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Budget 2024
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- Lemon Quarter
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Re: Budget 2024
North-East Trailblazer Devolution Deal - yippee - added to the Northern Powerhouse - who needs HS2?
T7
T7
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- Lemon Slice
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Re: Budget 2024
Gerry557 wrote:The British ISA is on. An extra £5k for British shares, whatever they are.
I'm now wondering which investment trust's portfolio most closely resembles VWRL ?
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- The full Lemon
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Re: Budget 2024
ukmtk wrote:Any tax cuts will be short lived.
They will be reversed by the next government (likely Labour).
But the Tories have already negated their own tax cuts by using fiscal drag to decrease tax free allowances.
Arb.
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Re: Budget 2024
I'm now wondering which investment trust's portfolio most closely resembles VWRL ?
You could check the Global sector here:
https://www.theaic.co.uk/aic/statistics/aic-sectors
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- The full Lemon
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Re: Budget 2024
"Hunt claims the UK is on track to become the world’s next Silicon Valley."
Ha, good one!
Ha, good one!
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- Lemon Quarter
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Re: Budget 2024
Lootman wrote:"Hunt claims the UK is on track to become the world’s next Silicon Valley."
Ha, good one!
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- Lemon Quarter
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- Lemon Slice
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Re: Budget 2024
hiriskpaul wrote:The UK ISA sounds interesting. Has anyone seen more details, restrictions, etc?
I think details will appear here during the day. Only brief (and press release type) details at present
https://www.gov.uk/search/news-and-communications?topical_events%5B%5D=spring-budget-2024
Edit
Details are here, but no real information at present "The government will consult on the details"
https://assets.publishing.service.gov.uk/media/65e8578eb559930011ade2cb/E03057752_HMT_Spring_Budget_Mar_24_Web_Accessible__2_.pdf (will open pdf)
Other details https://www.gov.uk/government/publications/spring-budget-2024
4.31 The UK ISA will support savers and open up UK retail investment opportunities
for individuals. The UK ISA will be a £5,000 allowance in addition to the existing ISA
allowance and will be a new tax-free product for people to invest in UK-focused
assets. The government will consult on the details.
5.107 UK ISA – The government will create an additional Individual Savings Account
(ISA) with a £5,000 allowance. This would be in addition to the £20,000 that can be
subscribed into an ISA. The government will consult on the details.
Last edited by mike on March 6th, 2024, 2:08 pm, edited 1 time in total.
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- Lemon Quarter
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Re: Budget 2024
mike wrote:hiriskpaul wrote:The UK ISA sounds interesting. Has anyone seen more details, restrictions, etc?
I think details will appear here during the day. Only brief (and press release type) details at present
https://www.gov.uk/search/news-and-communications?topical_events%5B%5D=spring-budget-2024
Found the budget documents here https://www.gov.uk/government/publicati ... udget-2024
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Re: Budget 2024
"The UK ISA will support savers and open up UK retail investment opportunities
for individuals. The UK ISA will be a £5,000 allowance in addition to the existing ISA
allowance and will be a new tax-free product for people to invest in UK-focused
assets. The government will consult on the details."
for individuals. The UK ISA will be a £5,000 allowance in addition to the existing ISA
allowance and will be a new tax-free product for people to invest in UK-focused
assets. The government will consult on the details."
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- Lemon Quarter
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Re: Budget 2024
y0rkiebar wrote:"The UK ISA will support savers and open up UK retail investment opportunities
for individuals. The UK ISA will be a £5,000 allowance in addition to the existing ISA
allowance and will be a new tax-free product for people to invest in UK-focused
assets. The government will consult on the details."
Yes, I found that. Sounds like they haven't decided how it will work yet.
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- The full Lemon
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Re: Budget 2024
A trader's slant on the budget:
Take it from a former banker: the budget is for ordinary people. The mega-rich look on and laugh
https://www.theguardian.com/commentisfree/2024/mar/05/banker-budget-mega-rich-traders-jeremy-hunt
Whatever Jeremy Hunt says, traders know the rich will get richer and the poor will get poorer. And they’re paid millions to bet on it
Take it from a former banker: the budget is for ordinary people. The mega-rich look on and laugh
https://www.theguardian.com/commentisfree/2024/mar/05/banker-budget-mega-rich-traders-jeremy-hunt
Whatever Jeremy Hunt says, traders know the rich will get richer and the poor will get poorer. And they’re paid millions to bet on it
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- The full Lemon
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Re: Budget 2024
hiriskpaul wrote:y0rkiebar wrote:"The UK ISA will support savers and open up UK retail investment opportunities
for individuals. The UK ISA will be a £5,000 allowance in addition to the existing ISA
allowance and will be a new tax-free product for people to invest in UK-focused
assets. The government will consult on the details."
Yes, I found that. Sounds like they haven't decided how it will work yet.
Agreed, and since it is only a month to the new tax year it would be hard for institutions to offer this by April 6th.
Not sure it is worthwhile for a lousy £5,000 subscription. It would be nice if a onetime-only starter of say a £50,000 subscription was allowed to jump start it.
If it applies strictly only to UK companies and not even ITs then I probably will not bother.
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- Lemon Slice
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Re: Budget 2024
I'm not sure how they'd be able to manage it other than by forcing providers to have a specific UK S&S ISA which would have restricted product choice to those shares and investments deemed to be classed as UK.
If they just allowed it to be incorporated into existing ISAs then you'd really have no oversight available to police it.
I suspect most people who would be subscribing at their annual limit would end up with people subscribing £20k into a "normal" unrestricted ISA and only putting the £5k into the UK specific one. So fees would likely be an issue at least at the outset until - and assuming - you see some capital growth.
If they just allowed it to be incorporated into existing ISAs then you'd really have no oversight available to police it.
I suspect most people who would be subscribing at their annual limit would end up with people subscribing £20k into a "normal" unrestricted ISA and only putting the £5k into the UK specific one. So fees would likely be an issue at least at the outset until - and assuming - you see some capital growth.
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- Lemon Quarter
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Re: Budget 2024
Lootman wrote:hiriskpaul wrote:Yes, I found that. Sounds like they haven't decided how it will work yet.
Agreed, and since it is only a month to the new tax year it would be hard for institutions to offer this by April 6th.
Not sure it is worthwhile for a lousy £5,000 subscription. It would be nice if a onetime-only starter of say a £50,000 subscription was allowed to jump start it.
If it applies strictly only to UK companies and not even ITs then I probably will not bother.
ETFs would be good. Add to the UK ISA, reduce weight in main ISA! Agree 5k not much, but 10k for a couple. Might be able to "borrow" the kids allowances as well...
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- The full Lemon
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Re: Budget 2024
hiriskpaul wrote:Lootman wrote:Agreed, and since it is only a month to the new tax year it would be hard for institutions to offer this by April 6th.
Not sure it is worthwhile for a lousy £5,000 subscription. It would be nice if a onetime-only starter of say a £50,000 subscription was allowed to jump start it.
If it applies strictly only to UK companies and not even ITs then I probably will not bother.
ETFs would be good. Add to the UK ISA, reduce weight in main ISA! Agree 5k not much, but 10k for a couple. Might be able to "borrow" the kids allowances as well...
My guess is that ETFs would be out. Both because they are not companies like ITs, and also because they have Irish domicile.
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- Lemon Half
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Re: Budget 2024
Lootman wrote:If it applies strictly only to UK companies and not even ITs then I probably will not bother.
They might have to ring fence it to specific OEICs, ITs or ETFs which imposed strict limits on themselves as to what they could invest in. But there aren't details as to how it could work. Quoted on the LSE is another possible definition but would include lots of mostly or exclusively overseas stuff.
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- Lemon Quarter
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Re: Budget 2024
Lootman wrote:"Hunt claims the UK is on track to become the world’s next Silicon Valley."
Ha, good one!
Rather 'Silly Con' methinks
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- Lemon Quarter
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Re: Budget 2024
The consultation on the British ISA goes on until June. I can't see this coming in before the next election so it probably won't happen at all. After all providers will need some time to alter their software and systems to accommodate it.
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