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The Budget

including Budgets
neversay
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The Budget

#97601

Postby neversay » November 21st, 2017, 5:40 pm

Anyone else going to be watching it through your fingers?

Non-event or disaster?

Snorvey
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Re: The Budget

#97611

Postby Snorvey » November 21st, 2017, 6:05 pm

I think it might be the day after that's more interesting. The budget itself is more of a toe dipper these days.

TedSwippet
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Re: The Budget

#97637

Postby TedSwippet » November 21st, 2017, 7:06 pm

BOHICA, probably. :-(

PinkDalek
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Re: The Budget

#97645

Postby PinkDalek » November 21st, 2017, 7:32 pm

neversay wrote:Anyone else going to be watching it through your fingers? ...


As for last March, I'll probably be reading the detail when released, rather than watching.

I seem to recall one year when the spoken announcement stated that a Treasury stock was to be withdrwan from sale that day. I think it was something like Treasury Stock 1986 with a coupon of 3% . Some hours later returned from the Post Office to my desk to read the detail. They were being withdrawn from sale the following day. Something like a 70% yield to redemption over just under 5 years probably made the effort worthwhile.

I'll therefore be looking here:

https://www.gov.uk/government/topical-e ... udget-2017

and the equivalent version of this, when I can find it:

https://www.gov.uk/government/collectio ... -documents

johnhemming
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Re: The Budget

#97655

Postby johnhemming » November 21st, 2017, 9:01 pm

They don't have much room to manoeuvre so I cannot see what they can do that would create massive excitement. It is also unlikely that there will be a General Election before 2022, although of course possible. I cannot remember watching this on the TV and will just be working tomorrow. I sat in a few times, but not every one. The details are always more important, but those take a bit of finding.

It is the 24 hour news cycle that builds up this sort of thing.

neversay
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Re: The Budget

#97669

Postby neversay » November 21st, 2017, 9:55 pm

According to the Telegraph leader for Budget Day:

"Theresa May’s relationship with Philip Hammond is close to breaking point after Downing Street took control of a last-minute Budget briefing amid fears Wednesday's financial statement will fall flat. [...] One Cabinet source described it as “the worst Budget build-up in history”.

Mr Hammond’s prospects of staying on as Chancellor now depend on him delivering a Budget that is far beyond what most of his Conservative colleagues dare to expect."
(http://www.telegraph.co.uk/news/2017/11/21/theresa-mays-relationship-philip-hammond-hits-new-low-botched/)

Either they are doing a great job of lowering expectations and surprising everyone, or planning for an imminent career change.

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Re: The Budget

#97721

Postby JMN2 » November 22nd, 2017, 7:50 am

Look forward to more left-leaning policies (if not outright copying of Corbyn's ideas) and small businesses and self-employed getting it in the neck.

Snorvey
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Re: The Budget

#97735

Postby Snorvey » November 22nd, 2017, 9:04 am

Higher rate tax relief on pension contributions. £13 billion saved straight off.

That could build a lot of affordable houses, electric driverless cars etc.

Aren't they due to confirm the £2k dividend allowance today as well?

Look forward to more left-leaning policies (if not outright copying of Corbyn's ideas) and small businesses and self-employed getting it in the neck.


Well to be fair, the fake self employed should be getting it in the neck.

PinkDalek
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Re: The Budget

#97746

Postby PinkDalek » November 22nd, 2017, 9:35 am

Snorvey wrote:... Aren't they due to confirm the £2k dividend allowance today as well? ...


Reconfirm but I think it was included in the second, post election, Finance Act this year (assuming the Finance Bill has been enacted).

This page https://www.gov.uk/government/publicati ... nces#fn:11 includes:

11. From April 2016, the Dividend Allowance means that individuals will not have to pay tax on the first £5,000 of dividend income they receive. From April 2018, the dividend allowance will be reduced to £2,000.

JMN2
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Re: The Budget

#97748

Postby JMN2 » November 22nd, 2017, 9:40 am

Snorvey wrote:
Well to be fair, the fake self employed should be getting it in the neck.


Any criminal or shady activity is another matter, don't they have laws against illegalities?

JMN2
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Re: The Budget

#97754

Postby JMN2 » November 22nd, 2017, 9:53 am

High VAT threshold is one of the reasons why in the UK there still are some shops except charity ones on a village high street. Small private businesses and one man bands.

(Yes, I am sure exceptions on the continent exist ie there are some countries with low thresholds and small private high street shops and one man plumbers)

neversay
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Re: The Budget

#97763

Postby neversay » November 22nd, 2017, 10:08 am

As a genuine small technology business owner (VAT registered) I'm sick and tired of the overheads on entrepreneurship. A relocation to the US is a serious option and almost certainly one if Corbyn got into power (although I'm not sure I could get funds out of the UK fast enough).

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Re: The Budget

#97819

Postby Snorvey » November 22nd, 2017, 1:49 pm

...and that's it.

Boring.

neversay
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Re: The Budget

#97820

Postby neversay » November 22nd, 2017, 1:52 pm

Jeremy Corbyn clearly hasn't taken his medication.

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Re: The Budget

#97859

Postby Bouleversee » November 22nd, 2017, 4:02 pm

PinkDalek wrote:
Snorvey wrote:... Aren't they due to confirm the £2k dividend allowance today as well? ...


Reconfirm but I think it was included in the second, post election, Finance Act this year (assuming the Finance Bill has been enacted).

This page https://www.gov.uk/government/publicati ... nces#fn:11 includes:

11. From April 2016, the Dividend Allowance means that individuals will not have to pay tax on the first £5,000 of dividend income they receive. From April 2018, the dividend allowance will be reduced to £2,000.


Don't you lose these allowances anyway if your income is over a certain amount? I forget what that is.

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Re: The Budget

#97867

Postby BrummieDave » November 22nd, 2017, 4:22 pm

And non-tax payers can earn up to their full personal allowance via dividends before the £5k/£2k allowance kicks in. Yes?

PinkDalek
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Re: The Budget

#97891

Postby PinkDalek » November 22nd, 2017, 5:19 pm

Bouleversee wrote:
PinkDalek wrote:
Snorvey wrote:... Aren't they due to confirm the £2k dividend allowance today as well? ...


Reconfirm but I think it was included in the second, post election, Finance Act this year (assuming the Finance Bill has been enacted).

This page https://www.gov.uk/government/publicati ... nces#fn:11 includes:

11. From April 2016, the Dividend Allowance means that individuals will not have to pay tax on the first £5,000 of dividend income they receive. From April 2018, the dividend allowance will be reduced to £2,000.


Don't you lose these allowances anyway if your income is over a certain amount? I forget what that is.


No, not that one Boulee.

Also from the same page:

12. From April 2016, the new Personal Savings Allowance means that basic rate taxpayers will not have to pay tax on the first £1,000 of savings income they receive and higher rate taxpayers will not have tax to pay on their first £500 of savings income.

The lost allowance that I can immediately think of relates to the Income limit for personal allowance £100,000 whereby:

7. The Personal Allowance reduces where the income is above £100,000 – by £1 for every £2 of income above the £100,000 limit. This reduction applies irrespective of date of birth.

Others are listed.

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Re: The Budget

#98410

Postby SteMiS » November 24th, 2017, 9:14 am

What is clear is that the whole tax system needs a complete overhaul, although I doubt the political will exists to do it.

Bouleversee
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Re: The Budget

#98535

Postby Bouleversee » November 24th, 2017, 3:07 pm

Thanks, PD. So at present it's still £500 savings interest allowance and £5000 dividend allowance but no personal allowance if total income is over £123,000; not that mine will be but one family member is over that limit, I believe.

I have yet to work out whether I will be paying higher rate tax in the current year or next, as a result of having inherited my husband's state pension. I'm sure I should be getting rid of my non-ISA shares before next year. In what order do they apply the allowances to your total income? Presumably it would have to be personal allowance against your total income and then the appropriate level of interest allowance and the dividend allowance.

Bouleversee
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Re: The Budget

#98539

Postby Bouleversee » November 24th, 2017, 3:10 pm

Is the additional state pension (SERPS) going up as well as the basic pension? If so, by how much? I don't recall it being mentioned.


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