I worked like a dog all my life, I made enough money to retire comfortably at 50 years old. I never buy a new car, I live in an ex-council house, with no mortgage, and have invested the max in premium bonds. I done virtually everything in life I ever wanted, travelled the world, and have a great family with grand kids. Now, I managed my money very carefully, and watch in horror, as one government after another, blow our money on their idiotic schemes and pour money into their own pockets, if the UK was a business, we would be bankrupt for sure. Unfortunately MP,s are never held accountable for their stupidity, and we as the tax payers, always pick up the pieces, but what really pxsses me off, is these parasites, know that we can’t do a dam thing to change it!!!!! What a mess the UK has become!! And by the way, I am only a Welder, not some high-flyer like our people in authority.
Agree with the bankrupt thing. Cashflow is the heart of a healthy company - if you have a negative cashflow, you have to cut costs - UNLESS you are government, you just harvest more cash by ripping off the population & keep spending on shyte.
@@richardwhite1120 Well I ain’t no Nuclear Scientist, or an academic, but I am happy with that!! I trained for 4 years and studied Welding, so what does that make me, a Flower Arranger?? lol.
Sometimes Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.
Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin ,While also continuously learning from mistakes and improving
Many overlook that banks are return-driven businesses. I don't trust keeping a large sum in a bank. Instead, I invest with guidance, enjoy the benefits, and save for retirement.
After the '08 financial crisis, I've learned not to trust corporations. Since 2020, I've been investing with a financial advisor and have had no major losses, so I'm not going back to relying solely on banks.
The decision on when to pick an Adviser is a very personal one. I take guidance from Annette Marie Holt to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
Transfer of wealth usually occur during market crash, so the more stocks drop, the more I buy, in the meanwhile I'm just focused on making better investments and earning more as recession fear increases, apparently there are strategies to 3x gains in this present market cos I read of someone that pulled a profit of $350k within 6months, and it would really help if you could make a video covering these strategies.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money or you could hire a financial expert.
Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2020, and I return at least $30k ROI, and this does not include capital gain.
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
@@RobertSimkin. What will stop them lasting the full five year term? The 2011 Act ensures that they do not need to call an election at all unless there is a vote of no confidence pushing them into it. There won't be a vote of no confidence because Labour have a huge majority and the House of Lords is stacked with Labour peers. They are sitting pretty until 2029 and nothing anyone can do about it.
@@thetruth9210 You could vote populist? I.E. Geert Wilders of The Netherlands!👍👌 But The citizens of the United Kingdom are way too obtuse Thick & Dumb to do so;
@@thetruth9210 You could vote populist? I.E. Geert Wilders of The Netherlands!👍👌 But The citizens of the United Kingdom are way too Obtuse Thick & Dumb to do so;
Capital Gains Tax on property is essentially theft, as there's no actual gain, it's simply that the money required to buy the property has fallen in value, therefore more of it is required.
Have they any intention of taxing the people who are getting wefare benefit and free housing whose income is more than £15k a year, there are millions of them?
Annoying - after years of being told to save into your own personal pension because the state pension is pants - the state comes and incrementally taxes your personnel pension
@@jasonbuksh2958 Governments steal everything from the productive to give to the unproductive. Besides we wont need it as after our 437th WHO mandated MRNA shot / lifetime of Davos-sponsored bug protein smoothies we wont be reaching retirement age anyway...
@@wyldwiisel9126 They can be stolen though. Also, the seller now has to submit a record to the goverment - so they know. Also, if you attempt to 'cash' them in - they also have to register this with the goverment .... as well as al the assoiacated risks that comes with that
@@lkearney7299New Border FARCE. Presumably the prime minister (human rights barrister) is all too familiar with the reason why the Tories have dismally failed to dramatically halt illegal migration. The establishment (all major parties) are scared of opposing European/International agreements. Until they get their act together, grow a backbone and actually put in place EFFECTIVE legislation/laws to STOP the illegal flow, nothing will change. It's all just a show, to make it look like they are doing something.
Levels of tax are less than under Thatcher. Look at capital gains tax. This was the same as income tax under Thatcher. Yet somehow it's now less. Problem isn't tax, it's lack of growth.
Explain how Labour can improve services without taxes , the Torys gave billions to their donors and cronies ,now well out of the UK economy, Sunaks wifeis a great example.
Remember when they argued that 17m voting for Brexit was NOT a consensus, how about 9M voted for Labour BUT 58M didn't.... this does not represent a mandate from the people
Labour are the party of envy and hate anyone who has worked and have savings and pensions. I have worked full time and saved for 50 years.Paid all my taxed over this time but according to Kier Starmer doesn’t think I am working class. Apparently you need to rely on the state for support and spend every penny that comes into their hands. Smoking their head off, sitting in the pub or in front of the TV with a few cans of beer to be classed as working class.
There are enough reasons for civil unrest as it is. If they raid pensions and savings there WILL be civil unrest. I am a common man yet I am scared I won’t pass my very modest house to my needy children. The reason public services are in the mire is their salaries and ensuing pensions. Head teachers on over 100k mant nhs managers and Drs on 100k+ council big wigs the same
They'll come for your pensions, your savings and your property. I wouldn't put it past them to impose rent caps, licences for serviced accommodation and if you're an elderly couple in a big house, compulsory purchase to push you into a small flat and repurpose your house for migrants.
I think landlords need bringing to heal, they have put rents far above the property's value and auctioning rent amounts, which pushes up rent. Also, I think the very wealthy should be doing more to help struggling public services. Multi-millionaires have gotten away with paying less tax under the Tory government.
Ah… using landlords and the most productive in society as scapegoats and punishing them rather than addressing the real issue… the ever increasing size of the state.
@@ty194 no they stole pretty much everything for themselves. But fixing things will cost money in the meanwhile, whilst the extent of the damage, undoing dodgy contracts etc. Or are you saying everything should come to a halt meanwhile?
My recommendation is to leave the country. All Britain has to look forward to is a violent, communist nightmare more like North Korea than the country we grew up in.
Adult social care bill is massive. Look into this... A massive part of this budget is spent on Hotels for folks who have decided to pay Human Traffickers to get to the UK.
@pickashole I agree with you 100% I am appalled at the plans to punish people born in the UK who are sick and disabled, they are getting blamed for the huge increase in claiments. Yet they fail to mention that the DWP have been told to fast track Migrants presenting with Post Traumatic stress disorder for housing and benefits. One of their interpreters revealed that the migrants are now couching each other on how to present with PTSD. Yet British people with mental health issues are being insulted and called lazy many are living on the streets. All of our systems have been cut back to the bone. Our jobs are being lost to over seas companies. We have nothing left in the UK for us to grow from. Now Labour has made this all worse by shutting down oil and Gas. We don’t have the infrastructure set up for all the demands that are going to be put on the system that is woefully inadequate. Looks like we are all going to freeze this winter. We are going to have lots of power cuts and freezers full of food going bad. Thanks for nothing Labour your plans for energy are crazy! Especially now when we could end up being dragged into a global war. You lot need to seriously wake up to protecting the people who live in this country. Life is hard enough right now.Stop making things worse.
I guarantee they won't do anything that affects their own wealth - in fact they will try to increase their own wealth. There is more people working in this country so more people paying taxes so where is all that money going. Perhaps they need to look at that before they make any plans to rip the public off.
Yes I agree , like disabled people that are being penalised , those who have long term illness have to pay carers to look after them , the enhanced rate of care component goes on caregivers showering the disabled, people have to cook for them , cleaners , people have to wash their clothes , and now they want to pay them in vouchers , I’m disgusted that long term disabled people who have carers are being affected like this , but it’s not a problem to give money to illegal immigrants , who live in 5* accommodation , are given EVERYTHING FREE , food , clothes , iPhones , pocket money , these immigrants haven’t paid anything into our system but are taking everything out . Disabled people haven’t always been ill , they’ve contributed. I’m livid …
Labour will always be Labour. Tax anyone who works, to give to those who can't be bothered. Bring everyone down to the same level rather than trying to encourage people to better themselves. Why work hard when you'll just be taxed to death for doing so.
@@davidb6403 those that cry first, cry the longest, the poor and the not so poor and now many of the middle class workers will pay the biggest personal costs, the more fortunate take their money away to a better place and laugh the longest at the folly of over taxation
Done that. All my savings are in gold bullion stashed in a place outside the UK. Known only by me. The next person to find out will be the reader of my will. At that point I won't care.
You moved very quickly to do that since July 4. Im guessing that has little to do with a labour government. And its in a bonded warehouse in Switzerland!
@@mikediskin3090 Strongly advise against Switzerland. Remember they're confiscating Russian funds. That shows the Swiss give way against EU pressure. If they do that with Russia, it can be done against small people. Store gold in Asia.
Yes labour only been in for a week Already. Water bills increase Council tax increase soon Labour happy with the BBC licence .... Letting out prisoners No point investing in UK No future
@@janetmalcolm6191 I've already seen that they've started letting deplorables out of prison and they plan to tax everyone to high heaven one way or another. You make this about Tories and for the life of me I can't see why at this point people are so partisan.
Only 850 Billion in debt with a AAA credit rating in 2010. In 2024 we have a 2.75 TRILLION debt and an Aa3 credit rating. Now that's what I call wasting other peoples money.
I took my pension early to compensate / firefight the brutal increase in interest rates as have a chunk of borrowing secured against a hard earned Rental Business. This was after the Government's greedy Section 24 Landlord Tax. I now work for the banks giving them all my cash every month. Can't sell as interest rates depict a buyers market. Trying to remortgage is tricky. I will be happy when it's all over and I have nothing.
We dont have a tax income problem we have a tax waste problem, the country is in a slow death spiral and its only if Labour make this a fast spiral or not
As a UK Pensioner and with LABOUR clearly targeting us on all fronts . HELP HELP HELP . Having worked and saved all my life who could have predicted this .
JUST SUBSCRIBED: Thanks doc. I was searching for info on statins as I was just placed on it due to high cholesterol at almost 7. So glad I found you because I took it just for 2weeks and began to feel loads of nasty health side effects. I was never told any side effects except when I asked the pharmacist who said I should just read the instructions!😢 Doctor, would you also talk on how statins might affect a lady on menopausal hrt? Thank you
Another really interesting and insightful video, thanks Carl 👍. Definitely worried about potential CGT changes in the next couple of years, so will be keeping an ear to the ground on this subject.
Wealth tax is one way or another very likely. Land tax is likely. Land use tax is quite probable. The country is in a dire mess for one obvious readon, over spending and unwise decisions. The country has sold off it's assets so the working person must pay
I would expect a big reduction in the annual ISA allowance and quite likely a lifetime allowance on them too; I doubt Starmer & Reeves have much sympathy for the increasing cohort of ISA millionaires! For my non ISA & pension assets I have instructed my wealth manager to switch mostly into worldwide index tracking funds which won't need much if any annual rebalancing, thus triggering gain realisations, and I'll also be moving more into offshore bonds so I can withdraw up to 5% pa tax free for at least 20 years (which I hope will see this government out!) while still, I hope, benefitting from gross roll-up. On IHT, I wouldn't be surprised to see lifetime transfers brought into immediate charge (effectively Capital Transfer Tax resurrected), with the 7 year rule abolished. I'll be interested to see what they do with VCT, SEIS and EIS which I have found vey useful.
I take on board what he is saying but some of the recommendations may turn out to be costly. For instance, he recommendeds that you use your full ISA allowance, but that might turn around and bite you on the arse if the government takes into account your savings if they decide to means test your state pension
5:05 I'm no fan of Labour but I do think Starmer genuinely mispoke a week or so ago when alluding to 25% tax free cash on pensions. His words didn't make sense at the time (e.g. pension TFC is not going to "lapse" in a few years) and the subsequent clarifications were pretty clear.
I’m completely happy with CGT going up, I pay CGT and it’s fine. There needs to be wealth taxes, you simply can’t tax income of the poorest any more. I’d increase the 45% income tax rate to 50% and use this money to increase the basic rate threshold. I pay 45% tax and I’m ok with it. The country is broken and it needs fixing. For example im using my private health insurance to get an operation that has a two year waiting list on the NHS. It’s simply not fair. If you earn huge amounts of have huge wealth then pay more tax. As for my kids, they will inherit no more than a house, I’d simply ruin their lives if I left the £2m. I guess looking at the comments this won’t go down well, but seriously how much money does anyone need when there are millions of people in work claiming benefits and using food banks.
@@foilrider2000don’t talk nonsense sending old equipment to Ukraine saves the UK money because it’s cheaper, as for migrants the Tories defunded the processing that caused the problem so that rich Tory donors got £4000 a day to have the asylum barge mooring on there land or putting up migrants in their substandard accommodation at taxpayer expense. Ignorance and corruption is what you get from the Tory’s labour has a proven track record on dealing with migrants that the incompetent Tories couldn’t even get close to.
Which is code for don’t pay your required taxes which provide services for all. Says it all. Greed is good said Maggie. And those who don’t pay into the system can’t expect roads, lighting, refuse collection, trains, schools, libraries, courts, etc.
I am more than happy to pay a little more on my taxes if it helps those less fortunate than myself and also goes towards paying for a decent NHS, Public Transport, Clean Rivers and waterways, Education. The problem we have is that everyone wants tax cuts at the expense of the aforementioned,. The Tories have screwed up the economy and the country big time and should never be given the opportunity to get anywhere near the levers of power.
But you already are paying “a little more” into health and social security measures but they still do not help the less fortunate because they are poorly run.
You do know that the highest tax burden in 70 years was under the last government. And that the frozen personal allowance means that there is a year on year tax increase.
Which country do we have to bank in.? Don’t save for retirement.. spend spend and enjoy my advice as a pensioner been recently robbed by local governments
Same . I’m still working. Was looking forward to receiving my pension. If I sell and downsize I will be taxed if the house fetched more money. If I have more money I can’t get help with any benefits. Or if I do get a pension it will be means tested. I’ve got 3 half years before I retire the future is grim . 😕
Would like to see higher rate pension tax contributions reduced to a flat 25%. This also for those who earn below the higher rate £50k threshold. In effect a flat 25% contribution. It’s those on lower incomes who aren’t saving enough for retirement 😢
This low tax / small state ideology is great at saving the rich lots of money, but the majority of people will save very little and then have to hand over life savings if an elderly relative needs care, a false economy. Will be interesting what labour do in the autumn statement, as you point out there are loads of options to increase tax, none of which confirmed in anyway, but to have functioning public services and control debt, increases are likely.
It’s a statical fact that UK is one of the lowest tax countries in Europe as a % GDP eg 2022 OECD statistics UK 36%, NL 38%, Nordics 41-44%, France 46%. I lived in NL 13 years where taxes were much higher but public services were amazing and day to day life was much easier than UK. Other countries target wealth much more than UK, I have a low 6 figure income but after pension credits pay approx 15% income tax a year, no wonder nothing works here.
@@alistairrobinson3865 No let's not play the GDP game, when that doesn't translate to GDP per capita i.e. a real measure of wealth per person and how well people are doing.
@@ty194 agree gdp per capita much better measure of wealth, but we are not talking wealth, we are talking taxation and the main benchmark used is tax revenue % gdp. I’m not suggesting average earners should pay much more tax, more that the loopholes exploited by the wealthy should be closed to bring in more.
@@alistairrobinson3865 But the problem is you're using the GDP argument to make the case for us to be taxed more asserting that we are a low tax country when that's not true. Playing the overall GDP game doesn't give you a true picture as to how highly we're taxed as individuals especially when you factor in indirect taxes. If you did, you will find that we're one of the highest taxed countries in the world outside of complete basket case countries. We are absolutely not a low tax small state country. I don't know how anyone can come to that conclusion.
I think a wealth tax should be put in place, for to long the very wealthy have gotten away with paying less tax. Those with the broadest shoulders should be doing more to support public services. Also, housing reforms are well over due, special attention should be placed on landlords, rent amounts, and free and lease holds. For too long the tories have aloud the rich and super rich tax loop holes to hide away their insane wealth.
Protect your wealth from Labour. Are you really being serious. Over the last 14 years of Tory Government we have seen this country go from around 25 billionaires to somewhere around 175 billionaires, we have seen the super rich get richer and everyone else, yes, everyone else get poorer. The average person is around £11,000 a year worse off. Stop dragging out the bogey man to get your views and come up with something loosely based around truth and reality.
Labour are going to raise taxes and shaft us any way they can … yes, those of us who have saved and invested need to protect what we have from them. The Tories were useless, Labour will be even worse.
That's funny because in the last 14 years I've gone from being single and living on my own renting and barely being able to feed myself, to having a wife (stay at home mother) 3 kids and a house with saving money on the way, while doing house repairs (now looking at extensions to the house). Learnt to drive 11 years ago and have owned 4 cars in that time. 12 years ago, I went to college for 2 years for free as an adult learner. We holiday at centre parks every year, days out throughout the year, gym membership for the whole family, dinners out now and again. And now I'm looking at investing. All on one wage for the house. I'm not self employed and I only work 40-50 hours a week. Yeah, some bills have gone up and food prices have gone up but considering I've taken on so much more than I had 15 years ago I'm still better off. People just make excuses and most likely pissing their money up the wall, then blame the government.
I think you underestimate how much more getting a better job and sharung costs with your partner improved your living standards. You succeeded in spite of this government, not because of them. @djdusted6485
@aidandesilva I think you missed my point. I'm not sharing costs. We are a one wage household. I support 4 other people, and I'm better off. My wage has not gone up that significantly, but yes, I have changed jobs and career path. I am probably on 10k more than I used to be. In inflation terms, that's sod all. I am looking for promotion in the next few weeks, which may add another 5k. I came out of school with no gcse's I've never been in a high paid job, this promotion asks for a bachelors degree so could probably consider it as a high paying job if I get it.
Capital gains tax Up, Dividend tax Up, Corporation tax Up, Inheritance tax Up, thresholds frozen as more and more middle income household's dragged into higher income tax bracket, all happening, l think it's time to leave the UK !
Pull down equality. They say we need to be fairer and more equal but they don't raise those worse off up to a higher level, they just pull down the successful
Thing with that, commun ism, you give 2 people £1000. One person works hard investing it in a. Business & then in 10 years is a multi millionaire. The 2nd person spends the £1000, has nothing left & lives on benefits....which us paid for by the 1st person....do you really think it's fair to then take half the money the 1st person worked hard for and give it to the one who became a drain on society & never worked?
@ 2.38 Who would have predicted a global pandemic? Quite a few of us actually, if we were paying attention and were aware of the numerous predictions and forward panning, such as Event 201.
Very good talk. So i subscribed. It better not be the case that I've saved hard all my life when i should've spent it all on having fun at the time. Does the govt want us to be irresponsible spenders rather than people who don't have to rely on the state in old age?
