The Government’s latest plan makeS euthenasia look like a good option for the approaching 70s even if they are healthy.
Were you ever tempted to think what nice caring people those New Labour robots were, the way they exhorted us to abandon our bad habits and save our spare cash for a comfortable retirement or so that we could leave a tidy sum to our surviving perners or descendants..
You poor deluded fools.
This LABOUR Government have already decimated many modest pension funds accumulated by hard working people and they plan to tax us every time we leave home. Now they are planning to tax us on living once we get too old to work, whether we are fit enough to go out for a drive or not.
Under Labour’s latest daylight robbery wheeze, inheritance tax will be 44% as it is now, but the residual amount in the pension fund at death will be taxed, starting at a rate of 70%.
So that’s 44% of everything and 70% of whats left in your pension fund. Not what is left after the taxman takes his 44% of the estate but 70% of the total value of the pension fund.
And that is the cheapest possibility, some types of pension will will be taxed more highly.
This could leave the descendants of many modestly rich people owing more in tax that they will actually inherit.
The only people to escape will be those who do not have a penny to scratch their arse with and of course Labour’s bestest buddies The Very Very Super Dooper Rich who can afford to stash their money in offshore trusts that cannot be taxed.
Oh well, goodbye savings. Open another bottle of wine and pass the fags.