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Post by moonraker on Nov 17, 2022 16:28:27 GMT
Bit surprised that I appear to be the one to start a thread on the Statement
Overall, not a bad one for the country, but subjectively, ouch: "The Dividend Allowance will be reduced from £2,000 to £1,000 next year, and £500 from April 2024 and the Annual Exempt Amount in capital gains tax will be reduced from £12,300 to £6,000 next year and then to £3,000 from April 2024."
And extremely subjectively (selfish, if you like), I wish the Gift Aid allowance of £3k would be increased. It's at least 25 years ago that my dutiful patents were each giving me £1.5k for Christmas and another £1.5k for my birthday.
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IFISAcava
Member of DD Central
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Post by IFISAcava on Nov 17, 2022 16:57:44 GMT
Bit surprised that I appear to be the one to start a thread on the Statement
Overall, not a bad one for the country, but subjectively, ouch: "The Dividend Allowance will be reduced from £2,000 to £1,000 next year, and £500 from April 2024 and the Annual Exempt Amount in capital gains tax will be reduced from £12,300 to £6,000 next year and then to £3,000 from April 2024."
And extremely subjectively (selfish, if you like), I wish the Gift Aid allowance of £3k would be increased. It's at least 25 years ago that my dutiful patents were each giving me £1.5k for Christmas and another £1.5k for my birthday.
Lots more form filling and data gathering to fill out Capital Gains Tax returns each year (4* allowance means a form filled in each year for selling as little as £12,000 of liable investments).
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Post by Deleted on Nov 17, 2022 17:05:41 GMT
I think it indicates what a terrible state we have reached, that it is worth chasing after capital gains. 40 years of terrible state education, 60 years of terrible business management, 6 years of Brexit, a barely functioning health service it shows what happens when you focus on fixing affects not causes.
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mrk
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Post by mrk on Nov 17, 2022 17:52:53 GMT
the Chancellor has introduced two new fiscal rules, that the UK’s national debt must fall as a share of GDP by the fifth year of a rolling five-year period, and that public sector borrowing in the same year must be below 3% of GDP
I'm sure the next Chancellor will just make up some new rules.
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adrianc
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Post by adrianc on Nov 17, 2022 18:02:05 GMT
40 years of terrible state education ... when you focus on fixing affects not causes. effects
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Post by mostlywrong on Nov 17, 2022 18:49:17 GMT
Bit surprised that I appear to be the one to start a thread on the Statement
Overall, not a bad one for the country, but subjectively, ouch: "The Dividend Allowance will be reduced from £2,000 to £1,000 next year, and £500 from April 2024 and the Annual Exempt Amount in capital gains tax will be reduced from £12,300 to £6,000 next year and then to £3,000 from April 2024."
And extremely subjectively (selfish, if you like), I wish the Gift Aid allowance of £3k would be increased. It's at least 25 years ago that my dutiful patents were each giving me £1.5k for Christmas and another £1.5k for my birthday.
Lots more form filling and data gathering to fill out Capital Gains Tax returns each year (4* allowance means a form filled in each year for selling as little as £12,000 of liable investments). Whilst most reporting of income and CGT gains is now done on-line, I wonder how HMRC will be able to cope with the increased workload? Scrutiny will obviously plummet!
I also wonder how many people will simply adjust their investing behaviour?
So I suggest buying the shares of brokers such as AJ Bell, Aberdeen and HL. as money will flood into share ISAs.
Me? I have enough capital losses from the last couple of years to last a lifetime...
MW
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 17, 2022 19:26:47 GMT
40 years of terrible state education ... when you focus on fixing affects not causes. effects ................................. give it a rest adrianc
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Post by mostlywrong on Nov 17, 2022 19:30:53 GMT
I think the worst aspect of this budget is the freezing of all the tax allowances until 2028.
Freezing the allowances might just have been acceptable in a low inflation environment, but with inflation likely to exceed 10% pa over the next 3-5 years, a lot of people will be pulled into the higher tax brackets before they even realise it.
And we haven't yet seen the finer details of the budget. No doubt those will dribble out over the next few days.
I wonder if Messrs Corbyn and McDonnell would have had the nerve to introduce such tax rises?
MW
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mrk
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Post by mrk on Nov 17, 2022 20:15:21 GMT
I think the worst aspect of this budget is the freezing of all the tax allowances until 2028. Except this government is only in power until Jan 2025 at the latest, and everything after that is really up to the next one.
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mrk
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Post by mrk on Nov 17, 2022 20:24:38 GMT
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james100
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Post by james100 on Nov 17, 2022 20:28:23 GMT
It was a performative budget aimed at reversing the dramatic drop in poll figures after the last one.
At the time, I was no fan of that, but it's all relative... I'm feeling so royally f*cked over today I'm daydreaming about leaving the country (again).
We're going for a full action replay of the 70s wealth and brain drain aren't we 🤬
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mrk
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Post by mrk on Nov 17, 2022 20:37:54 GMT
A few more graphs from the OBR document, just because I like graphs. GDP: -1.4% next year UnemploymentHouse Prices
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Post by bracknellboy on Nov 17, 2022 20:43:37 GMT
the Chancellor has introduced two new fiscal rules, that the UK’s national debt must fall as a share of GDP by the fifth year of a rolling five-year period, and that public sector borrowing in the same year must be below 3% of GDPI'm sure the next Chancellor will just make up some new rules. well indeed. I think that is the kind of 'policy statement' that is intended to gently stroke the markets (with the laudable aim of reducing cost of sovereign borrowing), and allow the OBR to produce more favourable forecasts. It of course place no real constraint over future chancellors or governments: although it does perhaps put them under some constraint as analysts/markets/politicians would at least 'test' them against that benchmark should they decide to change it.
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Post by mostlywrong on Nov 17, 2022 20:49:11 GMT
I had not seen that chart so thank you.
It is true that the sharp rise in fuel and energy costs, courtesy of Russia, will drop out of the inflation calculations starting in early 2023.
My fear is that, by then, a lot of companies, both global and local, will be pushing up their prices in order to take advantage of generally higher prices.
It is a powerful system that has a considerable lag in it because businesses, people and government(s) take time to adjust.
I therefore think that the OBR is a tad optimistic!
I also note that I do not envy the OBR as preparing a forecast for more than a few months ahead is like nailing jelly to a wall...
MW
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Nov 18, 2022 11:19:18 GMT
I think the worst aspect of this budget is the freezing of all the tax allowances until 2028.
Freezing the allowances might just have been acceptable in a low inflation environment, but with inflation likely to exceed 10% pa over the next 3-5 years, a lot of people will be pulled into the higher tax brackets before they even realise it.
And we haven't yet seen the finer details of the budget. No doubt those will dribble out over the next few days.
I wonder if Messrs Corbyn and McDonnell would have had the nerve to introduce such tax rises?
MW
AIUI Personal Tax Allowance is £12, 570 New state pension this year is £9,628 2023/4 this will be 10,600 so it doesn't require much of an uplift in 24/5 25/6 and 26/7 to put those just living on the state pension into income tax
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