GD4ELI Posted March 20, 2014 Share Posted March 20, 2014 Isle of Man rates are here http://www.gov.im/categories/tax,-vat-and-your-money/income-tax-and-national-insurance/individuals/residents/rates-and-allowances/ £9500 free of tax and then £10500 @ 10% followed by everything else @ 20% We also have mortgage tax relief and relief on any personal loans But pay more for houses... ETA: and isn't the relief 'only' at 10%? Link to comment Share on other sites More sharing options...
Declan Posted March 20, 2014 Share Posted March 20, 2014 Are Manx pension holders still compelled to buy annuities? I also have in the back of my mind it's not possible to defer retirement here to increase your pot by working for a few more years. Is that true? Link to comment Share on other sites More sharing options...
GD4ELI Posted March 20, 2014 Share Posted March 20, 2014 Are Manx pension holders still compelled to buy annuities? Annuity - no, I'm sure you can just draw down. Link to comment Share on other sites More sharing options...
GD4ELI Posted March 20, 2014 Share Posted March 20, 2014 ...and not forgetting no capital taxes... Liability to UK CGT tax can be 'reduced' by intelligent and even legal tax planning. And there are ISAs in the UK where you can invest your post-tax earnings in a CGT-free vehicle. Link to comment Share on other sites More sharing options...
ballaughbiker Posted March 20, 2014 Share Posted March 20, 2014 Might need even more intelligence for anyone here from 6/4/15 if they have a UK property to sell. Link to comment Share on other sites More sharing options...
GD4ELI Posted March 20, 2014 Share Posted March 20, 2014 Might need even more intelligence for anyone here from 6/4/15 if they have a UK property to sell. When I saw the change to stamp duty for property owned by companies etc. I immediately thought of the IOM tax-shelter arrangements. Odd that the Island's treasury Minister didn't pick up on that one. Link to comment Share on other sites More sharing options...
Nom de plume Posted March 20, 2014 Share Posted March 20, 2014 Certainly for the people capable of paying for the services of 'tax planners' ... Uk tax allowance £10,500 in 2015.. Wish ours was going to be that good, seems we are losing our edge. Our tax advantages are for the rich, not for the poor. Link to comment Share on other sites More sharing options...
Cambon Posted March 20, 2014 Share Posted March 20, 2014 On IOM you do not have to buy an annuity. I wrote to the Treasury Minister in 2011 and suggested the proposals that Osborne brought in yesterday and the reply was basically it was silly and unnecessary. Seems the Treasury Minister was wrong and IOMG will have to toe the line. As for working longer / top up - yes you can, to a degree. However, you would probably be mad to, unless you are happy to lower your life expectation. Link to comment Share on other sites More sharing options...
Lost Login Posted March 20, 2014 Share Posted March 20, 2014 Are Manx pension holders still compelled to buy annuities? Annuity - no, I'm sure you can just draw down. That can not possible be the case as I was in my car and heard the presenter on Talking Heads stating that it would definitley be the case that the £300,000 tax loss the IoM govt have estimated that will arise in cuts in some duties will be more than offset from the tax raised due to the additional spending in the IoM as a result of pensioners not buying an annuity. I think he also described the UK budget basically being good for the IoM because of this change and additional tax take however I was still reeling from the thought that the presenter was now also a financial guru and could state such views almost as if they were sold facts Link to comment Share on other sites More sharing options...
Donald Trumps Posted March 20, 2014 Share Posted March 20, 2014 I think Stu has mostly always made it known that if he actually holds an opinion on something other than fast cars, attractive young women, the benefits of the dictatorial posture in the political arena - and of course Manx milk - he does so in a manner that is often tenuous at best Link to comment Share on other sites More sharing options...
Moghrey Mie Posted March 20, 2014 Share Posted March 20, 2014 Errr... isn't ours the same doc? Standard rate tax thresholds Single Person £10,500 No £9,500 this year Link to comment Share on other sites More sharing options...
Moghrey Mie Posted March 20, 2014 Share Posted March 20, 2014 Allan Bell, Eddie Teare and Chris Robertshaw take the view that pensioners have done well over the years at the expense of younger people. So they are coming after their Age Allowance and Christmas bonus. George Osborne obviously takes a different view offering bonds which pay some interest and no tax on the first £5,000 of your savings. I think Eddie and Chris will find at the next election that pensioners have votes. Link to comment Share on other sites More sharing options...
Declan Posted March 20, 2014 Share Posted March 20, 2014 On IOM you do not have to buy an annuity. I wrote to the Treasury Minister in 2011 and suggested the proposals that Osborne brought in yesterday and the reply was basically it was silly and unnecessary. Seems the Treasury Minister was wrong and IOMG will have to toe the line. As for working longer / top up - yes you can, to a degree. However, you would probably be mad to, unless you are happy to lower your life expectation. Well my work pension becomes due at 60, but obviously I'm not eligible for the state pension til 67 or 68. It doesn't make sense to stop working at 60 when I can maintain my standard of living for a few years whilst working onwards. In those circumstances I might as well leave the pot where it is and keep contributing. Link to comment Share on other sites More sharing options...
Gladys Posted March 20, 2014 Share Posted March 20, 2014 Are Manx pension holders still compelled to buy annuities? I also have in the back of my mind it's not possible to defer retirement here to increase your pot by working for a few more years. Is that true? I think you can defer your state pension here. Link to comment Share on other sites More sharing options...
Declan Posted March 21, 2014 Share Posted March 21, 2014 That's not what I meant, I meant defering work pension until the state pension age. Link to comment Share on other sites More sharing options...
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