Can we talk about March 2016 Budget

Can we talk about March 2016 Budget

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Welshbeef

Original Poster:

49,633 posts

197 months

Monday 8th February 2016
quotequote all
So it's looking like George has difficult decisions to make this time round as growth forecasts have reduced and tax take is still not delivering the beef.

Manifesto commitments were no change to income tax for the parliament ditto VAT so the only way he can increase tax take is to lower the 40% and 45% threshold which would certainly draw in the cash.

Lower child tax benefit to taper off from £40k and cleared by £50k instead of £50-60k should reduce spend significantly.

Put VAT on all food child's clothing utilities will certainly raise a few £

Have a new corporation tax on sales say 3% which is administered like vat so consumers are hit.

Up fuel duty taking advantage of the low price - and use that money to help fund the Syrian and immigrant issue.


Remove the 0% Capital Gains tax on principle primary residence - why is it free it's a massive driver of house price inflation.

Benefit in kind tax on employers pension contribution - including final salary pensions (could hurt some a lot here)

Increase the living wage in October to £7.80/hour or even £8.00.


jonah35

3,940 posts

156 months

Monday 8th February 2016
quotequote all
Welshbeef said:
So it's looking like George has difficult decisions to make this time round as growth forecasts have reduced and tax take is still not delivering the beef.

Manifesto commitments were no change to income tax for the parliament ditto VAT so the only way he can increase tax take is to lower the 40% and 45% threshold which would certainly draw in the cash.

Lower child tax benefit to taper off from £40k and cleared by £50k instead of £50-60k should reduce spend significantly.

Put VAT on all food child's clothing utilities will certainly raise a few £

Have a new corporation tax on sales say 3% which is administered like vat so consumers are hit.

Up fuel duty taking advantage of the low price - and use that money to help fund the Syrian and immigrant issue.


Remove the 0% Capital Gains tax on principle primary residence - why is it free it's a massive driver of house price inflation.

Benefit in kind tax on employers pension contribution - including final salary pensions (could hurt some a lot here)

Increase the living wage in October to £7.80/hour or even £8.00.
I think there should be a 1% sales tax on primary residence when it changes names. Everything else is taxed, why not the main home.

I'd also get rid of 20% tax and charge everyone 40% tax on earnings over say £15k. Bear with me here. It would make everyone stand up and pay attention to tax. At present if you whinge about 40% tax people just dismiss you as rich and greedy. Tax everyone 40% and the would then be real discussion around tax.

I'd also have an asset tax too

But, I'd just reduce spending far more on overseas aid, benefits, wars overseas etc



gibbon

2,182 posts

206 months

Monday 8th February 2016
quotequote all
Welshbeef said:
Remove the 0% Capital Gains tax on principle primary residence - why is it free it's a massive driver of house price inflation.
Long term I think that could cost revenue rather than generate more, it would cripple the housing market, why should you have to pay tax to move from a like to like property if you want to change geographical location for example? Crazy idea. Industry, work, education, development and progress all require a free movement of a work force, this would kill that.

Welshbeef

Original Poster:

49,633 posts

197 months

Monday 8th February 2016
quotequote all
gibbon said:
Long term I think that could cost revenue rather than generate more, it would cripple the housing market, why should you have to pay tax to move from a like to like property if you want to change geographical location for example? Crazy idea. Industry, work, education, development and progress all require a free movement of a work force, this would kill that.
But at the moment this is the result if you have a 4 bed detached up North or Wales and then your job moves to the SE you will simply not be able to buy a like for like house not even close / take a few steps down the ladder.

Why is that fair? Your creating a split society those who have and those who don't. It's wrong.
Personally I've benefitted massively due to this but none the less it's not right.

jonah35

3,940 posts

156 months

Monday 8th February 2016
quotequote all
gibbon said:
Welshbeef said:
Remove the 0% Capital Gains tax on principle primary residence - why is it free it's a massive driver of house price inflation.
Long term I think that could cost revenue rather than generate more, it would cripple the housing market, why should you have to pay tax to move from a like to like property if you want to change geographical location for example? Crazy idea. Industry, work, education, development and progress all require a free movement of a work force, this would kill that.
You do already. Stamp duty.

I think it should be on sale as well as purchase.

Andy Zarse

10,868 posts

246 months

Monday 8th February 2016
quotequote all
Welshbeef said:
gibbon said:
Long term I think that could cost revenue rather than generate more, it would cripple the housing market, why should you have to pay tax to move from a like to like property if you want to change geographical location for example? Crazy idea. Industry, work, education, development and progress all require a free movement of a work force, this would kill that.
But at the moment this is the result if you have a 4 bed detached up North or Wales and then your job moves to the SE you will simply not be able to buy a like for like house not even close / take a few steps down the ladder.

Why is that fair? Your creating a split society those who have and those who don't. It's wrong.
Personally I've benefitted massively due to this but none the less it's not right.
So taxing the gain would solve this problem how exactly?

don4l

10,058 posts

175 months

Monday 8th February 2016
quotequote all
Welshbeef said:
So it's looking like George has difficult decisions to make this time round as growth forecasts have reduced and tax take is still not delivering the beef.

Manifesto commitments were no change to income tax for the parliament ditto VAT so the only way he can increase tax take is to lower the 40% and 45% threshold which would certainly draw in the cash.

Lower child tax benefit to taper off from £40k and cleared by £50k instead of £50-60k should reduce spend significantly.

Put VAT on all food child's clothing utilities will certainly raise a few £

Have a new corporation tax on sales say 3% which is administered like vat so consumers are hit.

Up fuel duty taking advantage of the low price - and use that money to help fund the Syrian and immigrant issue.


Remove the 0% Capital Gains tax on principle primary residence - why is it free it's a massive driver of house price inflation.

Benefit in kind tax on employers pension contribution - including final salary pensions (could hurt some a lot here)

Increase the living wage in October to £7.80/hour or even £8.00.
You really would think that Tony Blair was still in charge and Gordon Brown was the chancellor.

If you voted Conservative at the last election, you must feel conned.



rovermorris999

5,195 posts

188 months

Monday 8th February 2016
quotequote all
Instead of more tax how about spending less?

Welshbeef

Original Poster:

49,633 posts

197 months

Monday 8th February 2016
quotequote all
Andy Zarse said:
So taxing the gain would solve this problem how exactly?
It would stop the gulf augmenting

rs1952

5,247 posts

258 months

Monday 8th February 2016
quotequote all
jonah35 said:
Tax everyone 40% and there would then be real discussion around tax.
There is a fundamental flaw in your cunning plan.

No government who did that would have a cat in hell's chance of being re-elected come the next election

Welshbeef

Original Poster:

49,633 posts

197 months

Monday 8th February 2016
quotequote all
rs1952 said:
jonah35 said:
Tax everyone 40% and there would then be real discussion around tax.
There is a fundamental flaw in your cunning plan.

No government who did that would have a cat in hell's chance of being re-elected come the next election
But it's a poison chalice if labour the. Came in where would they set that 40% level at? How could they tax the poorest taking them from 0% to 20%? It would be a disastrous issue for them to try to fix.

Crush

15,077 posts

168 months

Monday 8th February 2016
quotequote all
rovermorris999 said:
Instead of more tax how about spending less?
Makes sense so doubt it'll happen.


Crush

15,077 posts

168 months

Monday 8th February 2016
quotequote all
How about a raid on public sector pensions? whistle

John145

2,447 posts

155 months

Monday 8th February 2016
quotequote all
Cut tax credits.

crankedup

25,764 posts

242 months

Monday 8th February 2016
quotequote all
Stop giving our money away in the form of foreign aid., how much each year !!!

Welshbeef

Original Poster:

49,633 posts

197 months

Monday 8th February 2016
quotequote all
John145 said:
Cut tax credits.
But does that really have the desired impact?

1.Cut tax credits
2. Generally people in receipt of this are poor and tend to spend all their money take this away they have nothing more to spend in the economy
3. Individuals not in receipt of tax credits will not increase spending to mitigate removal of point 2.
4. Impact of this means less vat less company profit so less corporation tax fewer staff enployed so less tax raised and then the suppliers of those shops.

The only way to get out of it is for them to increase salaries OR accept there will be a reduction. It might actually be net detrimental to the govt £ wise. We simlly do not know nor have the data available.



010101

1,305 posts

147 months

Monday 8th February 2016
quotequote all
Crush said:
How about a raid on public sector pensions? whistle
A reality check would probably suffice. To me, 'raid' sounds too left wing thus oxymoronic.

hornetrider

63,161 posts

204 months

Monday 8th February 2016
quotequote all
People who start threads with 'can we talk about' now need to be hung, shot and banned. Sorry beefy.

jjones

4,422 posts

192 months

Monday 8th February 2016
quotequote all
Tax people 20000000000% on fake Christmas gifts.

Miocene

1,320 posts

156 months

Monday 8th February 2016
quotequote all
010101 said:
Crush said:
How about a raid on public sector pensions? whistle
A reality check would probably suffice. To me, 'raid' sounds too left wing thus oxymoronic.
Completely agreed - all this talk of gold plated local council pensions are nothing compared to the amazing final salary schemes still available for civil service roles which seem amazingly protected.