The Budget, March 2012
 

May as well start this thread.

Key anouncements will be made

1. We will see7% stamp duty on property worth more than 2m. To be honest dont understand why the threshold way too high. Surely to push it more into the common top earners would be much better so anything above 1m property. Like most policies sting in the tail is there so few 2m mansions. Who says its 2m the estate agents so as these people owning them got few bob they will sell for 1.9m then buy bungs 2m gift to the seller bobs your uncle circumvent the stamp duty.

http://www.bbc.co.uk/news/business-17455711

2 other nuggets is 50% tax to reduce to 45% delayed for one year. To me this disgrace there absolte no Guarantee tax avoidence or tax avation will curtail even worse no guarantee it will be invested to create jobs. Better to collect what you can than rather see if it makes jot. The rich who do this still got the weazil accountants beavering to find the next loophole they wont say hey lets be honest cough up now they hurting us less by 5%. Time will see if this move is another osbourne poor decision.

The other is raising the threshold bottom end to £9,000 before you get taxed. Not sure it will it be enough to ofset loss tax credit so still be worse off but step in right direction. Problem is where the money coming from aint we supposed to be broke why we leasing roads privatisation NHS. You can tell we getting to air they might go for early election by giving out sweaties early. I bet they feel confident to shackle the infested flys called lib/dem.

http://www.bbc.co.uk/news/uk-politics-17450719

Re: Todays BUDGET
 

Personally, I think that taxing different people different amounts is unfair. Fair would be to tax everyone the same (% of income) :shrug:

Re: Todays BUDGET
 

The way to look at is wage persentage increase its been shown its very unfair system as 2% wage increase at the bottom and the top is too unfair. It can often mean bottom gets £5 top gets £500. If they want unfair wage rise then they should accept unfair tax system.

Equally tax on straight edge would be equally unfair too as it would impack more at the bottom rather the top.

There no easy answer to it. I think wage increase should be fixed X amount say example everyone gets as example £20. Now the wealth distrubution stays constant £20 worth more to bottom than the top but its fair system. However its more difficult to do this to taxation.

Personally the government needs to tax the root making it less easier for those top stop taking there funds creating ways to stash it to avoid the tax.

The duty is another way creating more loops hodebodge the tax system even further more simplistic system needed. If Mr X gets money from X business its taxed. If he gets percentage in shares its taxed if its a bonus its taxed. They could find it hard to try avoid the taxation if its at the root of funds taken from his company.

Now how do represent fairness to system. Well would say 12,000 no tax that goes with all of us. from then escelates in scale to that range More ranges of escelation then system much fairer less likely to feel being ripped off. There nothing fundalmetaly wrong with top bracket if the escelator more fairer. Less to worry about dont think margin biggie someone who earned lets say 200k hardly going panick 40 or 50 if the escelator right.

More stages to the taxation brackets new top end.

Just example no all income would be worked such someene earned 200k his first 12k of that no charge. 12-15 5% would take upto 27k that earnings. Fairer system to have more scales to the tax..

12.000 no tax
15,000 5%
20,000 10%
25,000 15%
30,000 20%
35,000 25%
40,000 30%
50,000 35%
100,000 40%
150,000 45%
200,000 50%

Re: Todays BUDGET
 

In that circumstance however it can make a large difference. 20% of £15,000 would hurt someone on that wage a lot more than 20% on £200,000. It would also take a lot of money out of the budget.

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indeed my idea work in progress but we got try find medium ground. Theres always winners losers to any system I accept.

Do think Damiens idea would be very bad.

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My ideas are never bad! Well, apart from that one time......

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dont worry we all brainstorming mine might be just bad too.

any some key budget stuff

UK ECONOMY

Independent Office for Budget Responsibility (OBR) revises up UK growth forecast for 2012 to 0.8% - from 0.7%.
Forecast for 2013 is 2%, for 2014 is 2.7%, and in the two years after that 3%.


BORROWING

Borrowing this year to be £126bn - £1bn less than forecast in the autumn. Forecast to fall to £21bn by 2016-17.


INCOME TAX

Age-related allowances for pensioners to be simplified over time, starting in April 2013, creating a single personal allowance for all but ensuring no pensioner loses in cash terms.


HOUSING

Extra funding to help construction firms building new homes.


HELP FOR BUSINESS

Enhanced capital allowances for businesses setting up in new Scottish enterprise zones in Dundee, Irvine and Nigg. A Welsh enterprise zone to be created in Deeside.
Simplified tax system for small firms with a turnover of up to £77,000.
Government support for £150m of tax increment financing to help councils promote development and an extra £270m for the Growing Places fund.
Tax relief for the video games, animation and high-end television production sectors.


PUBLIC SECTOR

Government evidence to be published on the case for regional public sector pay. Option for government departments to move to regional pay structures for civil servants when current freeze ends.





ENERGY

"Major package of tax changes" to boost oil and gas extraction in North Sea, along with £3bn new field allowance west of Shetland.
JOBS AND SKILLS

OBR forecasts unemployment to peak this year at 8.7% before falling each year to 6.3% by 2016-17.
One million more jobs to be created in the economy over five years, OBR says.
CHILD BENEFIT

FUEL, CIGARETTE AND ALCOHOL DUTIES

PENSIONS

Automatic review of state pension age to ensure it keeps pace with increasing lifespans.
TRANSPORT AND INFRASTRUCTURE

Extend electrification of the Transpennine route between Manchester and Sheffield. Further improvements to the lines between Manchester and Preston, and Manchester and Blackpool.
Funding for superfast broadband and wi-fi in the UK's 10 largest cities.
GREEN MEASURES

OTHER TAXES AND ALLOWANCES

ARMED FORCES

Family welfare grant and council tax relief for armed forces doubled.
Extra £100m to improve military accommodation - funded by £2.4bn savings from ending combat operations in Afghanistan.


So far this it. surely not putting pension age up again not good idea. surely we all age differently those clearly cant work should be allowed pension. those can work decide if they want to carry on.

Re: Todays BUDGET
 

Might not take money out of the budget. A flat rate of say 10% across the board would probably decrease tax dodging, encourage wealth creation and hence increase spending (and profits), stimulate overseas investment (due to the low tax rate) and create jobs (which would then be taxed.
.................or we can simply continue to disincentivize the creation of wealth & jobs in this country :shrug:
As for 20% of £15k being more painful that 20% of £200k, thats true but it's still fair. What's not fair is taxing someone who earns more, more. They pay more tax simply by dint of earning more, it's not fair to then also put them on a higher tax rate. It leads to a disincentive to make more money/grow your business. It also stops people feeling like we are all in this together when some of us have to pay proportionally more tax.....

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With you there Rammy: if you've earned it you should be allowed to keep it.

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I must admit that if i landed a job that paid 200k and i had to hand over 100k in tax i would wonder why bother .It certainly isn't the best way to encourage people to rise to the top

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New update ***


UK ECONOMY

Independent Office for Budget Responsibility (OBR) revises up UK growth forecast for 2012 to 0.8% - from 0.7%.
Forecast for 2013 is 2%, for 2014 is 2.7%, and in the two years after that 3%.
BORROWING

Borrowing this year to be £126bn - £1bn less than forecast in the autumn. Forecast to fall to £21bn by 2016-17.
INCOME TAX

From April 2013, the 50p top rate of tax will be cut to 45p.
New general anti-tax avoidance rule to be introduced.
Age-related allowances for pensioners to be simplified over time, starting in April 2013, creating a single personal allowance for all but ensuring no pensioner loses in cash terms.
HOUSING

From midnight, new stamp duty level of 7% for homes worth more than £2m. Any such homes bought through companies will pay 15%.
Extra funding to help construction firms building new homes.
HELP FOR BUSINESS

Corporation tax cut to 24% from next month. By 2014 it will fall to 22%.
Enhanced capital allowances for businesses setting up in new Scottish enterprise zones in Dundee, Irvine and Nigg. A Welsh enterprise zone to be created in Deeside.
Simplified tax system for small firms with a turnover of up to £77,000.
Government support for £150m of tax increment financing to help councils promote development and an extra £270m for the Growing Places fund.
Tax relief for the video games, animation and high-end television production sectors.
Government considering enterprise loans for young people to start their own business.
PUBLIC SECTOR

Government evidence to be published on the case for regional public sector pay. Option for government departments to move to regional pay structures for civil servants when current freeze ends.
ENERGY

"Major package of tax changes" to boost oil and gas extraction in North Sea, along with £3bn new field allowance west of Shetland.
JOBS AND SKILLS

OBR forecasts unemployment to peak this year at 8.7% before falling each year to 6.3% by 2016-17.
One million more jobs to be created in the economy over five years, OBR says.
CHILD BENEFIT

FUEL, CIGARETTE AND ALCOHOL DUTIES

Duty on all tobacco products to rise by 5% above inflation from 18:00 today - the equivalent of 37p on a packet of cigarettes.
No change to alcohol duty.
New duty on gaming machines at a standard rate of 20% and a lower rate for low-prize machines of 5% of net takings.
No change to existing plans on fuel duty. Vehicle excise duty to rise by inflation, but frozen for road hauliers.
PENSIONS

Automatic review of state pension age to ensure it keeps pace with increasing lifespans.
New single-tier state pension for future pensioners to be set at about £140 and based on contributions.
TRANSPORT AND INFRASTRUCTURE

Extend electrification of the Transpennine route between Manchester and Sheffield. Further improvements to the lines between Manchester and Preston, and Manchester and Blackpool.
Funding for superfast broadband and wi-fi in the UK's 10 largest cities.
GREEN MEASURES

OTHER TAXES AND ALLOWANCES

Bank levy to be increased to 0.105% from January 2013 "to ensure that corporation tax cuts do not benefit the banks". The levy will raise £2.5bn a year.
New cap on tax reliefs set at 25% of total income for anyone claiming more than £50,000 in a year, but no significant change to pensions relief.
ARMED FORCES

Family welfare grant and council tax relief for armed forces doubled.
Extra £100m to improve military accommodation - funded by £2.4bn savings from ending combat operations in Afghanistan.


--------------------------



So 45% next year instead overhauling the system. in vain hope they wont tax avoid what happens if they do the same. Its less funds in to the coffers.


At least nothing bad for motorists but those who smoke got it bad 5% increase my mum will be pleased.


Very optermistic on borrowing no way he get down to that in month sundays.


I already seen big loophole in that mansion tax Bet bottom dollar they all going be suddenly £1,999,000 from midnight. Then the sell gets a gift to the value if his price before tonight.

Re: Todays Budget
 

Motorist still shafted

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..and smokers of course :(

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I don't think it's disincentivizing. If people would really lose motivation to earn more simply because more would be taken proportionally then they need to examine their priorities. They would still get more money, it's not as it the moment you cross the threshold the new tax rate applies to your entire income.

Even so, that's not the intention behind taxing wealthy people more. You need taxes to operate the society and all the benefits that come with it, and they are the best placed to provide it. Companies employ people who are educated by the state, protected by the state, and looked after by the state and there is a cost involved in that. If any of us suddenly found ourselves unable to work due to heath reasons then in comes the state to look after you, if you find yourself out of work, there is the state.

Taxes are the price we pay and people can go to countries like the US where you pay less tax, pay for health insurance, and as long as you don't lose your job and the health insurance company doesn't screw you over then you don't have to worry if that heart operation you need will bankrupt you family or not. There is a cost involved in not paying as much tax as well.

The government is lowering corporation tax, fair enough, more people employed means more income tax. However I think income tax should largely remain the same. Tax breaks should be given to use who have the most need.

Re: Todays BUDGET
 

But that's not how it works. The 50% rate kicks in at £150,000 and affects all your earnings over £150,000. All your earnings below that continue to be taxed at 20% for the first £40,000 of taxable income and 40% for everything between £40,000 and £150,000.

I'm not sure I buy the rather self-serving argument that the higher tax rate disincentivises people from growing their business. People who make £200,000 a year are already generally highly capable and ambitious people who invest and grow their businesses because they can. They don't sit around refusing to do it because the chancellor has taken a few extra quid from their pay.

There does of course come a point where high tax rates become counter productive, but those rates are way, way higher than they are now and they result in emigration of the most mobile and affluent to lower tax regimes elsewhere in the world.

Re: Todays Budget
 

least the VED, fuel duty not gone up but this privatisation the roads will indeed shaft us.

interesting nugget on aviation but why south east surely nationwide aviation system needed it should not be all about london whats betting if its not favourable its ignored.

Report on the future of aviation in south-east England to be published in the summer.

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Okay i am a smoker 1st of all.

So why are us smokers being shafted again jeez

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Yes l am afraid so.:(

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always do but it would be good idea to support alternatives which less harmful. People will smake whatever they price it.

The other is what happens when all stop there tax system in trouble.

Same with motorist tax it too much loses treasury money.

They may not like the smokers, the alcoholics, the motorist killing environment but they cant do without them.

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They see smokers as a very easy target l am afraid.

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Cheers taff its not on the budget at glance

indeed corrected we shafted again.

Anybody get air this very predictable budget usual suspects get hammered usual suspects laugh at us mortals as they see more money to put in caymen isles banks.

---------- Post added at 14:20 ---------- Previous post was at 14:17 ----------

new stealth tax coming sound it alternative environment tax

GREEN MEASURES

Government to seek "major savings" in the adminstrative cost of the Carbon Reduction Commitment, and bring forward an alternative environment tax this autumn if such savings cannot be found.

Re: Todays Budget
 

I would love to see what happens if the UK population wouldn't smoke for a month and see what George tries to do then

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all the MP's smoking 1,000 a day to try madly recover some losses haha.

Maybe its worth smokers to try it but its the cravings which the government know it they cant stop.

They literally relying on the hardcore to keep puffing.

time for overhaul update to read

INCOME TAX

From April 2013, the 50p top rate of tax will be cut to 45p.
Continue reading the main story Full Budget Documents

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• Documents hosted by HM Treasury

Personal income tax allowance raised to £9,205 from April 2013, making 24 million people £220 a year better off, including higher rate earners.
New general anti-tax avoidance rule to be introduced.
Age-related allowances to be removed for new pensioners from April 2013, and replaced with a single personal allowance for all.
Allowances for those already of pension age to be frozen, but George Osborne said "no pensioner will lose in cash terms".
CHILD BENEFIT

Will be phased out when someone in a household has an income of more than £50,000. It will fall by 1% for every £100 earned over £50,000.
Only those earning more than £60,000 will lose the entirety of the benefit.
ECONOMY

Independent Office for Budget Responsibility (OBR) revises up UK growth forecast for 2012 to 0.8% - from 0.7%.
Forecast for 2013 is 2%, for 2014 is 2.7%, and in each of the two years after that 3%.
Eurozone growth forecast for this year revised down from 0.5% to -0.3%.
UK inflation forecast to fall from 2.8% this year to 1.9% next year.
BORROWING

Borrowing this year to be £126bn - £1bn less than forecast in the autumn. Predicted to be £120bn in 2012-13 and £98bn in 2013-14. Forecast to fall to £21bn by 2016-17.
Consultation to be held on offering gilts - government bonds - with maturity terms of more than 50 years.
JOBS AND SKILLS

OBR forecasts unemployment to peak this year at 8.7% before falling each year to 6.3% by 2016-17.
One million more jobs to be created in the economy over five years, OBR says.
HOUSING

From midnight, new stamp duty level of 7% for homes worth more than £2m. Any such homes bought through companies will pay 15%.
Extra funding to help construction firms building new homes.
HELP FOR BUSINESS

Corporation tax cut to 24% from next month. By 2014 it will fall to 22%.
Enhanced capital allowances for businesses setting up in new Scottish enterprise zones in Dundee, Irvine and Nigg. A Welsh enterprise zone to be created in Deeside.
Consultation on simplifying the tax system for small firms with a turnover of up to £77,000.
Government support for £150m of tax increment financing to help councils promote development and an extra £270m for the Growing Places fund.
Tax relief for the video games, animation and high-end television production sectors.
Government considering enterprise loans for young people to start their own business.
Relaxation of Sunday trading laws on eight Sundays during Olympics and Paralympics, starting July 22.
ARMED FORCES

Cost of operations in Afghanistan to be £2.4bn less than expected.
Money saved will provide an extra £100m to improve military accommodation.
Personnel serving overseas will receive 100% relief on an average council tax bill.
Families welfare grant also doubled.
PUBLIC SECTOR

Government evidence to be published on the case for regional public sector pay.
Option for government departments to move to regional pay structures for civil servants when current freeze ends.
ENERGY

"Major package of tax changes" to boost oil and gas extraction in North Sea, along with £3bn new field allowance west of Shetland.
FUEL, CIGARETTE AND ALCOHOL DUTIES

Duty on all tobacco products to rise by 5% above inflation from 18:00 today - the equivalent of 37p on a packet of cigarettes.
No change to existing plans on alcohol duty.
New duty on gaming machines at a standard rate of 20% and a lower rate for low-prize machines of 5% of net takings.
No change to existing plans on fuel duty. Vehicle excise duty to rise by inflation, but frozen for road hauliers.
Existing fair fuel stabiliser means above-inflation rises in fuel duty will return only if price of oil falls below £45 ($70) a barrel.
PENSIONS

Automatic review of state pension age to ensure it keeps pace with increasing lifespans.
New single-tier state pension for future pensioners to be set at about £140 and based on contributions.
TRANSPORT AND INFRASTRUCTURE

Extend electrification of the Transpennine route between Manchester and Sheffield. Further improvements to the lines between Manchester and Preston, and Manchester and Blackpool.
Report on the future of aviation in south-east England to be published in the summer.
Funding for superfast broadband and wi-fi in the UK's 10 largest cities.
OTHER TAXES AND ALLOWANCES

Bank levy to be increased to 0.105% from January 2013 "to ensure that corporation tax cuts do not benefit the banks". The levy will raise £2.5bn a year.
New cap on tax reliefs set at 25% of total income for anyone claiming more than £50,000 in a year, but no significant change to pensions relief.
VAT loopholes and anomalies to be removed - including removing exemptions for sports nutrition drinks and hot takeaway products in supermarkets.
Existing exemptions will remain for food, children's clothes, books and newspapers.
Personal tax statement to be sent to 20 million taxpayers from 2014.
GREEN MEASURES

Government to seek "major savings" in the administrative cost of the Carbon Reduction Commitment, and bring forward an alternative environment tax this autumn if such savings cannot be found.

Re: Todays Budget
 

Poll added!

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thanks mick can you do favour post before you should be the first post in the list.

This then gives people idea what they polling on.

Anyway some NUGGET apparantly the review which Osbourne based his findings on about 50% tax or 40% tax is FLAWED.

Channel 4 doing programme

Not sure this should be new topic to be discussed if so can mod do it for me.

http://www.channel4.com/news/emma-ha...p-tax-analysis

Re: Todays BUDGET
 

Not true. It makes me feel really demoralised when I see how much tax I pay......especially when it's proportionally more than a lot of other people, just because I manage to earn more money. It makes me feel like the govt is only there to take from me and give me bugger all back.
(Then the council takes their pound of flesh, both private and business rates (don't get me started))

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A fresh air tax:erm:

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as maggy says dont give them IDEA's;)

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That's usually the way income tax works. It's not uncommon for there to be increasing rates of tax up the pay scale. It's difficult to go to one rate that can be applied to all, you either tax those on low incomes too much or those on high incomes too little. Those on higher incomes will pay more because they are judged to be able to afford to do so, they are not 'scraping' by the same was as a family on £15,000 will be. It makes sense to reduce the tax burden on those on lower incomes first, it strikes me as basic decency.

That's not to say those on higher incomes are living the high life and don't also struggle nor that it's a perfect system but there doesn't seem to be an obvious alternative.

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I worked that out 6 years ago and gave up smoking. For those that smoke and on 20 a day thats an extra £139 a year up in smoke

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Gotta love how every budget they slap more tax on tobacco supposedly on the grounds of health but then add nothing to alcohol lol. Load of rubbish and cutting top rate tax just shows really where their priorities are remember folks "we're all in it together".

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Alcohol has gone up in previous budgets. I don't think that works against the narrative of 'we're all in it together'. I never believed that anyway but the idea isn't undermined by this measure IMO. I would also argue that, in moderation, alcohol isn't really harmful in the same way smoking is.

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Well, I am a *lot* better off - Mrs T and I are growing a B&B business and the tax-free allowance is going up faster than our earnings. We have always been a sole-breadwinner family (i.e. me) but now we are both working together we are looking at earnings of over £18,000 before we pay any income tax, once the measure announced today comes in.

This budget has been good for people who are considering starting out as self-employed but are worried about whether they can quickly start to earn enough to make ends meet.

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http://www.dailymail.co.uk/news/arti...idden-tax.html

---------- Post added at 16:20 ---------- Previous post was at 16:17 ----------

Just a quick guesstimate: now 78% of the price of a pack of fags goes straight back to the exchequer.

http://www.the-tma.org.uk/tma-public...arette-prices/

Re: Todays Budget
 

So you spilt the income between two and thus use all of the tax free allowance? Was there anything else announced that is of benefit? The tax returns being cheaper if turnover is less than £77,000 for example...

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http://www.the-tma.org.uk/2012/03/tm...21-march-2012/

---------- Post added at 16:23 ---------- Previous post was at 16:22 ----------



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Re: Todays Budget
 

So absolutely no incentive for middle earners to join a pension scheme then with that hidden bombshell.


The planned 3p rise in Fuel duty in August will be going ahead, this will be the sting in the tail for many people. If you fill up a car with an average fuel tank capacity of 55 Litres of fuel. You will be paying £1.65 more at the pumps, plus there is the VAT added on top of the fuel purchase itself at 20% rate.

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I dont know why anyone is shocked any more at Budget time. No matter who the highway man is cooking the books we the great unwashed pay for it :rolleyes:

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Well in the May local elections I'm going to write on my voting slip.

"DROP FUEL DUTY YOU EXPENSES THIEVING *******S"

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I intend to spoil my vote and might just copy that :tu:

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yes would not be shocked the rebirth home brewing where would the faceless gits be then. No doubt the tax the ingrediants of beer or ban the home manufacturing of alcohol.

Yes I agree Sirius all parties facelss **** who aint got once of braincell. All budgets whichever party follows the normal retoric with tad slants of deviation to make them look different but in essence completely the same let the very top rich take there ball home. All parties scared faceless to tackle the problem let those who wont cough up take there ball away.

I said along time there purge on alcohol would drive it into underworld of profesional criminals. With the worry fake fags/booze now food it totally going to get worse.

Its always been fags, booze, motoring hidden common man tax as the better off its just drop in ocean but lower the scale it hurts badly.

I dont smoke or drink but like driving seems its crime for little pleasure. My mum smokes but 82 she out lived the supposed its dangerous. Now accept right to stop young getting bad habit but its in sense becoming pension tax as many who smoke come from that era cant kick habit due simply how long they been smoking. Not say completely abolish but theres point tax hikes getting beyond joke.

Enough is enough find the milti millionairres and billionairres pick on them for once..

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Don't drink,don't smoke and I've no children under 16.I receive no benefits and I'm not retired yet.I own my own home and although I have some savings the interest rates are useless.I do drive and so I will be shopping locally as usual because of high fuel costs.
There is frankly nothing for me in this budget though I suspect that as a soon to be pensioner I will be stung in another 3 years time and I suspect that a lot of the pensioner perks such as free prescriptions and heating allowance will disappear by that time.

Re: Todays Budget
 

For pensioners and pensioners to be today was one heck of a nasty budget.

For those already on pensions, the freezing of the April 2012 level possibly until the general allowances for those under 65 catch up has destroyed a principle set in place in 1957 and revised in 1975. A bedrock protection against living into retirement on a fixed income is in the process of being swept away.

Those who are unfortunate to retire whilst the drift down parity is taking place need not be concerned because from April 2013 (when the freeze begins) nobody retiring will get on it anyway as those retirees are stuck at pre-65 allowances. Loss by exclusion?.

As the vast majority of posters are probably too young to be concerned about retirement the good news is, repeated from last year, longevity is alive and well and a closely scrutinised statistic for elevating the retirement age so that IMO 70 is perhaps a good guestimate for those under 50. Of course many under 50 will never reach 70 but there wouldn't be much point in moving the target if it was achievable.

With the first steps of the privatisation of the NHS almost law, resentful anger about pensions and public sector workers possible regional pay and just about everybody excluding bankers well and truly fed up, we are moving towards the critical mass needed for a Thatcher type passive public backlash.

Any non mainstream parties who fancy their chances in the next election have a chance in a lifetime to court the mass of voters (grey) who Osborne managed to alienate big time.

I suspect a surprisingly small percentage of tax paying grannies lose anything on the allowance claw-back so in one move he got almost the lot. Brown got a small percentage when he scrapped the 10% rate and I suspect that the move was a nail in Liebours coffin. Osborne has trumped that big time like a kid let loose with a nail-gun and the biggest voting bloc , by miles, will not forget. I thought the Cons had a chance of two in a row without the stooges but today it has been blown away.

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You would be surprised how many people "spoil" their voting papers with written messages,a few years ago i was scrutinising voting papers as an observer at the count for a political party. Before i saw the light.:)

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I'll have to ask my father in law (the accountant) ... he knows what all the deductions and allowances are. The great thing when your home is the business is that certain household bills, or a proportion of them, become payable by the business. You don't pay tax on the money that pays those bills - only on what you pay yourself as income after all those things are deducted. So we can earn £9k each, pay no income tax on it, and have lower bills to pay out of it.

This is why I think the rapid increase in personal allowance is such a fundamentally good thing. It makes it far easier to plan and to start a small business without worrying about the jump from benefits to low earnings.

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they used to anounce it at elections remember one they had over 400 spoilt papers think it was the one BELL won. Something about the election why ex journalist Bell stood independant.

Not sure its great idea to be fair guys local elections for you to pick local decision never liked it political anger backlash.

Suppose there needs to be stance by the public so would agree if there no alternative vote.

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That just makes you a dirty filthy tax avoider ...to some ;)

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The introduction of a tax on malt or malted grains stopped me home brewing several years ago. Soon after the only local brewing shop closed down, as many more stopped homebrewing.

I miss my 10% Xmas Ales. :(

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No, worse than that, I'm maxing out on my expenses. That makes me ... an MP :erm: :disturbd: :D

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Where's Alan F when you need him :)

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....counting his doubloons?

Re: Todays Budget
 

Well according to the BBC budget checker thingy-me-bob we (Mrs & I) should be better off to the tune of £300 for 2012/13.

Re: Todays Budget
 

According to the BBC calculator I'll be £148 a year better off.

Still getting shafted with a pension contribution increase next month then again the next two years though so overall I won't see any increase. :td:

Re: Todays Budget
 

Some like Gideon for instance, who said he was going to crack down on aggressive tax avoidance earlier.

Re: Todays Budget
 

The big questions should be.Is this the budget to get the economy moving,growing and get unemployment down.Or is it merely a cost cutting exercise?

Will the super rich actually take their tax cut and invest it in this country or will they just carry on investing it abroad?

Re: Todays Budget
 

I think it might be interesting to see how much the revenue is raised by the highest income tax bracket as it changes from 50% to 45%. If we find the rate of avoidance does change then there would be an argument to keep cutting the rate but if it doesn't then maybe it would be better to keep it higher.

Re: The Budget, March 2012
 

https://www.cableforum.co.uk/images/...2012/03/15.jpg

http://www.dailymail.co.uk/news/arti...k-20-cent.html

Rental of hairdressers’ chairs :confused:

Re: The Budget, March 2012
 

Did anybody notice the holiday caravan tax. Is this now going to make a holiday dearer which case would decimate seaside resorts.

So not content screwing you one way it seems he hurting you if you happen to able to find some money for holidays.

So the more you punch holes in hurts the bookies and pubs with changes to taxation now onto profits. Slot machine arcades places/pubs likely lost £1,000 out there revenue.

He hits the places like haven as they could be hit with lower numbers. He hit the avaition industry due to passenger tax.

Its like most chancellors gives one hand takes from the other.

Most businesses will be hit with the fuel duty then this impending fiasco of roads.

Dont even see this budget business friendly despite the corporate tax cuts little help for small business as those help will be ofset with other hikes.

Re: The Budget, March 2012
 

No, it won't because any holiday park buying and renting static caravans is likely to be a VAT-registered business, i.e. they won't pay VAT on items the business buys, but will have to pay VAT on their sales to the public. A very small operation that is not VAT registered will be hit with a one-off 20% increase in the cost of buying a new caravan which they will then have to recoup through the price they charge holidaymakers.

Incidentally, it looks as if a ruling on EU law, which governs VAT, is at the root of this - don't be too quick to assume it's an underhand Tory tax-grab.

Re: The Budget, March 2012
 

thanks for that mum loves her caravan holidays worried £250 hike in costs its already disgraceful £1,000 in hight season.

Even off peaks getting dearer as people move more to them.

Re: The Budget, March 2012
 

I'm slightly worried myself, we are a small, non-VAT B&B and we have just bought a shepherd's hut to expand our offering from one room to two. The hut was delivered a few weeks ago and has its first paying guests at the end of the month.

It's not a static caravan, but then it's not a tourer either. It's a wheeled contraption designed to be hauled up the hillside by a horse and left in a field as shepherd's accommodation. Ours sits at the front of our property and while it is fully mobile, we're not intending to move it whilst in service and have it connnected into all the mains services.

There was no VAT on the purchase but I have just fired off a quick email to the manufacturer to find out whether he will be affected by the rule change - it might make the difference as to whether we can even think about buying a second hut at the end of this season.

Re: The Budget, March 2012
 

Many of the caravan camps are home to owner-rented caravans who pay rent to be there. I hope they pay their income tax....

Re: The Budget, March 2012
 

As it's a mobile caravan, VAT should have been applied on the purchase anyway. It is the anomaly of VAT not being applied to the sale of a static caravan that is being closed. The new rules don't apply until Oct 2012.

Re: The Budget, March 2012
 

Interesting development about Osbourne.

He denied he top earner wont benefit but there some questionable doubts too this. He correct in sense to his MP's job but how much earns outside this position.

http://www.thisismoney.co.uk/money/n...#ixzz1psfuqYo8

So its not in the realms he maybe qualify would be shocked Cameron not either as his ministerial pay £142,500. I would be shocked this is only income.

Nobody grudging there pay outside as long its own company dont conflict with policies. Still think Mp's pay way too high even if they run the country. Under current climate not deserved they should half it.

Re: The Budget, March 2012
 

Rather than using innuendo to smear, you can find this information out easily by looking at the Register of Members' Financial Interests....

Link

Re: The Budget, March 2012
 

Milband's response to the budget was the strongest I have seen him yet since taking leadership of the party. Asking the front bench how many of them would benefit from the top-rate tax cute was good tv as well his comment, directed at the Prime Minster, that he could now afford his own horse.

Shame he is utterly ineffective the rest of the time. His failure to capitalise in any way whatsoever on the government's unpopularity, the slower than expected recovery and dalliance with another recession and the Lib Dem support utterly deserting them in mind boggling. If they can't capitalise now, at the presumed height of the current governments troubles, then they really are screwed in the general election.

Re: The Budget, March 2012
 

I think you summed that up nicely Damien ,one of the things this country has lacked for years is a strong opposition which i consider as important as having a strong government

Re: The Budget, March 2012
 

Well, the VAT man says its something other than a caravan and will continue to be zero rated - just got a reply from the manufacturer. So there remains the possibility of us being able to afford a second one after all.

Re: The Budget, March 2012
 

Sadly, this is all the Tory party is all about, he has helped the rich, but not the poor worker on the street, or the OAP's.

Smokers and beer has been hit, The Tories are not stupid, they will hit what makes them money, It won't effect anyone who is earning 100.000's a year, its just peanuts, people that buy houses that are worth millions.

What they should have done was to reduce fuel duty to help those who run haulage companies, people that need there cars for work etc. They should have given OAPs decent pensions to live on.

It makes me laugh on tv just now, Cameron has said that he has frozen his wages for this party, but l forgot his wages must be six figures, plus gets expenses, free perks, and goes on two months hold in the summer, with bodyguards paid by the taxman.

What about the poor worker. What he could have done is most of British Lorry drivers drive products that we use on the road, he could have helped them.

Most foriegn drivers that bring products from abroad should pay tax when they arrive in this country as they are on BRITISH SOIL.

Re: The Budget, March 2012
 

The rental income is recent enough not to have yet been assessed for tax.
As for the PM.

Re: The Budget, March 2012
 

dont understandyou hugh comments not alleged or acused anyone the paper article suggesting he maybe above the threshold. I am just posting it they raising whether he is considering the details they post.

Arthurgray50@blu you go too far sometimes but you make sense with those comments.

Go far say why did he not give us all below 15,000 or less earnings voucher for to buy british goods.

Puts it into companies instead of the businesses maybe put there cut into business. Stimulates british industry and stimulates the economy. Yanks did this to ofset credit crunch gave american citizens money to spend.

Re: The Budget, March 2012
 

looks pretty much like allegations and accusations to me.....

Re: The Budget, March 2012
 

Roll on the 23rd century e.g. Star Trek where there is no money, greed!

Re: The Budget, March 2012
 

DS9?
Eg Quark.

Re: The Budget, March 2012
 

I emailed my MP to back an EDM on beer duty escalator which for own reasons was declined but the reply included

Good to see action on cider. I'd like to see similar on real beers too, duty free if your production is less than 70 hectolitres in a rolling 12 month period. Currently there is reduced rate at less than 60,000 hl so introducing a duty free band in line with cider would not change much in income.

On the budget I get hit because at the moment I get additional income for a job relocation. Although this is an expense, because it's fixed over a period the company work back to a gross figure and add to salary so I loose child benefit.

Surprised that people haven't suggesting banding the booze duty to hit more expensive items (within type) more so the percentage on a bottle of plonk is less than for a top vintage. I mean adding 5p (or 10 or 20) hits a £5 bottle more than a £500 bottle.

Re: The Budget, March 2012
 

One things Osbourne should considered before dropping 50% who these people where. I bet lot prem footballers laughing at payrise wont put into businesses.

Film stars, pop stars how many these was bank bosses, council bosses. Ours earns above this threshold he just been given nice payrise by the move. All these wont re-invest as they dont own businesses.

How many these 50% earners are actually business people who in position to re-invest.

Re: Todays BUDGET
 

if you want fairness then everyone should be paid the same as well.

you want a capitalist pay system with a communist tax system. eg. the banks to profit all they want in good times but then become bailed out in bad times, and people to earn huge amounts but only pay small taxes.

What I find laughable in this budget is the huge drops in corporation tax, literally giving away money to the likes of tesco who have their minister hotline. Bear in mind the corp tax drops only affect large companies not small firms.

---------- Post added at 18:16 ---------- Previous post was at 18:11 ----------

I think we both know the answer hence your question :)

Re: Todays BUDGET
 

Corporation tax needs to be competitive with the rest of the world if we are to attract companies to this country and keep the ones we have .

Re: Todays BUDGET
 

But we already have a low corporation tax.

Australia 30%
Germany 30%
Denmark 25%
France 33%
India 33% (and massive growth)
Japan 40%
New Zealand 28%
Norway 28%

most of the countries with lower rates are ones with higher crimes, more social disorder etc. are we competing against the likes of afghanistan?

Big corp companies are not job creators, small firms are.

Re: Todays BUDGET
 

what's wrong with the fourth most attractive country in terms of corporate tax ?.I notice you have tried to justify high corporate tax because India has "massive growth" ,India has some of the lowest wages in the world which more than of sets the high tax

Re: Todays BUDGET
 

which you have just proven my next point.

lowering corp tax isnt going to bring companies here, having a higher corp tax also probably wont make them leave.

there is bigger factors involved such as costs of doing business here and cost of wages.

I know why corp tax is been lowered and its not for the economy.

---------- Post added at 19:09 ---------- Previous post was at 19:07 ----------

so what labour did makes whats happening now ok? trying to understand the point of what you saying.

isnt the discussion about this budget?

also why do people think any tax increase is always directly related to welfare?

to be fair to labour they did achieve growth so that policy is harder to slam, whilst we are not keeping up with other countries under this government. The purpose of budgets is not supposed to be to make taxpayers richer.

Also can we have new options to the poll please, I want utter tosh, but I have gained as an option.

thanks.

Re: Todays BUDGET
 

ok ,so we have high corporate tax and low wages putting even more people into poverty and onto benefits how is that going to benefit anyone

Re: Todays BUDGET
 

Out of £10,000 in tax only 24p goes to the unemployed apparently. Even if we widen the net:

24p on the unemployed
0.8p on admin
£1.48 on family and children (inc child benefit etc)

Actually quite a small amount when you consider the elderly rack in £3.61.

Of course this isn't exactly it works but it does go to show quite how small the amount the 'bings that lay on their backs dropping sprogs whilst watching Jeremy Kyle' take of the national spending.

http://www.guardian.co.uk/news/datab...?newsfeed=true

If we stopped helping old people we would be loaded.

Re: Todays BUDGET
 

nice to see a post based on facts.

I noticed the government included pensions in the massive social security budget figure they read out to the TV cameras, which is why that figure seems so high as a 3rd of the budget.

Re: The Budget, March 2012
 

IF you look at look this way, the budget has put up everything that MAKES the government money, as they know that if they put another TWO pounds on fags, people would still buy them.

Fuel duty, we need fuel for our cars, they could put that up and bingo MORE money for the government.

ANYTHING that makes the government they will increase.

WE pay MORE tax than anyone, the only people that government help out is the rich, Tax for the Rich should be higher than it is, IF you think all the houses in central London for example, these are worth millions, but by the government reducing the tax to 45p is helping them out.

BUT, they want to decrease the salaries of police officers down to £19.000, they put there lives on the line each minute they are on duty, would you be a copper.

Dr, Nurses, police officers, Ambulances and fireman, Armed services should be on a decent wage, but this has been cut due to budget cuts. Who is winning - it certainly aint the worker.

Re: The Budget, March 2012
 

This article interesting

http://www.independent.co.uk/news/uk...t-7584112.html

Refers to the crafty adjustment which put many into 40p tax bracket people who as low £41,450 which in modern living not that high if they only bread earner.

Thousands will be caught out these the people which will pay for the 45p tax rate.

Shift to make more moderate pay more. Some will say right to even playground but if the rich top earners want all the money then they should suffer more the pain.

Re: The Budget, March 2012
 

Yes but they will only be paying 40p tax on the earnings above that figure, hardly a vast swing

Re: The Budget, March 2012
 

indeed.

someone earning 1k above the threshold eg. will probably still gain due to the increase of tax allowance?

Re: The Budget, March 2012
 

The chancellor isn't stupid, Caviar hasn't gone up has it, l bet anything that at the Commons's, where l used to work about 20 years ago, they get most of there stuff cheap, and hardly pay any tax on it.

As typically, Tories give to the rich and take from the poor.

Re: The Budget, March 2012
 

You weren't expecting a balanced view from Arthur where you ?

Re: The Budget, March 2012
 

Yet again, this budget will NOT grow our economy, NOT reduce unemployment, NOT improve wages, NOT reduce debt, NOT crack down on tax evasion, NOT make the rich pay a fair share, NOT give us a decent public sector, NOT create decent jobs, NOT imrpove our public transport, NOT improve pensions, NOT improve benefits, NOT imrpove our schools etc...:mad:

In other words a very dissapointing budget! :td:

---------- Post added at 13:19 ---------- Previous post was at 13:16 ----------

What is government thinking when they suggested cutting the top rate of income tax (along with reduced corporation tax!), the rich are the only people doing well and we need more tax revenue to pay our debt. They already get away with tax evasion and avoidance, this coming from a 50% income taxpayer! :mad:

---------- Post added at 13:21 ---------- Previous post was at 13:19 ----------

Yet again the government is having a go with their own civil servants (with regional pay deals) and proving to Brits outside the London Communter Belt how much they really care about them :td:

Also, give control of the roads to the state owned railways!

---------- Post added at 13:26 ---------- Previous post was at 13:21 ----------

And yet the government wants to reduce public services and sell the NHS! :mad: :td:

Like I said, all they care about is people with a lot of this

http://www.serious-crime-solicitors....es/50_note.jpg

Also, if another nation invades the UK, will G$S stop it? :D

Re: The Budget, March 2012
 

The government NEED to reduce public services

The government are not ,not do they want to sell the NHS

Re: Todays BUDGET
 

I am a 50% rate payer and I suggest that taxes for the rich should be raised, and if they leave, any nation that accepts them, will be as well liked as let say Iran!

---------- Post added at 13:35 ---------- Previous post was at 13:34 ----------

No they do NOT need to reduce public services, in fact in times like these, they need to enlarge it even more :mad:

It only the rich that want to reduce it :td:

Re: The Budget, March 2012
 

Have you been away on Holiday by any chance Alan?

Re: Todays Budget
 

The more taxes on tobacoo and alcohol, the more money for public services and less people smoking (and a few drinking less)

---------- Post added at 13:38 ---------- Previous post was at 13:37 ----------

Sorry I was suspended for two weeks :(

---------- Post added at 13:39 ---------- Previous post was at 13:38 ----------

In that case, there should be more limits on duty free booze and tobacco

Re: The Budget, March 2012
 

A world government will not organise itself now will it Pierre.

Re: Todays Budget
 

no need to aplogize Alan

Re: Todays Budget
 

And welcome home :)

Is that how much a typical pack of 20 fags is now. £7?

I remember when singles were 10p each. in this months money you get 50 fags short.

Re: Todays Budget
 

I'm a rolly man so i pay £6.50 every 5 days :D