grannydarkhair
Germanshepherdsmum Why not £20,000? Do you think the PA should be as low as £12,570? Do you think it’s right that it’s been frozen until 2028?
20k? For everyone? ;Have you done the maths?
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I am not holding out much hope for us oldies, I am in that black hole of not quite pension age but not working as I am a carer for my husband.
Hoping for some help with the energy costs ( although I wish they would tackle the source rather than the problem)
And more help with child care costs for my DD and Sil.
grannydarkhair
Germanshepherdsmum Why not £20,000? Do you think the PA should be as low as £12,570? Do you think it’s right that it’s been frozen until 2028?
20k? For everyone? ;Have you done the maths?
Wyllow3
I shall be looking out no 1 for funding of Social Care and NHS.
A quote from NPC Budget Comment
It is also shocking that the budget had no firm or clear resolution to the crisis in care services. Older people are being denied the help they need just to survive every day. They are dying through lack of access to appointments and treatments. We believe there is no commitment by this government to properly invest in care provision even though they know it is right to do so.
...
Pat Hughes, 70, retired nurse, Kent: “Apart from the fact that households will not be any better off, for me the key thing is the lack of commitment to health and wellbeing and rebuilding the NHS, which will result in the whole country being sicker and poorer.
Iain Dale, on LBC, will be discussing this on his ‘cross question’ programme tonight, should anyone be interested.
Help for the richer people . Now those who can afford it can put more into their pensions. Happens immediately.
Help with childcare costs for families delayed until next year. Coincidence. Election year. Trying to buy votes. But I honestly don't think it will happen. Just like the care costs we were promised but didn't happen
Our life will not change, we’ll just chip away into our million pound pensions
Happygirl79
Help for the richer people . Now those who can afford it can put more into their pensions. Happens immediately.
Help with childcare costs for families delayed until next year. Coincidence. Election year. Trying to buy votes. But I honestly don't think it will happen. Just like the care costs we were promised but didn't happen
I've been struggling to know what to do with my spare £60k a year! (not)
Nothing in the budget for me and mine.
I’m bitterly disappointed the personal allowance tax threshold has been frozen at this level for the next 5 years. Taxation stealthily. So for every slight increase we get on our pensions the Treasury will be taking 20% of it. Nice for them.
We don’t smoke but whoever knew a packet of 20 fags was now £13? That a huge amount of money per week. My mum and dad both used to smoke 20 a day. That would now be a household budget of almost £200 a week! It’s an addiction, hard to get off, so I imagine some low income families need this amount per week before they even do anything else.
Patsy70
Iain Dale, on LBC, will be discussing this on his ‘cross question’ programme tonight, should anyone be interested.
Thank you Patsy.
Ums people don’t smoke they used to, before you get over excited😂 I work in a factory and there is only 1 smoker who has 3 breaks per day. The rest (ex smokers) vape but they don’t even use that regularly…taxation of the future. I’m a purist
Urmstongran
Nothing in the budget for me and mine.
I’m bitterly disappointed the personal allowance tax threshold has been frozen at this level for the next 5 years. Taxation stealthily. So for every slight increase we get on our pensions the Treasury will be taking 20% of it. Nice for them.
We don’t smoke but whoever knew a packet of 20 fags was now £13? That a huge amount of money per week. My mum and dad both used to smoke 20 a day. That would now be a household budget of almost £200 a week! It’s an addiction, hard to get off, so I imagine some low income families need this amount per week before they even do anything else.
^ It’s an addiction, hard to get off, so I imagine some low income families need this amount per week before they even do anything else.^
I'm not sure what you are suggesting there UG. Can you explain?
Yes, smoking is an addiction, along with alcohol, chocolate, sugar, chips ….. Life is full of addictions. One has to make a choice and prioritise. Not easy for everyone.
Nothing judgemental DaisyAnne I’m just saying , if 2 parents smoke a packet of cigarettes each every day then they will need £200 p.w. to find. An because nicotine is addictive they will fund this before most other priorities, is all.
I’m guessing that the continuing rise in tax on smoking is also linked to health promotion, because smoking is so detrimental to health. I can’t think of anybody I know who still smokes, I do know a few who used to, but now vape instead, which is much cheaper.
Can someone explain to me why its a good ideate give the rich tax breaks?
And no rise in state benefits except small %? Beyond me.
Urmstongran
Nothing judgemental DaisyAnne I’m just saying , if 2 parents smoke a packet of cigarettes each every day then they will need £200 p.w. to find. An because nicotine is addictive they will fund this before most other priorities, is all.
Except you did suggest this is how "low income families" will behave.
Wyllow3
Can someone explain to me why its a good ideate give the rich tax breaks?
And no rise in state benefits except small %? Beyond me.
The Tories say it's to get doctors back into work. When they had the same problem with Judges, the government made changes specifically for them. So why give such large cuts to all those falling into this taxation?
I keep hearing that it's because they pay the most tax (poor souls). What percentage of overall income do they receive? If it is less than the percentage of tax they pay, then perhaps there is an argument there. However, I very much doubt their tax percentage is higher than their percentage of the overall income.
Perhaps someone knows how to find this out?
The reason the situation has arisen is because Osborne was trying to stop high earners at the end of their working lives from paying into a pension scheme rather than salary. The pension contributions aren't taxed, whereas salary is taxed with some of it taxed at 40%. It's likely that the pension pays less than the salary, so less tax is paid. It's a way of deferring pay and paying less tax.
However, there was an unintended consequence. High earners such as hospital consultants couldn't defer their pay in this way, so they exceed the lifetime allowance they're allowed to put into a pension fund. When they draw their pension they pay a tax surcharge on the excess, which I think (not 100% sure) is 55%, which is higher than the highest tax level.
They're not actually losing money, but they do their sums and work out that their pensions will only increase by a relatively small amount and presumably weigh up their work/life balance and decide to take early retirement.
It was mentioned on Peston yesterday evening that the change will only affect about 15,000 people and will cost the Treasury £66,000 for each one (I think those were the figures quoted). I don't think it's a very efficient way of keeping a few doctors in work. They might very well decide that working in the NHS is too tough and take early retirement anyway.
The pensions cap was put in place by the Tories so removing it is just another U turn on a misguided Tory policy. Free childcare is all very well but with 400+ nurseries closing last year as they can’t afford to stay open Im not sure where all the nursery places are going to come from - the amount paid by the government for the free places doesn’t cover the costs for the nurseries.
So the tax give away on pensions - hmm
Headlined that it will “encourage consultants” to get back to work.
It is thought that it will benefit only 15000 doctors - always assuming that they will return to work or delay retiring early - doubtful.
But it will benefit the wealthy far more. So big tax break for the wealthy.
Why on earth could it not have been a targeted give away?
There is no reason.
Hunt’s headline grabber that the OBR had up-rated the U.K. economy from recession to tottering on the brink of recession for this year. The U.K.’s economy will grow this year, but grow lower than every other developed economy including Russia.
However, what Hunt failed to add was that the OBR has actually down-rated the UKs economy for the following years.
The OBR has stated that the U.K.’s population will see the biggest fall in living standards over the next few years since records began.
Over the next 2 years living standards will fall by 6%
Hunts bizarre “Brexit pubs guarantee” of a freeze on duty on beer, failed to mention that the OBR has reported that Brexit has has a substantial negative impact on growth, productivity, trade and investment
Productivity reduced by 4%
Trade reduced by 15%
Investment stagnated since 2016
Tax will be the highest since WW11.
Fiscal drag alone means that the government will be better off by £30bn a year.
What on earth are they doing with it all?
It certainly is not producing any discernible benefit for the average person.
All this information gleaned from the newspapers
Alternative views are welcome😄😄
The extension of free childcare is welcome but and the big but is on the supply side.
With the introduction of free childcare, the government has failed to properly fund the nursery sector, which has resulted in many liquidations. It is thought that the budget will not reverse this trend, thus leaving parents struggling to find nursery places.
Capital allowances on identified plant and machinery. Fixed assets. Change in accounting.
Businesses will be able to deduct the full cost of these assets immediately from the bottom line rather than over their lifetime, as has traditionally been the case.
The 50% allowance on other plant and machinery, including insulation and solar panels is to be extended beyond 2023
R&D for loss making companies - the claim from HMRC has been extended and raised. This will particularly benefit SMEs
There is a commitment to make tax more simple for SMEs.
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