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Savings and Investments thread
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When I brought it up on here the other day I got my head bitten off. But I agree.Weegie Addick said:I do wonder whether the cost of public sector pensions should be more considered in this debate? And that we should be provided with more accurate figures on the future liability. Seems there is a rather large black hole that no-one wants to admit to.0 -
If VAT was applied to financial services products then I think that would be my cue to retirecantersaddick said:
Fees on investment products, product fees, management fees, bank account fees (almost exclusively used by the wealthy) etc. Etc. Lots of things in this speace. Particularly when you get to hedge funds levels.valleynick66 said:
Not sure what products this envisages?cantersaddick said:I'm not mixing two different things. I'm pointing out that in one area of financial services (insurance) we apply a VAT equivalent tax that was introduced to purely because it was felt there was a gap there and it should be taxed at the equivalent rate. I (well the report by Professor Richard Murphy and of Tax Research UK) are pointing put that the same could be done to ALL financial services. I.e. apply a VAT equivalent tax or just merge into tax. That way the financial services that are only bought by the top 10% are taxed.
I can however see an argument for a higher level
of VAT on expensive / luxury items where the super rich can easily stomach it and the rest of us are not impacted. The counter would be it wouldn’t raise very much in absolute terms.
The report linked above has it at £8.7bn. I haven't gone into the detail of that calculation. But they are usually very thorough and I imagine it's a 20% applied to a 2024 total.0 -
Agree 100%. Private sector DB pensions are funded on the basis of actuarial valuations assessing a schemes ability to future liabilities with the requirement for funding top ups if they fall below a prescribed funding level. I was a company nominated trustee of my employer’s UK pension plan with 24,000 members for 20 odd years. Pension regulations and requirements for ongoing funding have increased over the years and, of course, the funds are ring-fenced from the employer’s assets to avoid a repeat of the Maxwell theft which led to the 1995 pensions act.golfaddick said:
When I brought it up on here the other day I got my head bitten off. But I agree.Weegie Addick said:I do wonder whether the cost of public sector pensions should be more considered in this debate? And that we should be provided with more accurate figures on the future liability. Seems there is a rather large black hole that no-one wants to admit to.0
