back and will no longer be putting in their manifesto the bringing back of the LTA - one piece of good news this week!
Doesn't mean they wont do it though. Not everything a Government does is written in its manifesto.
I guarantee there will be some tinkering to pensions, IHT & CGT. The last 2 are seen by the public to be "tax avoiders" and so are an easy win for any incoming Labour government.
I heard that Rachel Reeves wants the OBR to take a look at her plans & do a thorough costing.....which will take around 10 weeks. This is what scuppered Liz Truss as she said she couldn't wait that long before putting her grand plans into action.
This would mean no Budget until at least October, with any tax changes happening from April 2025 and not immediately.
I think I know the answer to this, but wanted to see if anyone had any additional insight. It’s a question in relation to the giving/receiving of a cash gift and the tax that needs to be paid on it.
Am I right in thinking that the recipient of cash gift does not need to pay any income tax on it or declare to HMRC?
My understanding is that the only tax due would be inheritance tax if the donor dies within 7 years.
I guess there would also be a need to declare any interest generated as a result of the gift/savings as well.
I think I know the answer to this, but wanted to see if anyone had any additional insight. It’s a question in relation to the giving/receiving of a cash gift and the tax that needs to be paid on it.
Am I right in thinking that the recipient of cash gift does not need to pay any income tax on it or declare to HMRC?
My understanding is that the only tax due would be inheritance tax if the donor dies within 7 years.
I guess there would also be a need to declare any interest generated as a result of the gift/savings as well.
Correct. You can gift any amount to any individual and IHT is avoided if you live for a further seven years (tax is on a sliding scale if you live for less than that).
Also, you can gift up to £3,000 (in total, not per person) in any year that will not form part of IHT calculations.
*None of this applies in regards to gifts to spouse/civil partner as these are all outside IHT.
Whilst not wanting to turn this thread into anything remotely political, for those interested in Pensions it looks as if Labour have rowed back and will no longer be putting in their manifesto the bringing back of the LTA - one piece of good news this week!
Have I missed this? Have they explicitly said no plans to reintroduce ?
Whilst not wanting to turn this thread into anything remotely political, for those interested in Pensions it looks as if Labour have rowed back and will no longer be putting in their manifesto the bringing back of the LTA - one piece of good news this week!
Have I missed this? Have they explicitly said no plans to reintroduce ?
LTA Dropped from manifesto, but obviously could come back at a later date
Note that Labour have said they will close the inheritance tax 'loop hole'. No idea if that made the manifesto but, as Golfie says above, doesn't stop them doing it. It's interesting they have now ruled out changes to capital gains tax and corporation tax. That still leaves a lot of scope to raise tax but I'm beginning to think they are going to go 'off balance sheet' again with PFI.
Whilst not wanting to turn this thread into anything remotely political, for those interested in Pensions it looks as if Labour have rowed back and will no longer be putting in their manifesto the bringing back of the LTA - one piece of good news this week!
My suspicion is this is a temporary relief only and something will be brought in at some stage but perhaps in a slightly different format.
Comments
Since Jan 2021 (annualised), I'm running at around 3% (my holdings have changed during that time, was max, now about £25k), my wife, max holding the whole time is 5.3%, daughter with £25k ish is at 9%! -
Sorry @PragueAddick looks like my daughter at least has been taking some of yours
Makes you sick!!
I never thought it would go this high.
But as Rob7Lee says the higher the better for everyone.
I'm much better at beat the bookie than this. Perhaps I could learn from that...
I guarantee there will be some tinkering to pensions, IHT & CGT. The last 2 are seen by the public to be "tax avoiders" and so are an easy win for any incoming Labour government.
I heard that Rachel Reeves wants the OBR to take a look at her plans & do a thorough costing.....which will take around 10 weeks. This is what scuppered Liz Truss as she said she couldn't wait that long before putting her grand plans into action.
This would mean no Budget until at least October, with any tax changes happening from April 2025 and not immediately.
Am I right in thinking that the recipient of cash gift does not need to pay any income tax on it or declare to HMRC?
https://www.bbc.co.uk/news/articles/cd11n2krmm4o.amp
And, yes, if the cash then generates interest ...
see: https://www.gov.uk/apply-tax-free-interest-on-savings
Note that Labour have said they will close the inheritance tax 'loop hole'. No idea if that made the manifesto but, as Golfie says above, doesn't stop them doing it. It's interesting they have now ruled out changes to capital gains tax and corporation tax. That still leaves a lot of scope to raise tax but I'm beginning to think they are going to go 'off balance sheet' again with PFI.
any gifts prior to death within 7 years come first, ie they will use up the IHT allowance before anything else.
so give away less than £325k and die within 7 years they’ll be no taper relief as it simply uses up an element of the £325k.