Budget day

[NoelWatson]

Rumours so far of small hike in tax allowances, and help for first time buyers to get into a lifetime of debt

http://www.cityam.com/news-and-analysis/osborne-hi...

Starts at 12:30

Coverage should be here

http://news.bbc.co.uk/1/hi/programmes/8994773.stm

[Shaw Tarse]

Any predictions, some relief on fuel?
Where will he make up the lost revenue from that?

[BoRED S2upid]

The rich will make up the difference. Helping first time buyers get into debt isn't a good idea IMO ive seen far too many of my friends desparate to get onto the property ladder struggle for years.

[jmorgan]

Bend over, assume the position.

[petemurphy]

wow £45 better off in tax how is that supposed to offset my private jet hike?!

[Devilstreak]

petemurphy said:

wow £45 better off in tax how is that supposed to offset my private jet hike?!

I thought exactly the same this morning.

[cal72]

jmorgan said:

Bend over, assume the position.

I don't think that it will be that bad.
Today is a good opportunity for the coaltion gov to actually give a balanced good vibe from the budget.
They have reaped a few quid in tax from the recent fuel rises and i think they will spread this out rather even.
Things will rise as exspected but i don't think it will be a wallet bashing budget.

[Devilstreak]

Interest rates? Anyone any idea/Guesses?

[NoelWatson]

Shaw Tarse said:

Any predictions

I want to see NI and income tax merged - a good start on the road to simplification.

[jmorgan]

cal72 said:

jmorgan said:

Bend over, assume the position.

I don't think that it will be that bad.
Today is a good opportunity for the coaltion gov to actually give a balanced good vibe from the budget.
They have reaped a few quid in tax from the recent fuel rises and i think they will spread this out rather even.
Things will rise as exspected but i don't think it will be a wallet bashing budget.

Sorry, force of habit over the last few years of watching me money disappear. I shall wait for the budget proper then bend over.

[Cupramax]

Devilstreak said:

Interest rates? Anyone any idea/Guesses?

The Bank of England set this not the chancellor...

[F i F]

Devilstreak said:

petemurphy said:

wow £45 better off in tax how is that supposed to offset my private jet hike?!

I thought exactly the same this morning.

What!!! I'm going to have to walk to the boarding steps!! Shocking!!

Apologies, one realises that one is letting PH down by publicly admitting that the private jet is so small that one boards by climbing a set of steps. Oh the shame.

Back On Topic. Personally I'm expecting:-

• some allowances being eased,
• an awful lot of mileage about the terrible state the last lot left the finances in as this is probably the last Budget that this can sensibly be claimed even though Labour never stopped blaming Thatcher,
• a notification that NI and Income tax will somehow be merged and the knock on effect onto a different way of qualifying for pension. Of course at a stroke this means that a lot of people who only sign on to get the NI credits as they get no JSA will now no longer need to sign on, thus knock on effect on declared unemployment figures as opposed to real life figures.
• and a further bend over and assume the position on green tax theft. Incentives for companies on eg hybrids, car parking spaces, providing charging points, bla bla bla bullsh*t, bla bla bla.

[Devilstreak]

Cupramax said:

Devilstreak said:

Interest rates? Anyone any idea/Guesses?

The Bank of England set this not the chancellor...

I blame no Coffee this morning.

[markh1973]

NoelWatson said:

Shaw Tarse said:

Any predictions

I want to see NI and income tax merged - a good start on the road to simplification.

In order to be a simplification the work to get there will have to be extensive and therefore even if he flags that he will look at it nothing will happen for quite some time. Income tax (e.g. earnings, interest, rental income, pension) is paid on so many more things than NI (earnings only) that the process of merging the two would inevitably take a lot of work.

[Du1point8]

So let me get this right...

If you have a joint income of less than £60k

The Government will give you a loan of 20% of the value of the property at 0% interest for 5 years as long as you find 5% of the value of the property in savings.

This has to be spent on a new build.

Then you need to get a bank involved, so now there is 2 lenders on 1 property... never a good idea!!

Then when they "forget" to pay and default the banks get blamed again and not only that but now there are thousands of new homes around unoccupied and millions of £ of taxpayers money that has been lost.

It also hit the sellers of old first time buyer flats that want to move on as the buyers are not allowed to buy these.

fk me... was this implemented by the last government before the Irish ststorm?

Can they not see just how bad this could end up?

[NoelWatson]

markh1973 said:

NoelWatson said:

Shaw Tarse said:

Any predictions

I want to see NI and income tax merged - a good start on the road to simplification.

In order to be a simplification the work to get there will have to be extensive and therefore even if he flags that he will look at it nothing will happen for quite some time. Income tax (e.g. earnings, interest, rental income, pension) is paid on so many more things than NI (earnings only) that the process of merging the two would inevitably take a lot of work.

Agreed, but I think it is a necessary first step to simplification

[markh1973]

NoelWatson said:

markh1973 said:

NoelWatson said:

Shaw Tarse said:

Any predictions

I want to see NI and income tax merged - a good start on the road to simplification.

In order to be a simplification the work to get there will have to be extensive and therefore even if he flags that he will look at it nothing will happen for quite some time. Income tax (e.g. earnings, interest, rental income, pension) is paid on so many more things than NI (earnings only) that the process of merging the two would inevitably take a lot of work.

Agreed, but I think it is a necessary first step to simplification

It would be nice to see some simplification - although the Government's meaning of simplification and yours may be different. When they rewrite tax legislation to make it easier to read it inevitably grows (the Capital Allowances Act doubled in length when they rewrote it despite there apparently being no intention to change how the regime worked).

[Morningside]

I suspect to help motorists there will be fk all except a freeze on duty - Whoopy st.

Amazing how in opposition 'they' can always rant and rave, jump up and down and yet, as soon as power is given...

fk all.

And I dont buy 'we dont know how bad it was'. Yes you do. Public information MUST be out there to show how bad things are.

[TonyHetherington]

Du1point8 said:

So let me get this right...

If you have a joint income of less than £60k

The Government will give you a loan of 20% of the value of the property at 0% interest for 5 years as long as you find 5% of the value of the property in savings.

This has to be spent on a new build.

Then you need to get a bank involved, so now there is 2 lenders on 1 property... never a good idea!!

Then when they "forget" to pay and default the banks get blamed again and not only that but now there are thousands of new homes around unoccupied and millions of £ of taxpayers money that has been lost.

It also hit the sellers of old first time buyer flats that want to move on as the buyers are not allowed to buy these.

fk me... was this implemented by the last government before the Irish ststorm?

Can they not see just how bad this could end up?

Indeed, but - they have to do something. It's stupid difficult for first time buyers out there at the moment, which isn't helped by well endowed middle-classers wanting to buy a bit of property on the side with the silly amount of money left in their houses. However, I'm not sure £20,000 over five years (£330/month) on top of a mortage is a good idea.

But hey, they're going to freeze the hike on petrol. that's ok, £1.35 is more than acceptable. fkers.

[NoelWatson]

TonyHetherington said:

Indeed, but - they have to do something.

They could always raise interest rates