Budget - the basics ----
Discussion
Well, this seems to be the crux of it..
1. New higher rate of tax set at 50% for people earning in excess of £150,000 per annum. This will come into effect from April 2010.
2. Personal allowances withdrawn for people earning in excess of £100,000 per annum, again from April 2010.
3. Loss making companies will be able to reclaim taxes against previous 3 years profits.
4. Capital allowances on investment to be doubled to 40% for 2009/10
5. A 750m investment is to be made into emerging technologies.
6. Stamp Duty ‘holiday’ for properties under £175k to be extended to December 2009
7. It has confirmed that the 15% VAT rate will stay in force until December 2009
8. ISA allowances increased to £10,200, £5,100 for cash. This comes into effect immediately for the over 50’s and from April 2010 for everyone else.
9. 2% increase on alcohol and tobacco duty from midnight tonight
10. 2p increase per litre of fuel from September 2009
11. There will be a £2,000 discount on a new car if you trade in a car more than 10 years old.
12. Statutory redundancy pay will increase from £350 to £380 per week
1. New higher rate of tax set at 50% for people earning in excess of £150,000 per annum. This will come into effect from April 2010.
2. Personal allowances withdrawn for people earning in excess of £100,000 per annum, again from April 2010.
3. Loss making companies will be able to reclaim taxes against previous 3 years profits.
4. Capital allowances on investment to be doubled to 40% for 2009/10
5. A 750m investment is to be made into emerging technologies.
6. Stamp Duty ‘holiday’ for properties under £175k to be extended to December 2009
7. It has confirmed that the 15% VAT rate will stay in force until December 2009
8. ISA allowances increased to £10,200, £5,100 for cash. This comes into effect immediately for the over 50’s and from April 2010 for everyone else.
9. 2% increase on alcohol and tobacco duty from midnight tonight
10. 2p increase per litre of fuel from September 2009
11. There will be a £2,000 discount on a new car if you trade in a car more than 10 years old.
12. Statutory redundancy pay will increase from £350 to £380 per week
KevF said:
2. Personal allowances withdrawn for people earning in excess of £100,000 per annum, again from April 2010.
£113,000 is the threshold for complete withdrawl of Personal Allowances.Small print (i.e. the budget note 64) also says that the £80,000 cap for company cars will be abolished from 2011-12 and the emmisions figure for the benefit will also drop from 130g/km in 2010-11 to 125g/km in 2011-12
Edited by Mx_Stu on Wednesday 22 April 15:30
KevF said:
Well, this seems to be the crux of it..
1. New higher rate of tax set at 50% for people earning in excess of £150,000 per annum. This will come into effect from April 2010.
2. Personal allowances withdrawn for people earning in excess of £100,000 per annum, again from April 2010.
3. Loss making companies will be able to reclaim taxes against previous 3 years profits.
4. Capital allowances on investment to be doubled to 40% for 2009/10
5. A 750m investment is to be made into emerging technologies.
6. Stamp Duty ‘holiday’ for properties under £175k to be extended to December 2009
7. It has confirmed that the 15% VAT rate will stay in force until December 2009
8. ISA allowances increased to £10,200, £5,100 for cash. This comes into effect immediately for the over 50’s and from April 2010 for everyone else.
9. 2% increase on alcohol and tobacco duty from midnight tonight
10. 2p increase per litre of fuel from September 2009
11. There will be a £2,000 discount on a new car if you trade in a car more than 10 years old.
12. Statutory redundancy pay will increase from £350 to £380 per week
I never figured you for a financial guru mate - but thanks 1. New higher rate of tax set at 50% for people earning in excess of £150,000 per annum. This will come into effect from April 2010.
2. Personal allowances withdrawn for people earning in excess of £100,000 per annum, again from April 2010.
3. Loss making companies will be able to reclaim taxes against previous 3 years profits.
4. Capital allowances on investment to be doubled to 40% for 2009/10
5. A 750m investment is to be made into emerging technologies.
6. Stamp Duty ‘holiday’ for properties under £175k to be extended to December 2009
7. It has confirmed that the 15% VAT rate will stay in force until December 2009
8. ISA allowances increased to £10,200, £5,100 for cash. This comes into effect immediately for the over 50’s and from April 2010 for everyone else.
9. 2% increase on alcohol and tobacco duty from midnight tonight
10. 2p increase per litre of fuel from September 2009
11. There will be a £2,000 discount on a new car if you trade in a car more than 10 years old.
12. Statutory redundancy pay will increase from £350 to £380 per week
PS. Your profile pic is even more disturbing than the real thing!
srebbe64 said:
See ya...
+1Why pay Mr Darling 62% of your income (inc NI) for his overspending. I know, I'll work my b
ks off and see 38% of my income, ummm that makes a lot of sense. People on over £150k also have the financial advice and access to lots of exotic schemes to avoid tax. No doubt these will increase post Apil 2010 actuallly reversing HMRC's tax revenue. Not really thought through this one.
srebbe64 said:
See ya...
+2I am gutted, but not surprised.
As I keep moaning to all and sundry, there is a very broad term in this country applied to anyone even vaguely successful... "rich." This is regardless of whether you really live a luxurious lifestyle.
It seems to me that as soon as the term, "rich" term is applied to you then you no longer have a right to be treated fairly or to receive sympathy because you can, "afford it" and should, "consider yourself lucky."
I have tried to explain this to people I know but in most cases I can see the lack of empathy in their face as soon as I open my mouth - I just know they're thinking that I'm lucky and shouldn't be complaining.
The fact that I work under enormous pressure, worked until 4:30am on Saturday morning last weekend, went home, then came back in again later in the day, worked until 10pm+ then went home, slept and worked from home until 7:30pm on Sunday means nothing. Nor does the fact I was up at 5am and in the office before 6am today. Since I'm "successful" I'm not entitled to any sympathy when the government take my money off me. After all, I can afford it.
It constantly amazes me that many people in this country seem unable to recognise that the majority of SME owners (SMEs making up roughly 90% of the economy) have made enormous sacrifices in return for their financial success and that said financial success is what pays for all the services society benefits from. The irony of the unions campaigning for the 50% tax band and then the public sector unions throwing a wobbly when the government talked about efficiency savings is hilarious. They want the moon on a stick whilst biting the hand that feeds them. Amazing.
roadsweeper said:
As I keep moaning to all and sundry, there is a very broad term in this country applied to anyone even vaguely successful... "rich." This is regardless of whether you really live a luxurious lifestyle.
It seems to me that as soon as the term, "rich" term is applied to you then you no longer have a right to be treated fairly or to receive sympathy because you can, "afford it" and should, "consider yourself lucky."
I have tried to explain this to people I know but in most cases I can see the lack of empathy in their face as soon as I open my mouth - I just know they're thinking that I'm lucky and shouldn't be complaining.
The fact that I work under enormous pressure, worked until 4:30am on Saturday morning last weekend, went home, then came back in again later in the day, worked until 10pm+ then went home, slept and worked from home until 7:30pm on Sunday means nothing. Nor does the fact I was up at 5am and in the office before 6am today. Since I'm "successful" I'm not entitled to any sympathy when the government take my money off me. After all, I can afford it.
It constantly amazes me that many people in this country seem unable to recognise that the majority of SME owners (SMEs making up roughly 90% of the economy) have made enormous sacrifices in return for their financial success and that said financial success is what pays for all the services society benefits from. The irony of the unions campaigning for the 50% tax band and then the public sector unions throwing a wobbly when the government talked about efficiency savings is hilarious. They want the moon on a stick whilst biting the hand that feeds them. Amazing.
Nothing really to add to this. I just wanted to say - what a good post. It seems to me that as soon as the term, "rich" term is applied to you then you no longer have a right to be treated fairly or to receive sympathy because you can, "afford it" and should, "consider yourself lucky."
I have tried to explain this to people I know but in most cases I can see the lack of empathy in their face as soon as I open my mouth - I just know they're thinking that I'm lucky and shouldn't be complaining.
The fact that I work under enormous pressure, worked until 4:30am on Saturday morning last weekend, went home, then came back in again later in the day, worked until 10pm+ then went home, slept and worked from home until 7:30pm on Sunday means nothing. Nor does the fact I was up at 5am and in the office before 6am today. Since I'm "successful" I'm not entitled to any sympathy when the government take my money off me. After all, I can afford it.
It constantly amazes me that many people in this country seem unable to recognise that the majority of SME owners (SMEs making up roughly 90% of the economy) have made enormous sacrifices in return for their financial success and that said financial success is what pays for all the services society benefits from. The irony of the unions campaigning for the 50% tax band and then the public sector unions throwing a wobbly when the government talked about efficiency savings is hilarious. They want the moon on a stick whilst biting the hand that feeds them. Amazing.
I was musing on this last night, too - "rich". Typical Labour politics of envy, yet again. Working your backside off to make a decent living? Tough, you're "rich" so you have to donate most of your hard-earned to support those poor, poor innocents who "can't" (read: won't) get a job. As a society, it's only right that we should look after its weakest members - but not every Tom, Dick and Harry who comes along with their hand outstretched. If people are fit to work, they should be working. I have every sympathy with people who can't work for whatever reason, but not with the types who won't pick fruit because they're "better than that".
There was nothing much in the budget to encourage entrepreneurs or SMEs at a time when a little assistance would come in very handy.
Number 5 said:
I don't think I will be voting for Labour in the next election, a very disapointing budget!
how you could have been contemplating it, god only knows! i'd vote natural law ahead of the incumbent chimps.i have to ask too, what the f
k has darling got to be grinning about. when i see him on telly and there's an absence of a laser target being trained right between the slugs resident above his eyes, i feel a tinge of disappointment.flyingjase said:
People on over £150k also have the financial advice and access to lots of exotic schemes to avoid tax. No doubt these will increase post Apil 2010 actuallly reversing HMRC's tax revenue. Not really thought through this one.
To be honest, you need to be _way_ over it for those to make sense. Those with mega money (millions) won't pay it (but then they probably don't pay the current 40%)
Of course, you can avoid it if you're prepared to uproot your family and leave the country...
there seems to be this assumption that everyone on 200k PA or similar, pays no higher rate tax! It may be a high wage but it's hardly Beckham levels...you're talking doctors, dentists, small business owners....normal folk! These people dont have these miracle schemes that apparently mean you pay no tax! they just pay up...sure, they use pensions, divs, etc....but they are still paying a LOT of 40% and will now face some 50%!
As for the mega wealthy, they may have some exotic schemes available but dont think for a minute that they dont pay levels of tax that make the average wage look like loose change behind the sofa. Lewis Hamilton is a good example of this......in that, if you really want to dodge the bullet, you leave the country....it's not as easy as a quick call to your accountant and all is sorted!
reading some on the nonsense over the 50% tax on the forums with less wealthy members i'm reminded of Sam Seaborn's quote from the West Wing when faced by lefties asking to hit high earners harder:
Sam: I left Gage Whitney making $400,000 a year. Which means I paid twenty-seven times the national average in income tax. I paid my fair share. And the fair share of twenty-six other people. And I'm happy to 'cause that's the only way it's gonna work. And it's in my best interest that everybody be able to go to schools and drive on roads. But I don't get twenty-seven votes on Election Day. The fire department doesn't come to my house twenty-seven times faster, and the water doesn't come out of my faucet twenty-seven times hotter. The top one percent of wage earners in this country pay for twenty-two percent of this country. Let's not call them names while they're doing it is all I'm saying.
As for the mega wealthy, they may have some exotic schemes available but dont think for a minute that they dont pay levels of tax that make the average wage look like loose change behind the sofa. Lewis Hamilton is a good example of this......in that, if you really want to dodge the bullet, you leave the country....it's not as easy as a quick call to your accountant and all is sorted!
reading some on the nonsense over the 50% tax on the forums with less wealthy members i'm reminded of Sam Seaborn's quote from the West Wing when faced by lefties asking to hit high earners harder:
Sam: I left Gage Whitney making $400,000 a year. Which means I paid twenty-seven times the national average in income tax. I paid my fair share. And the fair share of twenty-six other people. And I'm happy to 'cause that's the only way it's gonna work. And it's in my best interest that everybody be able to go to schools and drive on roads. But I don't get twenty-seven votes on Election Day. The fire department doesn't come to my house twenty-seven times faster, and the water doesn't come out of my faucet twenty-seven times hotter. The top one percent of wage earners in this country pay for twenty-two percent of this country. Let's not call them names while they're doing it is all I'm saying.
Tiggsy said:
Sam: I left Gage Whitney making $400,000 a year. Which means I paid twenty-seven times the national average in income tax. I paid my fair share. And the fair share of twenty-six other people. And I'm happy to 'cause that's the only way it's gonna work. And it's in my best interest that everybody be able to go to schools and drive on roads. But I don't get twenty-seven votes on Election Day. The fire department doesn't come to my house twenty-seven times faster, and the water doesn't come out of my faucet twenty-seven times hotter. The top one percent of wage earners in this country pay for twenty-two percent of this country. Let's not call them names while they're doing it is all I'm saying.
Bravo! A very appropriate quote Tiggsy!At least the good news out for this is that we probably won't have a Labour government after the next election and probably not for another generation as no one will ever trust a Blairite, New Labour promise of "we won't tax the wealthy" again.
Every cloud...
SGirl said:
roadsweeper said:
blah blah blah
Nothing really to add to this. I just wanted to say - what a good post. I was musing on this last night, too - "rich". Typical Labour politics of envy, yet again. Working your backside off to make a decent living? Tough, you're "rich" so you have to donate most of your hard-earned to support those poor, poor innocents who "can't" (read: won't) get a job. As a society, it's only right that we should look after its weakest members - but not every Tom, Dick and Harry who comes along with their hand outstretched. If people are fit to work, they should be working. I have every sympathy with people who can't work for whatever reason, but not with the types who won't pick fruit because they're "better than that".
There was nothing much in the budget to encourage entrepreneurs or SMEs at a time when a little assistance would come in very handy.
I'm starting to get the impression that just maybe the tide is turning against this lot. Sadly, whoever comes in after them will have their hands tied for the next decade anyway given the level of debt we've incurred.
apparently the other lot have said today even if they win its likely the same 50% will apply, I hate it all and am totally sick of it but in reality what can you do, for most people earning 100,200,300 K per year leaving the country is not a great option, we have both sets of parents here, both sets of grand parents, freinds, animals, business, they know full well that 99.9% of the people moaning cannot do anything about it, all the other st aside I doubt the votes of people earning 150K would be able to swing an election one way of another, if anything many of the scum ( that is NOT everybody earning less than 150 K of course ) will see that as a vote winning as it fks up all these "rich" people that they think are millionairs just cause they are on a few hundred grand per year.
t aside I doubt the votes of people earning 150K would be able to swing an election one way of another, if anything many of the scum ( that is NOT everybody earning less than 150 K of course ) will see that as a vote winning as it fks up all these "rich" people that they think are millionairs just cause they are on a few hundred grand per year.Gassing Station | Business | Top of Page | What's New | My Stuff