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@the-muffin-man true, my point was just that not everyone who earns above the higher rate tax threshold is well off enough to be able to afford more tax rises
I think it’s helpful to set the tone.
15 minutes so far of repeating the same lines though?
> The only way to make your pension tax efficient is to make sure your contributions only fall into a higher bracket than you expect to draw it on
The tax-free lump sum provides some benefit (6.25%) if you are in the same tax band in and out (and don't hit the lump sum allowance limit). Assumes no rules change between now and when you get access to your pension/want to take TFLS/drawdown...
11.8bn for the blood scandal. That seems a lot - 30k people impacted, meaning £390k / person - max pay out seems to currently be 120k. Probably some detailed missing.
I would happily pay a bit more tax if it meant things were working again & we got to live in a fairer society.
15 minutes so far of repeating the same lines though?
Some of that is a pretty damning indictment though, especially covering the multiple scandals that the Conservatives mismanaged.
Plus she got in a couple of good jibes against Truss and Kwarteng.
I think you mean Congestion Charge, not ULEZ. Even riding a bike emits more CO2 than driving an EV ?
EVs still cause a load of CO2 to be emitted in the UK. But my understanding is that ULEZ is supposed to tackle local air pollution rather than greenhouse gas production.
Ewan
It’d be nice if we can discuss it here without descending into a slanging match
Oh you sweet, sweet Summer Child!
Sunak is enthralled (with his phone)...must be going for a new score on Candy Crush!
15 minutes so far of repeating the same lines though?
The thing is that the OBR stuff just published shows that what they've been saying is all true. The Tories basically left a massive timebomb ticking away at the heart of the states finances as they carried out their parting slash and burn economics.
I know people are saying they're sick of hearing it, but the mindset that feels fine with a piece of economic vandalism like that needs calling out
DickBarton
Full Member
Sunak is enthralled (with his phone)…must be going for a new score on Candy Crush!
Oh, chuckle, very good! Very good! !-)
Lol, the Tory front bench look glum as f***!
Sunak is enthralled (with his phone)…must be going for a new score on Candy Crush!
Booking flights to California?
Lol, the Tory front bench look glum as f***!
How would you be feeling about the prospect of Kemi Badanoch or Robert Jenrick as your new boss?
Blimey no fuel duty increase -was not expecting that!
ooh low earners, business owners just got hammered -reduced threshold for payment from 9K down to 5K.
ooh low earners, business owners just got hammered -reduced threshold for payment from 9K down to 5K.
The threshold for the employer contribution is being lowered
err, did she just take that back with another annoucement - well confused.
Massive facepalm on the fuel duty freeze. Again. FFS.
At the same time as announcing a 50% hike in the bus ticket cap. That's just an epic fail.
Yeah - national insurance will be a big hit for my small postoffice.
Forget that - I'll have to start climbing employment allowance... Our national insurance bill has been so low I've never bothered in the past...
Huh?
How do you work that out?
Also curious about this. I see no way that an increase in employers NI contributions will result in employees being better off.
It is kinda weird, but bear with me...
I pay a chunk extra into my pension each month. Since my employer doesn't need to pay NI on that money they kindly add that 13.8% onto my pension contribution. Assuming my employer sticks with their generosity, if the rate goes up by 3% then that's about £800 extra over the year.that goes in my pension pot ( Plus a bit more if I get a bonus.)
ooh low earners, business owners just got hammered -reduced threshold for payment from 9K down to 5K.
I can see that resulting in an increase in cash-in-hand work being offered by cafes, pubs and the like.
Blimey no fuel duty increase -was not expecting that!
My thirsty Porsche stays!
ooh low earners, business owners just got hammered -reduced threshold for payment from 9K down to 5K.
if your national insurance bill is less than the new 100k employment allowance cap you can claim back the national insurance contributions?
The thing is that the OBR stuff just published shows that what they’ve been saying is all true. The Tories basically left a massive timebomb ticking away at the heart of the states finances as they carried out their parting slash and burn economics.
Not really. It's just labour playing silly politics with the reality of government spending.
All that happened is spending commitments based on current revenues would have needed more money than the Tories allowed for. So what?
More money is not a problem when the BoE pays for the spending.
It's a normal deficit - which we've had for 44 out of 50 years. Your government is calling a regular deficit a black-hole.
Otherwise no money would find itself into the economy.
Government's run countries like ours by putting more in than they take out.
Everything is else is nonsense.
farmers to be hit by IHT
I think you have mixed up landowners with farmers
Hence she's just about to magically create the ability to spend more by adjusting a the definition of net financial debt.
In other words create a space on paper for spending more money.
We really are being taken for mugs.
(The fiscal rules are not really rules when you make a claim on what might happen in 5 years.)
More money being spent is a good thing though. That's where the real change will happen.
That said you can't have growth and keep these fiscal rules at the same time. They're effectively opposites as growth needs way more spending than is being committed.
But the fiscal rules will almost certainly just become less rigid.
"HS2 what a F*** up"
Anyone else lip read that? Lol
Seems something of a nothing burger to me. Already assumed the thresholds would be locked - they are. CGT going up seems fair enough. Surprised fuel duty not going up. Nothing on salary sacrifice but maybe that's in the detailed document.
Imo our last chance to back out of HS2 was back in Boris times of 2019, the project had bought the land and properties which at the time had increased in value dramatically. Boris hit the button to put boots on the ground and it's been a money pit ever since that'll never see a return. It's either keep spending or have another national f up.
Pay per mile needn’t be expensive to run. Mileage is logged each year at MOT time, so you could just add the mileage component to VED each year
Google "mileage correction services". For something which should be pretty rare (switching motors between cars and similar) there are a lot of companies providing it. It would require significant effort from the car companies (which then leaves a question about all the old cars) to make this a secure option.
For something which should be pretty rare (switching motors between cars and similar) there are a lot of companies providing it.
I assume it's because PCP / Lease stuff is based on mileage. GPS black box trackers seems the obvious choice - already working well for young drivers.
Well!
Sunak obviously didn't get his flight booked in time. Lol
Glad to see businesses rates relief hasn't been completely removed for retail as previously thought. But a drop to 40% will still be a big hit to the high street ... Expect lots of small shops to close over the next year.
Full thing here:
LLM summary (makes it a lot quicker to read!):
Employer/Employment Taxes:
Employer NICs increasing from 13.8% to 15% from April 2025
Secondary Threshold for employer NICs reduced from £9,100 to £5,000
Employment Allowance increased from £5,000 to £10,500 with £100,000 threshold removed
Capital Gains Tax (CGT):
Lower rate increasing from 10% to 18%
Higher rate increasing from 20% to 24%
Business Asset Disposal Relief (BADR) and Investors' Relief rates:
Increasing to 14% from April 2025
Further increasing to 18% from April 2026
Inheritance Tax:
Extension of threshold freezes until April 2030
Unspent pension pots brought into IHT scope from April 2027
Changes to Agricultural Property Relief and Business Property Relief:
100% relief for first £1m of combined assets
50% relief thereafter
50% relief for AIM shares
Private Schools:
VAT at 20% on school fees from January 2025
Removal of business rates charitable relief from April 2025
Energy/Oil & Gas:
Energy Profits Levy rate increased to 38%
Investment allowance abolished except for decarbonisation
Levy extended until March 2030
Property Taxes:
Higher rate of Stamp Duty for additional properties increasing from 3% to 5%
Business rates: 40% relief for retail, hospitality and leisure sectors (capped at £110,000)
Small business multiplier frozen for 2025-26
Vehicle/Transport Taxes:
Fuel duty frozen and 5p cut extended for one year
Vehicle Excise Duty changes to increase differentials between EVs and other vehicles
Air Passenger Duty rates increasing from 2026-27 (£2 more for economy short-haul)
Other Taxes:
Non-dom status abolished and replaced with new residence-based system from April 2025
Carried interest taxation moving to income tax framework from April 2026
New vaping products duty at £2.20 per 10ml from October 2026
Tobacco duty escalator of RPI+2%
Alcohol duty:
Cut on draught products by 1p per pint
Other rates increasing with RPI
Soft Drinks Industry Levy rates increasing to reflect inflation since 2018
ISAs/Savings:
ISA subscription limits frozen until April 2030:
£20,000 for adult ISAs
£9,000 for Junior ISAs
£4,000 for Lifetime ISAs
Sunak is having some fun in his final speech but his message of 'We warned Labour would tax, borrow and spend' only shows why he's in opposition. Yes Rishi, everyone knew that and that's why they voted Labour!
Yes Rishi, everyone knew that and that’s why they voted Labour! - only not everyone did vote Labour. It was only about 22% so hardly everyone !!
I would happily pay a bit more tax if it meant things were working again & we got to live in a fairer society.
I'd far rather have a society (well OK, a Government) that was able to work on long-term plans, accept that going for the cheapest option now to "save money" would actually cost more in the long run, accept that penalising the poorest in society simply fuels crime and accepts that the richest in society should pay considerably more.
The issue is not the amount of tax we pay; it's how it's been mismanaged over decades through successive governments and a host of poor policy decisions.