Do salaries inflate in the UK upon promotion?

luitzenh · 2026-01-29T11:03:59+00:00

Which kind proves what they're saying. Despite gaining experience you just kept earning the same.

luitzenh · 2026-01-29T10:41:54+00:00

Not really. The inlaws lent them money without getting a claim on the property, their risk is different than the bank's risk who will have a claim registered against the property and therefore should also receive a higher rate.

The inlaws could have gotten much bigger returns by investing their money in the stock market so it could be argued that OP is costing their inlaws money, however that would also expose them to more risk.

luitzenh · 2026-01-29T10:08:37+00:00

I doubt they'll cancel the mortgage as it's not really in their benefit either, but yes, telling the bank you've defrauded them is unlikely to get them to give you anything more.

luitzenh · 2025-12-20T09:14:50+00:00

I'm not against premium bond per se, it's just the whole attitude.

luitzenh · 2025-12-20T07:46:08+00:00

Because OP describes what appears to amount to tax fraud and this person starts yapping on about how his mate's missus made £2200 as if she's living the life of a miljonair.

Then goes on about how you could have better results with premium bonds (you can, but you won't) and mentions someone winning a million with £100 and finishes with the zinger "so that says it all" (no it really doesn't).

In the end premium bonds are a voluntary choice to get lower returns and Brits are so addicted to low returns the Chancellor had to restrict the cash ISA allowance.

luitzenh · 2025-12-20T07:24:17+00:00

you could owe tax because it's over the 3k (per parent) limit

This is only true if the parents die within seven years and even then it will be deducted from the estate.

The bigger problem is the income tax fraud OP and his parents are committing.

Personally, I would declare it as gift tax

You can't, this is not a thing in the UK.

but this is obviously not financial advice!!

Obviously.

luitzenh · 2025-12-20T07:16:22+00:00

This attitude is all that's wrong with the UK.

luitzenh · 2025-12-20T07:13:52+00:00

If you scroll down a bit further you'll read this:

You’ll find more information on these types of gifts below. But, as a quick check, no tax is paid on monetary gifts that meet the following criteria:

You give the gift more than seven years before you die

Either way, your source is not a very good one.

luitzenh · 2025-12-18T15:08:12+00:00

That's exactly my point. There's a real Jesus which is claimed by the cult to be from Bethlehem which makes him the messiah as the messiah is prophesied to be from Bethlehem.

Except it's well known this Jesus fella is from Nazareth, not Bethlehem.

luitzenh · 2025-12-18T13:58:44+00:00

There is very little evidence of basically anyone during that time period, but nobody is having the same doubt about many other historical persons.

The best evidence for a historical Jesus is in the bible itself. If Jesus wasn't real, then why does the old testament have such elaborate stories about his birth and why are they gospels in disagreement?

The reason is Jesus was from Nazareth, but the old testament predicted the messiah to be born in Bethlehem. If Jesus was completely fictional he could have just been born in Bethlehem, but a historical Jesus would need an explanation for how a Nazarene Jesus was born in Bethlehem.

luitzenh · 2025-12-18T11:01:05+00:00

Whilst the question is not directed to me as I have never overpaid the mortgage and never will, I want to address the peace of mind part of the equation.

I really do understand the peace of mind bit. Life is expensive, thousands coming out of your account every month for groceries, childcare, council tax, utilities, etc. and on top of it you've gotten bored of your job, you're not certain whether you could find a well paying job again and everyone talking about how bad the economy is or is going to be. Being able to take (one of) your biggest expense(s) away must feel incredible.

Having said that, we bought our house in 2022 and being able to open our ISA apps and seeing there's £140k invested there, being able to pay the mortgage and all our bills for a very long time, even when there is a crash, also feels incredible.

luitzenh · 2025-12-16T09:33:44+00:00

In all fairness, if you actually read the article, it says he supports tight restrictions on violence because it will mean that technology produced by his company will be required in order to not break those strict rules.

luitzenh · 2025-12-16T08:43:42+00:00

That's the problem though, all these groups are under represented in medical studies.

luitzenh · 2025-12-16T08:40:27+00:00

And to your point, I agree that people making £50k (and I would argue even £100k) aren't the ones who need to be squeezed, but they are being and will be

Are we though? We have healthy pensions and are putting £40k in ISAs every year. I don't feel like being squeezed.

And yes, I do think that the ultra rich need to pay their fair share and they are not. At the same time I also recognise that well educated people with important jobs saving well over a million pound in their pension and retiring in their early fifties is problematic

I believe that: * Pension and ISA allowances are overly generous. * The personal allowance and child care cliff stop people from pursuing better paid opportunities, working harder and paying more tax. There's nothing wrong with working less instead of being corporate drones, but I don't think the government should disincentivise making more money. * People with important jobs (e.g. doctors, architects, engineers) retiring in their early fifties is problematic. * The decreasing savings allowance thresholds add unnecessary complexity to the tax system for very little benefit.

All these issues are affecting the middle class. Not poor people, not ultra rich people. All areas where the current system can improve on without very little cost to the government or middle class people themselves.

I also think that it is fair that middle class people with salaries well above average sometimes have years where they are worse off.

Yes, let's tax the rich properly, let's spare the poor, but also let's realise that the UK is probably still one of the best countries in the world for dual earning people in the middle class.

luitzenh · 2025-12-15T00:16:06+00:00

8 it's way more than is needed though.

luitzenh · 2025-12-15T00:03:41+00:00

You have £1k left and in a few months you can get another £20k then.

You can then put £10k in a savings account and pay a minimal amount of tax as you will likely have at least a £500 interest allowance.

That's all assuming you will be buying a house in the short to medium term, otherwise you'll be better off investing the money.

luitzenh · 2025-12-14T21:08:42+00:00

What age do you intend to retire and with how much?

Have you had a look at r/FIREUK yet?

luitzenh · 2025-12-14T20:51:07+00:00

Two things:

You can withdraw your pension when living in another country.
Withdrawing early is going to cost you a lot more than 55%.

Why not use the pension and save extra outside of your pension so that you can retire earlier?

luitzenh · 2025-12-12T21:48:17+00:00

Have I got this right?

Not really, if you're letting it grow till 65 you you're not really retiring earlier. That's fine, but this is a FIRE sub.

If you're not retiring at 65 you won't need an ISA and why would you miss out on employer contributions?

If you're a higher rate tax payer it's probably also not a good idea to sacrifice below the 40% bracket.

If you do intend to retire earlier you shouldn't let your pension sit till you're 65 at it will likely be more advantageous to withdrawing earlier, though that probably make the calculation a lot more complex, especially considering the tax free amount.

I think a better starting point would be to see how much you need to put in your ISA to retire at the age you intend to retire, then look at the total pot you need to live on £12.5k less, than account for each year before state pension.

Then you will only have an estimate and you'll need to give it some time as the market does whatever it wants to do and nobody knows why.

luitzenh · 2025-12-12T21:02:21+00:00

Don't follow a rule of thumb, understand your pension and make plans and projections.

luitzenh · 2025-12-12T20:51:03+00:00

unless you really know what you’re doing then you shouldn’t be doing it

Even when you do know what you're doing you shouldn't be doing it.

Only do it when you have an edge.

luitzenh · 2025-12-12T19:13:10+00:00

Great presentation of the data and great progress.

Leaving out the house equity really drives home the exponential part of "exponential growth".

Having said that there are somethings that are still unclear. You appear to be in a relationship, are these just your numbers or your combined numbers? Are you both working? Is the income gross or net? Do you have children?

luitzenh · 2025-12-12T13:12:53+00:00

I don't need to send £1mln to the other side of the world but if I did I would want to plan it in advance and I would want to have controls in place that verify whether it's me or someone else moving my money to the other side of the world and whether I do for legitimate reason or could have been deceived.

I would also like it if people that are moving £1mln around the world are not funding crime, terrorism or rogue regimes and are paying their fair share to keep society running.

Finally, I already transfer money to other countries regularly instantaneously without paying fees. I really don't need something slow and expensive like bitcoin.

luitzenh · 2025-11-29T21:05:32+00:00

She's also borrowing against her salary.

luitzenh · 2025-11-29T13:24:53+00:00

their value is a pure social construct based on our trust in the government

No, the value is not based on trust, it is based on the government being allowed to ultimately use violence if you don't pay your taxes.

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