FTAdviser reader Christine Williams wrote to the editor in response to a story we published last week on Labour's tax proposals.
Written by Tom Dunstan, the story 'Advisers praise Labour for ruling out wealth tax' drew the attention of Christine Williams, who is advocating for a completely new party that focuses on financial fairness for the over-50s.
She writes: "In the story, SelfEmployedMortgageHub.com founder Graham Cox suggested 'no income tax would be paid on the first £20,000 of earnings, but higher rates paid beyond that'.
"But the Admin Grey Swans pension group’s project of a potential new party would, in government, beat Labour's proposals.
"It would:
- Pay £448.12 per week state pension, paid tax free (not deducted from your personal tax allowance). This would give a yearly total, paid tax free of £21,509.76.
- A pension at 60 for 1965 born ladies onwards from 2025. Half of 1960s ladies would immediately stop paying worker NI contributions as well.
- Men’s pension age lowered from 67 to 65 in 2025, and law to reduce further to men turning 60 within two to three years of next government. This means not paying worker NI contributions rates from age 65, then 60.
- This would be funded by changes to worker National Insurance contribution rates, of top rate moving from a mere 2 per cent to two tiers of 10 per cent and 12 percent, but the wide basic threshold being lowered from current 12 per cent to 5.85 per cent.
- Bring back higher age-related tax allowance, lowered to start from age 50, of £3,000 further tax allowance.
- Lower the early works pension age back to 50 (helps 1970s born from 2025).
- Increase personal tax allowance by £500 a year from April 2025 tax year, for all but top tax rate.
- Top rate of income tax to gain personal tax allowance of £12,570 plus £250 a year further increase of allowance from April 2025 tax year.
- Halve basic rate tax allowances, and have a lowered 45p threshold, and a 50p and 55p two further tiers of income tax.
- Wealth Tax not on income, but a property tax on house and business properties owned by millionaires and billionaires, valued at £10mn and above, between 1 to 3 per cent a year (idea of UK patriotic millionaires) of value. This would be ring-fenced to fund resurrection of public NHS, fully staffed and funded, so you gain back emergency care especially.
- 17 per cent corporation tax on businesses below the very richest firms, who will get 26 per cent corporation tax. No taper from 17 per cent to 26 per cent in-between.
- No lifetime allowance nor annual allowance on your private pension contributions.
- Mortgages back to lowest interest rates, offset by charging more mortgage interest on the richest individuals and non-citizen, super-rich speculator buyers of highest valued properties.
"To help achieve all the above, I am seeking, please, upper middle income / bourgeoisie worker or self employed, to smooth-talk trade unions to fund the new party into existence (legal and registration fees).
"I am, as an individual, certainly never asking for any money for me."
Christine Williams: Contact greyswans@anastasia-england.me.uk
