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Post by bracknellboy on Mar 6, 2024 17:11:24 GMT
Thread to talk about the budget, if anyone wants to.
I have a question about it. I read the announcement of property CGT top rate dropping from 28% to 24%. Do we know when that is kicking in ? Is it from start of 24/25 tax year?
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ilmoro
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Post by ilmoro on Mar 6, 2024 17:34:27 GMT
Thread to talk about the budget, if anyone wants to. I have a question about it. I read the announcement of property CGT top rate dropping from 28% to 24%. Do we know when that is kicking in ? Is it from start of 24/25 tax year? Yes 6 April 2024 (red book)
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iRobot
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Post by iRobot on Mar 6, 2024 17:34:46 GMT
Thread to talk about the budget, if anyone wants to. I have a question about it. I read the announcement of property CGT top rate dropping from 28% to 24%. Do we know when that is kicking in ? Is it from start of 24/25 tax year? Yep - "from 6 April 2024, the higher rate will drop from 28% to 24%" - according to Accounting Web
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Post by bracknellboy on Mar 6, 2024 17:44:11 GMT
Thanks both.
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keitha
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Post by keitha on Mar 6, 2024 18:29:50 GMT
A lot of hot air very little substance
and as to the NHS getting systems joined up, I'd guess not in my lifetime
Local Government ditto, you can get districts within a county to agree / share so the chances of even an East midlands agreed system for anything remote let alone Lincolnshire agreeing with West midlands or cornwall
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Post by mostlywrong on Mar 6, 2024 18:51:00 GMT
The Chancellor has not made any changes to most tax allowances.
Amongst the changes that he made last year, that will kick in on 06 April 2024, are the drop in the annual dividend allowance to £1k and the annual CGT allowance to £3k.
And, if you hit the 40% tax bracket, your annual interest allowance drops to £500.
Frankly, it is probably not worth investing outside of your ISA or SIPP.
I reckon Labour will reverse last year's cancellation of higher pension charges.
And then I wonder how long it will be before the Treasury comes after the big ISA pots?
The pips are really squeaking...
MW
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mogish
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Post by mogish on Mar 6, 2024 19:59:07 GMT
Give in one hand and take out the other.
It will be Interesting to see what labour do to reduce the tax burden and balance the books.
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michaelc
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Post by michaelc on Mar 6, 2024 20:10:43 GMT
Give in one hand and take out the other. It will be Interesting to see what labour do to reduce the tax burden and balance the books. Borrow.
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agent69
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Post by agent69 on Mar 6, 2024 22:04:00 GMT
Give in one hand and take out the other. It will be Interesting to see what labour do to reduce the tax burden and balance the books. As the LibDems found out in 2010, it's easy to promise the earth when you are in opposition, different kettle of fish when you get into power.
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adrianc
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Post by adrianc on Mar 6, 2024 22:26:03 GMT
Give in one hand and take out the other. It will be Interesting to see what labour do to reduce the tax burden and balance the books. As the LibDems found out in 2010, it's easy to promise the earth when you are in opposition, different kettle of fish when you get into power. The LDs were out-numbered 6:1 in the coalition. I'd suggest they punched way above their weight in keeping the worst excesses of the Tories in check, when you compare before and after the 2015 election...
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p2pfan
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Post by p2pfan on Mar 6, 2024 22:49:50 GMT
Give in one hand and take out the other. It will be Interesting to see what labour do to reduce the tax burden and balance the books. This dying government was ostensibly a right-wing 'low tax' one, but they have risen taxes to their highest overall levels in over 70 years. Therefore, there is not a chance on your nelly that a left-wing Labour one will reduce the tax burden. Expect more pain if you're a tax-payer, as Labour have made huge spending pledges on nonsense 'green' projects and will be much more generous on social security and a myriad of other handouts and freebies to those who don't want to work. Therefore, taxes will continue to increase. As commented above, this was an appalling budget for most tax payers. In the future tax payers will be hit in the pocket from every direction, whether it is the CGT allowance reductions, Divided Tax allowance reductions (on top of multiple Dividend Tax increases in the last decade) and, of course, their Income Tax payments continuing to go up as the thresholds continue to be frozen. Plus, don't forget record Council Tax increases etc. etc. Vote Reform, unless you want to be strangled to death by ever-increasing taxes.
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keitha
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Post by keitha on Mar 6, 2024 23:05:37 GMT
Yes a couple of Labour voters I know ( both on benefits ) reckon labour will increase benefits by 50% in the first 2 years because they are far to low.
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mogish
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Post by mogish on Mar 7, 2024 7:46:26 GMT
Yes a couple of Labour voters I know ( both on benefits ) reckon labour will increase benefits by 50% in the first 2 years because they are far to low. A country in decline due to laziness, greed and lack of forward thinking. Whatever happened to GREAT and UNITED, living on past glories from centuries ago.
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benaj
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Post by benaj on Mar 7, 2024 8:23:08 GMT
I think I need to start a new budget for my own household spending. At least I can have some level of control without using the “national” credit card. 🤣
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adrianc
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Post by adrianc on Mar 7, 2024 8:30:40 GMT
Give in one hand and take out the other. It will be Interesting to see what labour do to reduce the tax burden and balance the books. This dying government was ostensibly a right-wing 'low tax' one, but they have risen taxes to their highest overall levels in over 70 years. And yet debt has grown to the highest ever levels (excluding world wars), and public services have fallen to the lowest ever levels. We're getting ABYSMAL value for money. What the hell are they doing with it? (Apart, obvs, from splooging it to their buddies)
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