it
for new ways to tax Britain.
And they're looking for something else.
So they're constantly pushing each other to new extremes.
With labor in power, they're fighting
to get the attention of PM Keir Starmer and Chancellor
Rachel Reeves by suggesting one new tax rate after another.
And it's one punch to the face, one to the groin,
one to the face, one to the groin.
So the resolution found in Asie, whose boss, Taunston Bell,
is now a labor MP, is among the most active.
It has already targeted savers by calling
for a 100,000 pound lifetime cap on ISSA savings
in the autumn budget.
Well, this is utilized to look after yourself in your old age
and not be a burden on the state.
Minimal amount of work, I would say.
And so it all wants Reeves to hike capital gains tax
and inheritance tax on unused pension pots.
So if you retire and it's not enough,
and you want to extend it, they're going to tax it.
Or if you want to bequeath it to somebody else
and they're not doing it, there's another taxation.
As if that was enough, it's calling for hikes
to national insurance, business rates, council tax,
and road pricing too.
So is there any point in working?
They're just making it very difficult for them
to get out of bed and work.
Because it's tax, tax, tax, tax, tax, spend tax, spend tax,
invest tax, invest tax, invest in the house tax,
go on holiday tax, heat yourself tax,
clothes yourself tax.
It's just ridiculous.
And with the precedent of taxing,
with the precedent of taxing children's education,
I wouldn't be surprised if they raised the tax for children's
food and children's clothing.
And anything related to the zero rate for children
will be taxed.
So that's an awful lot of tax hikes.
But its latest suggestion is the most radical yet.
So because of non-doms and the taxation, et cetera, et cetera,
thousands of millionaires and entrepreneurs
are said to be fleeing the UK ahead of the labor's Halloween
budget.
You couldn't make it up.
Maybe that's just a sick joke, but I
wouldn't put it past them.
They want to get out before Reeves
gets stuck into their money.
The Resolution Foundation doesn't like that
and has dreamed up a plan to punish them
by hitting them into an exit tax.
So currently, entrepreneurs and investors
pay no capital gains tax on UK shares
if they leave Britain for more than five years.
The Resolution Foundation wants this rule scrapped
and a capital gains tax style exit charge applied instead,
according to today's Daily Telegraph.
Well, they like to leak these so that they'll probably not
choose all of them.
They'll choose the selection now,
and there's some to follow.
With capital gains rates sectorizing the budget,
this could cost relocating Brits up to 45,000 of every 100,000
they have.
As yet, it isn't clear whether this exit charge will
apply to assets such as property and businesses,
but I bet it would.
The UK already faces a net loss of 9,500 millionaires
this year, more than double the 4,200 who left in 2023,
according to the Henry Private Wealth Migration Report 2024.
Talk of an exit tax could turn into a stampede.
I can see the appeal to labor social warriors,
and it would deliver short-term cash injection,
but not long-term.
Most of these schemes are short-term,
but I fear it would wreck long-term damage.
As with other labor taxes, the proposal
raid on foreign non-doms has persuaded many to upstix
and take their tax revenues elsewhere.
So instead of raising 3 billion, as we've hopes,
it could end up costing the UK a billion in lost revenues.
An exit tax would have a similar result.
A tax on employment could have the same result.
Most people will say, well, what's
the point in working so many months of the year?
I'll just not bother with the last month,
and I could take the time off, and I'll
have more money in my pocket.
What's the point of investing?
Because if I lose anything, I'm not helped.
If I make money, they take it off me.
If I save, that means testing against me.
If I have a property, that means testing against me.
If I have savings, that means taxes against me.
And any interest I make is taxed.
The ISA is going to be limited to what I can actually invest,
and I don't know whether, if you creep over that threshold,
whether you have to liquidate that excess cash.
I mean, if I was a Gen Zed or a millennial,
there isn't any point to have that glorious dream.
Most people aren't getting married,
aren't having kids.
They want to rent, but not at the high prices.
They don't want to buy, because you'd
have this around your neck.
You might as well rent, put the money in some stock market,
enjoy your week where you watch Netflix or whatever.
You're getting a takeaway once a week, once a month.
You're having those vacations or long weekends,
two long weekends, maybe with another vacation
for life experiences.
And the actual pension will be pushed up
to the probably 80s and 90s.
You can't afford to own your own property
and don't want to because of the added cost of maintaining it
and the potential mansion tax.
You don't want to put any money into your own pension.
You might as well let the state look after you,
because you get more money, because everything's
means tested.
Oh, you're not going to get that because you've got 10 quid
more than you should have.
You're not going to get it.
Well, I'm not going to do that then.
I'm just going to earn and spend, not have any money set
aside because being forced into a pension that is inadequate
because the company do not want to pay any money
to get a good one.
All of the costs are with the employee and not the employer.
The expenses are really, really high.
The spreads and to buy the units are very, very high.
And the performance is probably mostly in the last quarter.
If, like most people, you don't change the default fund,
which most people aren't clued up,
you get some really rubbish fund.
You might as well put it in a high interest bank account
because after fees and after X, after Y, after Z,
you're not better off.
So the problem is that you can get all of this,
but it's the unintended consequences.
People are going to say, well, I'm not going to work as long.
I'm not going to work as hard.
I'll take the time off.
I'll take the time off sick.
I'll take more holidays.
I won't invest in stocks so they can't get the capital gains.
I won't invest in properties so they
can't get the capital gains.
I won't invest in businesses so I
won't get the capital gains.
I won't invest in equities.
I mean, the UK market is a little bit of a joke.
It's far too small.
It needs a massive overhaul, and it needs a lot more companies
being on the stock market.
But most people don't want it because all of the red tape,
all of the sleaze, and they're making more money
just by having their own systems remotely.
So it's like most taxes where you're
going to fight to pay them.
I mean, effectively, oh, yes, we'll do some tax on this
and have a play around.
But most people just didn't sell.
People won't buy the furniture and anything
to smart them up the house because they
can't afford it.
And they need that breadth of cash
to push them on the onslaught by the new government.
And if you're getting fresh faces out of uni,
you're thinking there's no point.
Pension, taxed, you are on your own with the ups and downs
of the stock market.
You might as well not bother and the state look after you.
It's the same with investing.
If it's all good, you get taxed.
If it's bad, you might get taxed and you lose that massively.
And it's the same for working.
You work hard, you get in the next bracket.
And you work more hours.
And you probably come up with roughly the same pay
for a lot more work at the end of the year.
You work that extra month.
You might get only a few quid.
Is it really worth it?
So productivity goes down.
And we've all got lots and lots of issues
about unemployment creeping up, where
you've got to account to effective unemployment.
Those people that are unemployed.
And those people that are economically inactive.
So i.e., they can't find a role because none are available.
They do not want to be in a role because they have funds
where they can just live their life
and then fall on the state.
Or you might have some where they have the money.
They are doing something which isn't related
to the standard of working for a company.
They're working for themselves or in a small group, small team.
And they're just ticking by making some money,
being self-employed.
And they aren't really contributing
to what the government want.
They want a whole load of serfs working for big companies
where taxation can be easily removed
on a weekly, monthly basis rather than having
to wait for the calculation.
And they get it paid in twice a year.
So please, can you follow by sharing and putting
on the bell?
Can you comment on these videos?
And I'd love to share these to other people
so they can follow and subscribe.
Also in the show notes, I'm going to leave a way
that you can sponsor these and other of my channels.
And also, I need a lot of funding.
So if you could donate, that would be great.
The donation details will be in the show notes.
So I'll be coming up with more information
about the new government and how, at the moment,
they are crucifying the young and the old and benefiting
anybody who is a signed up Labour Party member
or is a paid up union member.
They are getting this money to pay for this salary
and debt across all the unions and to prop up
their unionized or defined benefits pension.
So be wary, be careful, be scared.
But above all, look after your money.
Thank you very much.
And I'll see you on the next one.
Bye.