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Never in my wildest dreams did I think it would be better for my wife to give up work due to S24. How did we ever get to this mess?
My wife has held her job for over 10 years but stopped work yesterday as I am loathe to pay 40 percent tax on my portfolio. I am now in the bizarre situation where it is better for me to spend a few thousand on paying SD for the transfer of equity than extra tax from now on
am I alone in this or has anyone else reduced their work hours for this reason?
Same for me. With section 24 and my job and properties i was suddenly pushed into 40% tax bracket. I really cant be bothered to go to work to have nearly half my salary taxed so just quit. Now im borderline earning 50k a year from my properties including section 24 and see little point going higher than this with a salary. The good news is i can now sit on my bum bum watching funny cat videos all day instead of working in an office
More and more will relise what is happening and it will come to a point that holding down a job just is not worth doing
because your better off sitting at home the govt will lose your NI and your employer NI in the long run
again the government is taxing ambition
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Surely if the position becomes vacant due to someone leaving, then it will simply be filled again? So the govt wont be losing any NI/Tax after all?
Or are you suggesting that everyone who quits their job due to s24, their positions will not be filled?
Yes in the case of people leaving.
In my case I have 'bought 5 weeks unpaid leave' so in effect I have reduced my salary by 10% so the government have lost the income tax, employee ni, employer ni, child benefit and s24 tax.
I would the point remains that an experienced / talented person is now being forced OUT of employment, from a countries perspective for wealth creation, GDP and productivity goals I don't see how this can be a good thing.
No, you are not alone and I warned of this issue some time ago
If you're on a salary s24 can be a killer
I know one lady who has left her job in local auto giving up a gold plated pension due to S24
More will follow your wife ...
Ahhhh, the legacy of the genius that is Gideon Osbourne, the law of unintended consequences at play again. When will these planks in Govt stop meddling in matters they clearly do not understand.
Indeed you are right
I was talking to a manageing agent today who is laying off two members of staff in June due to the agents fee ban
they will lose over 40% of there turn over in June
it’s all well hammering landlords but at has results the government is not thinking. About
very shortsighted in my opinion
I like that, the law of unintended consequences!
There is no way that I would have considered the strategy that I have, without the discussions around S24; as an unencumbered BRT I could afford to ignore it, couldn't I? As I read and learned, it became apparent that I could replace my employment income which was subject to IT and NI and replace it with other income that is free of these deductions.
A good teacher must know the rules; a good pupil, the exceptions.
Martin H. Fischer