Budget 2012

[S10 GTA]

Let's have your thoughts and opinions...

[Gun]

Hoping for a bit of relief for us motorists but not holding my breath.

[S10 GTA]

What are the chances of VED increasing, as well as fuel?

[Megaflow]

Gun said:

Hoping for a bit of relief for us motorists but not holding my breath.

Sadly I can't see that happening. It sounds like there is a lift in the lower tax threshold to £9000 and a cut to the upper tax rate to 45% coming. Both of those need paying for somehow.

You can be rest assured we will be paying the same total ount of tax at the end of today as we are now, if not more, the only difference is exactly which parts of the population will be the winners and which will be the losers...

[spaximus]

I am hoping they will announce an overall of the overseas aid system so we don't send money we could use here to grow the econony to help the likes of india and china grow and take british jobs away. All for aid where needed but stop the pisstake

[roachcoach]

Megaflow said:

Sadly I can't see that happening. It sounds like there is a lift in the lower tax threshold to £9000 and a cut to the upper tax rate to 45% coming. Both of those need paying for somehow.

You can be rest assured we will be paying the same total ount of tax at the end of today as we are now, if not more, the only difference is exactly which parts of the population will be the winners and which will be the losers...

Sky are saying the allowance change will be funded by spending cuts, not sure I believe that. I suspect corresponding drops to the 'higher' rate levels, amongst other things.

Petrol will be an interesting one to watch alright.

[Apache]

swings and roundabouts, reduce Income Tax but add 3p to a litre of fuel.....they get theirs whatever

[elster]

roachcoach said:

Megaflow said:

Sadly I can't see that happening. It sounds like there is a lift in the lower tax threshold to £9000 and a cut to the upper tax rate to 45% coming. Both of those need paying for somehow.

You can be rest assured we will be paying the same total ount of tax at the end of today as we are now, if not more, the only difference is exactly which parts of the population will be the winners and which will be the losers...

Sky are saying the allowance change will be funded by spending cuts, not sure I believe that. I suspect corresponding drops to the 'higher' rate levels, amongst other things.

Petrol will be an interesting one to watch alright.

This has been said for the past few weeks that all the tax cuts will be funded by spending cuts, not taxes elsewhere.

I hope hope they don't go with the planned increase.

I think the most interesting points will be:

• NI and Income Tax combined
• Tycoon Tax
• Fuel Duty Freeze
• £10k tax threshold

Ideally I would like to see him go with what he would really want a flat tax system, but unfortunately you have to be 'progressive' to keep voters.

[Newc]

- income tax top rate down to 45%
- starter rate band to 9k at least, 10k if they can manage it
- poss combining of NI and income tax in a way that disguises a net lift in lower band rates
- new top rate stamp duty band of 7% at 2m
- tax reliefs for pensions, VCTs etc, restricted to 30%
- corp tax 1% off
- VED up 5% at lower bands, 10% at top bands
- non-dom charge to 40k
- look through legislation for offshore SPVs owning an asset registered at land registry
- fuel duty no change (but no reduction either)
- poss CGT reduction but only if they can implement a way to restrict income being channeled into CGT
- inflationish-plus increases in cigs, alcohol, slight tick up in air tax, insurance tax
- no change in capital allowances
- no change VAT
- some special one off olympics nonsense; free Tube travel to Stratford, or something equally inane

[Puggit]

Whatever happens I'm sure it will be 'fair' to those of us earning a decent wage and already pumping in the lion's share of the tax revenue...

[BarryGibb]

Newc said:

- income tax top rate down to 45%

They've cut it from 60%?

[BoRED S2upid]

So it looks like the lower rate of Income Tax will rise to 9k making us all better off, but by how much? I intend to spend spend spend.

[tomw2000]

Puggit said:

Whatever happens I'm sure it will be 'fair' to those of us earning a decent wage and already pumping in the lion's share of the tax revenue...

I wish

[greygoose]

It'd be nice if the bands for tax rates were raised across the board, basic rate up to £50,000, 40% up to £160,000, 45% above that.

Stamp duty should just be on the amount above each band rather than on the whole amount.

Fuel duty shouldn't be increased (I live in a dream world).

[996c2]

BarryGibb said:

Newc said:

- income tax top rate down to 45%

They've cut it from 60%?

I think that is for the 50% tax for £150+k.

Not sure if the 60% tax around £100k-110k bracket will change.

[toasty]

I just hope the books are balanced enough to allow the UK to start paying off its debts.

[scotal]

greygoose said:

Stamp duty should just be on the amount above each band rather than on the whole amount.

Talk in the mortgage rags of a new SDLT tier at 7%. This will affect properties over £2mill, so just about every PH'er then.

[Pesty]

Borrowing higher than expected.

does he still have room to cut tax? its going to be just like every other budget.

look like cuts but get fked up the arse somewhere else.

[hornetrider]

Govt borrowing for February nearly double that expected at 15.2bn

[markh1973]

BoRED S2upid said:

So it looks like the lower rate of Income Tax will rise to 9k making us all better off, but by how much? I intend to spend spend spend.

Probably only everyone who pays at 20% will be better off as he will probably reduce the 40% threshold again - pulling more people into that band.