Politics at Westminster | BREAKING: UKIP

Devolving responsibility, as well as sources of funding.

The disparity which exists today will still be there, only with the North West alongside Greater London.
 
Seems a rather limited sugar tax, should have gone further but it's a start
 
Rado_N said:
:lol: you an IFA/CFP?
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No but I'm in financial services. Think the number of regulatory pension projects must have tripled in last few years.

Very much a budget for the middle classes I think. Won't do his leadership bid any harm
 
Smores said:
No but I'm in financial services. Think the number of regulatory pension projects must have tripled in last few years.

Very much a budget for the middle classes I think. Won't do his leadership bid any harm
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The financial planners I know are sick of the changes too
 
Smores said:
No but I'm in financial services. Think the number of regulatory pension projects must have tripled in last few years.

Very much a budget for the middle classes I think. Won't do his leadership bid any harm
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Yeah, looks like a budget for people with a bit of cash to invest.
 
Hilarious. "Budget for the next generation" is the media headline. The headline policies: Huge capital gains tax cut, significant corporation tax cut, and a boastfully large cut to top rate income tax. feck right off.
 
Untied said:
Hilarious. "Budget for the next generation" is the media headline. The headline policies: Huge capital gains tax cut, significant corporation tax cut, and a boastfully large cut to top rate income tax. feck right off.
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The top rate of income tax wasn't touched.

The whole "budget for the next generation" line is about fixing the issues of deficits and debts, the proposals will most likely help with that.
 
Rado_N said:
The top rate of income tax wasn't touched.

The whole "budget for the next generation" line is about fixing the issues of deficits and debts, the proposals will most likely help with that.
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OK, a boastfully large increase to the threshold at which the top rate of income tax is paid.

Ah right. So you fix the deficit but giving tax cuts to those most able to pay.
 
Untied said:
OK, a boastfully large increase to the threshold at which the top rate of income tax is paid.

Ah right. So you fix the deficit but giving tax cuts to those most able to pay.
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He increased the threshold at which the middle (higher) rate is paid, the top rate wasn't touched at all. I'm not sure you can really call a break for someone earning up to £45k something for the rich.
 
Actually a decent response from Corbyn, even the Telegraph saying he hasn't done a terrible job.

Chancellor doing a good enough job overall of providing some eye catching measures to hide that it's largely regressive and that he's missed nearly all his targets again. Revise those expectations away
 
Just scrolled through my twitter timeline. Not gone into a great level of detail, but that budget appears good to me.
 
Rado_N said:
He increased the threshold at which the middle (higher) rate is paid, the top rate wasn't touched at all. I'm not sure you can really call a break for someone earning up to £45k something for the rich.
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45k would put them in the top 15%. Not "rich", but it's outrageous to give them a tax cut whilst you are cutting support to the disabled. And I'm sorry, but someone earning £145k doesn't need an income tax cut.

At the end of the day Osborne's core belief is that the rich deserve to be rich and so should be rewarded for being rich. This is yet another highly regressive budget from a Chancellor who continually misses all of his targets and is somehow going to find a £30bn improvement in public finances in a single year (between 18/19 19/20)
 
Talking of the devil being in the detail; the reduced rates of CGT don't apply to residential property.
 
Untied said:
45k would put them in the top 15%. Not "rich", but it's outrageous to give them a tax cut whilst you are cutting support to the disabled. And I'm sorry, but someone earning £145k doesn't need an income tax cut.

At the end of the day Osborne's core belief is that the rich deserve to be rich and so should be rewarded for being rich. This is yet another highly regressive budget from a Chancellor who continually misses all of his targets and is somehow going to find a £30bn improvement in public finances in a single year (between 18/19 19/20)
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£45k isn't a particularly high income level to hit a 40% tax rate, especially in households with only one wage earner. Christ in London you'd struggle on that.

I'm not saying he's getting it all right, of course he's not, but there's nothing wrong with extending the basic rate band.

The cuts to CT rates and stopping multinationals from escaping tax altogether will bring in more revenue. He should, however, be spending some of that on stopping cuts to disability.
 
I don't see a great deal wrong with it, tbh. It won't stop the people on this Forum from throwing their hands in the air and shouting for his head, literally. Actually wanting his head to be cut off & put on a spike somewhere.

The small business rate relief threshold being raised is a very significant development, business rates can be truly punishing for a small shop.
 
Untied said:
OK, a boastfully large increase to the threshold at which the top rate of income tax is paid.

Ah right. So you fix the deficit but giving tax cuts to those most able to pay.
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The Tories love the class divide. If they can make it wider they will. They despise the poor/disabled so if they can make it worse for them they will. How else do you think they get their kicks. (oh dear...don't answer that)
 
Red Defence said:
The Tories love the class divide. If they can make it wider they will. They despise the poor/disabled so if they can make it worse for them they will. How else do you think they get their kicks. (oh dear...don't answer that)
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I thought the divide between rich and poor was never greater than under the last labour government.
 
fecking Jamie Oliver. Hypocrite of the highest order.
 
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Overall petty decent - I think the ISA he announced is good and i will certainly be looking to use that
All schools to be academies by the end of the parliament might not go down too well with some
top 1% of earners pay what was it 24% of the total tax take... good soundbite to get in there
and the raising of the tax thresholds is generally good news
insurance premium being hiked again - but at least the money if going into flood defence schemes
 
The Lifetime ISA is good for buying a house.. just a Help to Buy ISA where you can put in more money.

However unless the rules change (which is likely), I think you'd be better off investing in your pension in most cases. Cash ISAs tend to have terrible interest rates after a few years.
A 25% increase over 10 years is the equivalent of a 2.25% interest rate :- [exp(ln(1.25)/10)]
A 25% increase over 20 years is the equivalent of a 1.11% interest rate :- [exp(ln(1.25)/20)]
A 25% increase over 40 years is the equivalent of a 0.55% interest rate :- [exp(ln(1.25)/40)]
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So unless the give you a stocks and shares option, then I really can't see a benefit of this. You can put money into it until you are 50, but can't take it out before you are 60.

In its current format, unless you can invest in stocks and shares, then it's likely not going to keep up with inflation.

Edit - The Guardian are saying it will likely let you invest in stocks and shares... So you can scrap that. It might be a decent pension alternative.
The Treasury says that like normal Isas it can contain a mixture of stocks and shares and cash. When you withdraw the money your returns will be free of tax.
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http://www.theguardian.com/money/2016/mar/16/what-is-a-lifetime-isa-budget-2016
 
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rcoobc said:
The Lifetime ISA is good for buying a house.. just a Help to Buy ISA where you can put in more money.

However unless the rules change (which is likely), I think you'd be better off investing in your pension in most cases. Cash ISAs tend to have terrible interest rates after a few years.

So unless the give you a stocks and shares option, then I really can't see a benefit of this. You can put money into it until you are 50, but can't take it out before you are 60.

In its current format, unless you can invest in stocks and shares, then it's likely not going to keep up with inflation.

Edit - The Guardian are saying it will likely let you invest in stocks and shares... So you can scrap that. It might be a decent pension alternative.

http://www.theguardian.com/money/2016/mar/16/what-is-a-lifetime-isa-budget-2016
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does not say it is cash isa only?
https://www.gov.uk/government/uploa...hment_data/file/508176/Lifetime_ISA_final.pdf
 
sun_tzu said:
does not say it is cash isa only?
https://www.gov.uk/government/uploa...hment_data/file/508176/Lifetime_ISA_final.pdf
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Looks like that isn't final, just a framework
1.1 This document sets out the high level design of the Lifetime ISA. This will form the basis of discussions with industry to finalise the parameters of the scheme and ensure it works in the simplest way for both savers and providers of savings products. Final details will be set out later this year.
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But I would say that it implies that it can be stocks and shares, which is good news
Opening a Lifetime ISA will, in most ways, be identical to opening a regular ISA under the existing rules. An ISA manager (such as a bank, building society or investment manager) will apply their normal account opening processes which include asking for a National Insurance number and date of birth. Individuals will be able to open more than one Lifetime ISA during their lives, but will only be able to pay into one Lifetime ISA in each tax year
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Lending yourself money would be good. Jimmy Car can probably advise on that.
 
Rado_N said:
Talking of the devil being in the detail; the reduced rates of CGT don't apply to residential property.
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You only pay CGT on the disposal of a second (non-primary) property, don't you? Pretty sure.
Red Defence said:
The Tories love the class divide. If they can make it wider they will. They despise the poor/disabled so if they can make it worse for them they will. How else do you think they get their kicks. (oh dear...don't answer that)
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They've raised the income tax threshold meaningfully for lower earners and stuff like the lifetime Isa should help younger income poor. We're all in this together and all that.
 
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