Haha amen!

. . . or become a Drug-trader

Which countries are top 10 best?

@@IbadassI not sure about the top 10 but the top 2 im thinking about moving to is cyprus and united arab emirates aka dubai lol. ive been doing my research on dubai and as it currently stands they pay 0% income tax and the vat is 5% on every purchase which is nothing at all comapred to other countires, i know america alone pay 20% vat on most purchases and then they have income tax, the uk im not too sure about vat as it comes out of the total cost upfront but i think its pretty similar to america

20% 40% 45% I complain about my 20% PAYE Tax + NI Tax. Just imagine a 45% Tax, that's basically half 😢

Will do buddy!

Haha knew you’d love it. Someone sent me a nasty DM saying I should pay my taxes lol 😂

your pre tax earnings go into the pension, so it’s more beneficial to pay in if you are a 40% tax payer

@@JansonSmith Thanks Janson, time to up my AVC's, fiscal drag is probably putting many people into the higher tax band.

And property prices :(. Pension is great but obviously have to wait a long time to get it, by which time much of the purchasing power may have been eroded!

Can you really trust the government not to help themselves to your pension pot over the next 20 - 40 years? The idea of government "borrowing" from private pensions has already been floated. Other issue is that nearly all pension investments are paper based. I.e. no underlying assets. If the issuing company goes bust, or if the laws change, you are left with nothing.

@@MrEdrftgyuji Most pensions that are registered under FCA are covered under FSCS- Financial Services Compensation Scheme at 100% of the funds value should the pension provider go bust. Defined contributions schemes that most people have now are invested in stocks, bonds, gilts, cash etc so there are of course underlying assets. For example one of my pensions, I invest in 4 funds (100% equities) 2 are trackers with varying holdings that change based on the index. In total I invest across 100's of holdings spreading my risk. And each fund has varying asset allocations with very little overlap reducing risk further. Defined benefit pensions are less protected if the company that handles the money goes bust, you are at the mercy of said company. I am not aware of any protections or regulators that protect these - I should know really because I have 1 defined benefit pension.

Technically the taxman/woman/non binary person doesn’t add anything at all - it seems to be a common misbelief that your are ‘getting something’ from HMRC - pensions contributions are deducted before tax is applied and invested which means that the tax saving is relevant to your tax rate - so it could be 20%, 40% etc - therefore you are investing the ‘full amount’ of your money rather than the taxed amount if that makes sense.

I dunno about that, if it’s a SIPP (private) I don’t see why it wouldn’t pass on. Maybe you’d lose the tax benefit but I can’t see it just all going to the government

Money in private pensions are passed on and usually without inheritance tax implications - however, you must tell the provider who you want to leave the money to. It is worth reading up about it. Trusts are another way of protecting from inheritance tax.

Haha coming up in part 2.. which countries to go to! I heard Panama is good 🥸

Yes which is what we are doing end of next year.

OK

Yes and are higher

All in favour of a higher tax higher value economy (Scotland). Not high tax low value (England)

Pension (Teachers) and AVC worked for me! Afforded me to retire early, tax free lump sum and a good monthly income. The alternative is slogging my guts till I am nearly 67! No thanks

Only if your profits are over £250k. If you can keep them lower through allowable expenses, you’ll still pay 19% ;)

@@JansonSmith Ahhh thanks for clarifying, that's great then! i misunderstood my accountant lol 😆

@@adie.1892 chat to your accountant - there’s marginal relief on profits between the 19% and 25% tax bits so it can get complicated 🙈

A pension, AVCs and an ISA have all worked for me, allowing me to retire early instead of killing myself to reach 67. Living a fairly good standard of living with everything I need.

​@@soosayer9893 So you pay into 3 stocks based ponzi schemes in a collapsing economy and you think you are in a good place, poor you really bought into the ponzi scheme, more than most in fact...

@@soosayer9893 nobody cares about your fake anecdotal hearsay...

@@soosayer9893 So how much will your 3 pension schemes be worth when the markets are worth 0? Do the maths for us...

You can offset losses against future losses but I don’t think you can get a refund

@@JansonSmith oh. I have a friend who said he gets it back on his wage.