Chancellor Rachel Reeves has been urged by policy wonks to consider an inheritance tax raid on pension pots, amid rising pressure to meet public spending targets. Leading think tanks have told her the move could raise up to £2 billion a year in takings from grieving families.
Experts warn that such a move would be disastrous for millions of families' retirement plans and could prompt a race to empty large pension pots.
Those who don't act could be slapped with 40 per cent tax bills on money left over in pensions when they die, worth hundreds of thousands of pounds.
One former pensions minister even says the tax raid would 'potentially destroy pensions' altogether.
Which is probably their ultimate aim. Much like various bastards here have wanted to 'fold private pensions into Social Security to shore up the system'. Which is a fancy way of saying "WE can use your money better than you can, so hand it over!"
I repeat my thought at the time: First politician who tries to grab private pensions should be flogged and then hanged. Publicly.
1 comment:
Grasshopper, what is the inherent limit to government spending?
Ha ha, trick question. There isn't one.
Go fetch my tea.
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