Quote:
Originally Posted by Mick
So absolutely no incentive for middle earners to join a pension scheme then with that hidden bombshell.
The planned 3p rise in Fuel duty in August will be going ahead, this will be the sting in the tail for many people. If you fill up a car with an average fuel tank capacity of 55 Litres of fuel. You will be paying £1.65 more at the pumps, plus there is the VAT added on top of the fuel purchase itself at 20% rate.
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Which means that the government (and businesses) will have a big pension bill, it is clear that what they are doing now is not working!
---------- Post added at 14:00 ---------- Previous post was at 13:55 ----------
Quote:
Originally Posted by Traduk
For pensioners and pensioners to be today was one heck of a nasty budget.
For those already on pensions, the freezing of the April 2012 level possibly until the general allowances for those under 65 catch up has destroyed a principle set in place in 1957 and revised in 1975. A bedrock protection against living into retirement on a fixed income is in the process of being swept away.
Those who are unfortunate to retire whilst the drift down parity is taking place need not be concerned because from April 2013 (when the freeze begins) nobody retiring will get on it anyway as those retirees are stuck at pre-65 allowances. Loss by exclusion?.
As the vast majority of posters are probably too young to be concerned about retirement the good news is, repeated from last year, longevity is alive and well and a closely scrutinised statistic for elevating the retirement age so that IMO 70 is perhaps a good guestimate for those under 50. Of course many under 50 will never reach 70 but there wouldn't be much point in moving the target if it was achievable.
With the first steps of the privatisation of the NHS almost law, resentful anger about pensions and public sector workers possible regional pay and just about everybody excluding bankers well and truly fed up, we are moving towards the critical mass needed for a Thatcher type passive public backlash.
Any non mainstream parties who fancy their chances in the next election have a chance in a lifetime to court the mass of voters (grey) who Osborne managed to alienate big time.
I suspect a surprisingly small percentage of tax paying grannies lose anything on the allowance claw-back so in one move he got almost the lot. Brown got a small percentage when he scrapped the 10% rate and I suspect that the move was a nail in Liebours coffin. Osborne has trumped that big time like a kid let loose with a nail-gun and the biggest voting bloc , by miles, will not forget. I thought the Cons had a chance of two in a row without the stooges but today it has been blown away.
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Is UKIP and RESPECT listening?
---------- Post added at 14:02 ---------- Previous post was at 14:00 ----------
Quote:
Originally Posted by Chris
I'll have to ask my father in law (the accountant) ... he knows what all the deductions and allowances are. The great thing when your home is the business is that certain household bills, or a proportion of them, become payable by the business. You don't pay tax on the money that pays those bills - only on what you pay yourself as income after all those things are deducted. So we can earn £9k each, pay no income tax on it, and have lower bills to pay out of it.
This is why I think the rapid increase in personal allowance is such a fundamentally good thing. It makes it far easier to plan and to start a small business without worrying about the jump from benefits to low earnings.
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If I was in power, personal allowance would fall!
---------- Post added at 14:02 ---------- Previous post was at 14:02 ----------
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Originally Posted by Maggy J
The big questions should be.Is this the budget to get the economy moving,growing and get unemployment down.Or is it merely a cost cutting exercise?
Will the super rich actually take their tax cut and invest it in this country or will they just carry on investing it abroad?
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The answer to all your questions is NO, except the last two!
