Autumn Statement 2016
Discussion
I'm hoping they do something with stamp duty. Even a cap for FTB would be something. Will it happen? Doubt it, but surely an ex-chancellor wouldn't comment on it, without there being a possibility of it happening?
http://www.telegraph.co.uk/news/2016/11/15/cut-cra...
Mind you, i know nothing about politics..managed to convince myself brexit wasn't going to happen and that trump would lose by a land slide!
http://www.telegraph.co.uk/news/2016/11/15/cut-cra...
Mind you, i know nothing about politics..managed to convince myself brexit wasn't going to happen and that trump would lose by a land slide!
NickCQ said:
I'd love to see something on the supply side for housing rather than the demand side. Maybe the compromise is reduced Stamp Duty for new builds only?
If you reduce stamp duty on new builds all that will happen is the builder will add it back in to the price for profit to them selfs.Jordan210 said:
NickCQ said:
I'd love to see something on the supply side for housing rather than the demand side. Maybe the compromise is reduced Stamp Duty for new builds only?
If you reduce stamp duty on new builds all that will happen is the builder will add it back in to the price for profit to them selfs.From BBC:
"The chancellor wants the Autumn Statement to return to its original purpose as the lower profile of the two "fiscal events" of the year with major tax changes left to the budget in the spring."
Well that's that then.
http://www.bbc.co.uk/news/uk-politics-38017223
"The chancellor wants the Autumn Statement to return to its original purpose as the lower profile of the two "fiscal events" of the year with major tax changes left to the budget in the spring."
Well that's that then.
http://www.bbc.co.uk/news/uk-politics-38017223
powerstroke said:
Flat tax would be good and scrap tax credits ....
It's happening naturally with the living wage going up to £9.20/hour by Apr 2020 and the income tax free threshold will be £12,500. But we are going further and further to a point below £45k your ok above that your taxed so hard
Welshbeef said:
It's happening naturally with the living wage going up to £9.20/hour by Apr 2020....
Some say £8.60per hour by 2020.http://www.bbc.co.uk/news/business-37626422
Welshbeef said:
powerstroke said:
Flat tax would be good and scrap tax credits ....
It's happening naturally with the living wage going up to £9.20/hour by Apr 2020 and the income tax free threshold will be £12,500. But we are going further and further to a point below £45k your ok above that your taxed so hard
Hainey said:
Welshbeef said:
powerstroke said:
Flat tax would be good and scrap tax credits ....
It's happening naturally with the living wage going up to £9.20/hour by Apr 2020 and the income tax free threshold will be £12,500. But we are going further and further to a point below £45k your ok above that your taxed so hard
How much would you then put up tax above £60k to compensate? Plus remember we need to get more tax in than we currently do due to a huge deficit of £80billions.
Hainey said:
Higher rate tax really should be north of 60k these days. It's set at a level just now where it's trapping people that are hardly rich by any means.
Which is exactly what Chancellors want! Fiscal creep - leave the threshold where it is and more and more people get caught, whether it is income tax or IHT. The issue with raising thresholds (especially at the lower end) is that a very large number of people benefit a little, but the overall cost is enormous. Currently it isn't the 40% threshold which really really pinches people earning more (though by taxing a lot of people at that rate you gain a lot of tax), the ultra-hard pinches are the effective 62% (inc N.I.) between 100 and ?122k as earners in that bracket lose their nil rate allowance by £1 for every £2 earned over the 100 threshold. At the top of that they are not earning any untaxed income, have a respite at 42% and then hit 47%, at which point the new tapered pension tax relief kicks in to make their effective rate ~ 70%, though the very few who earn over 210k drop back to 45% again.
Certainly there's not much sympathy for the 100k earners or even the 150k, and they are too few to have a political effect but there are enough of them to yield a useful tax take up to a point, until they are squeezed so hard that they either take steps to 1) reduce their income - especially if they are reaching the annual or lifetime pension allowances as well, or 2) decide to go elsewhere. I know of several GPs who, faced with effective tax rates of ~70% and a battering from politicians have decided to either cut their hours so that they are not working for 8 hours and being paid for 2 or stopping altogether.
Welshbeef said:
Hainey said:
Welshbeef said:
powerstroke said:
Flat tax would be good and scrap tax credits ....
It's happening naturally with the living wage going up to £9.20/hour by Apr 2020 and the income tax free threshold will be £12,500. But we are going further and further to a point below £45k your ok above that your taxed so hard
How much would you then put up tax above £60k to compensate? Plus remember we need to get more tax in than we currently do due to a huge deficit of £80billions.
Shall we start with closing the tax sheltering loopholes enjoyed by the insanely rich at one end of the spectrum, and then having a long hard look a the housing benefit sham at the other end?
The answer is not more and more tax ad infinitum.
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