Budget Oct 24 Thread

Does that rise in employer NI not force them to employers to ensure we are all self sacrificing as much as possible, because the employer can then save more than / some of the increase?

I wonder then whether the pension raid comes in 5yrs time if they are re-elected, sucking up the funds of the savers over this period.

As a modest size charity, that is going to sting for my work.

Your competitors are equivalently impacted.

Does your charity supply services that should really be funded directly by the public sector?

mattyfez
Full Member
One of the huge issues for me.. Someone touched on above..

The short term thinking of elections every 4 years or whatever.. Of course we need elections on a semi regular basis but that encourages MPs just to think in 4 year blocks.. They could be out on thier ass after that…

I think we maybe need a 4th pillar of government for long term projects, such as rail infrastructure, health care, environmental goals etc..

.. Which is sacrosanct.. and the ‘government de jour’ cannot interfere with it, with out cross party support and strict arbitration via an independent body…

I suppose that idea would add another layer of burocacy… And cost.. But.. I think it might be a net gain for society as a whole.

I can definitely see merit in that. Has it been tried in any other democracy I wonder? Even if it hasn’t, there is always a first adopter of course. That said I suspect it would be a policy to implement in more favourable and stable conditions I suppose, possibly not now.

The transport system in the entire north of England is uniquely s*** though.

FTFY

 As pointed out, you could use the £2 (well, 170ish not on the motorway) figure with more validity because people actually had to pay that to get to work.

I remember filling up at the Shell garage near Saltaire and it was £1.99. No motorway services highwaymen masks involved

filling up at the Shell garage near Saltaire

Artisan diesel

For the ‘Biggest Budget in Decades’ it’ll have little to no impact on me. As a ‘Working Person'(c) I guess that was the aim.

IMHO :

Duty on Vape juice (and banning of disposables) – good idea, vaping has long past being a safer alternative to smoking and has become a way for sellers and manufacturers (many of which are Tobacco Cos via shell corps) to hook kids into a newer, more addictive product.

VAT on Private Schools, yeah it’s a Labour kick in the nuts to the Poshos, but if you’ve got to make money somewhere.

Increased Duty on Private Jet flights. Shit even I can see that’s a working-class dog whistle.  So Rishi will pay £500 more when he jets off to the US with his Billionaire Wife… they’re billionaires. It’ll raise pocket change relatively, but it’s a nice little FU to the out-going PM and Party.

I think they’re still having the drains up on the employers NI, but it seems it’s somewhere between a win, and a small loss for really small employers, it’s the big employers who’ll pay the bill.

Artisan diesel

in Brat-fut ?

well yes it is. £1.2bn

Pretty sure the figure I heard was 22bn for day-to-day spending and 3bn for capital spending. Where has 1.2bn come from?

NHS sees a

£22.6bn increase in the revenue (day-to-day spending ) health budget (RDEL)

£3.1bn increase in the capital budget (CDEL)

(Dept expenditure limits)

It’s a start.

Anyone seen any sign of the ‘unprecedented’ active travel funding they were promising after the election?

johnx2
Free Member
NHS sees a

£22.6bn increase in the revenue (day-to-day spending ) health budget (RDEL)

£3.1bn increase in the capital budget (CDEL)

(Dept expenditure limits)

It’s a start.

I thought I’d seen a higher figure, I was beginning to doubt my sanity. Lol

Did you hear the baying idiots in the chamber roaring in delight at 1% cut in duty for draught beer. They were genuinely more animated (or wanted to appear more animated) about that than any of the big stuff like Nat Insurance, NHS spending or Non Dom.

Idiots.

I thought I’d seen a higher figure

£350bn on the side of a bus?

Given how much it was mentioned in the run up, I’m a little surprised there’s no impact to

Tax rates for high earners
Pensions limits
Any tax-free gimmes

I think the hike in CGT only really impacts people who are gaming the “earn minimum wage and take the rest as profits” approach, which I don’t have much problem with. The vast majority of other folks can afford to wrapper any investments they have (a couple get a total of £160k per year in tax free investments, combining pension and ISA), so not much impact there

and a small loss for really small employers

It depends on your definition of Small businesses, but small employers can claim back their NI contribution (now increased up to 10k) through employment allowance.

The NI increase won’t end up costing my business anything. We were worried that we could have been forced to close with the business rates relief potentially being completely removed (but its protected by rural rates relief in my case) and adding NAT insurance costs could have put unachievable costs on the business. Thankfully it seems to have been sensibly thought out.

Did you hear the baying idiots in the chamber roaring in delight at 1% cut in duty for draught beer. They were genuinely more animated (or wanted to appear more animated) about that than any of the big stuff like Nat Insurance, NHS spending or Non Dom.

Idiots.

Look at the audience… No normal person I’d going to give a flying figg If their four pound and four pence pint suddenly only costs four pounds.

Good for the struggling hospitality trade I guess.. But surely there are bigger fish to fry?

 think the hike in CGT only really impacts people who are gaming the “earn minimum wage and take the rest as profits” approach, which I don’t have much problem with. The vast majority of other folks can afford to wrapper any investments they have (a couple get a total of £160k per year in tax free investments, combining pension and ISA), so not much impact there

I think ( hope)  I’m going to get hit by some CGT from my company share option scheme next year, even with judicious use of ISAs.

(Which is fine of course. I don’t have an issue with it )

Our business will be affected by the NICs (as will our competitors of course), and personally I’ll be affected by the CGT because of a employee ownership share scheme that’s looking to pay out in 2026.

Hard to feel aggrieved by it though, I’m only in the position to be affected because I’m fortunate in the first place. Also I’d like functioning public services please and thank you.

£350mn on the side of a bus?

That’s one figure I try to forget.lol

I blank much of 2016 out in fact.

Actually iht on pension pots is an interesting one. As more and more of the aging population will be using drawdown strategies instead of annuities I think that will become a much larger pot to tax.

The trick is to spend it all before you die

donald
Free Member
The trick is to spend it all before you die

True but takes bloody good timing! Lol

IHT exemption on pension pots was a ridiculous loophole to start with. I mean, I know everyone wants all taxes abolished, but what on earth is the rational justification for allowing you to specifically pass on your own unspent income directly to your children (or other beneficiaries) without even having paid income tax on it when you got paid in the first place?

Given how much it was mentioned in the run up,

These were all kites flown by the right wing press to stir up their audience (Hello Daily Telegraph and Spectator, you’re looking pretty stupid now). The tax free limit on 25% from pensions will still be subject to fiscal drag for the minority with a large pot. We should, however be encouraging people to save into pensions, but not through a 60% marginal rate at 100-125k income. I’d like top see restitution of personal allowances, with an increase in higher rate of taxation. The 100k trap makes no sense economically, especially with loss in other benefits.

And yes the IHT on pension pots was just a loophole. Lump it into the estate proper and tax IHT accordingly. It is of course exempt when passing to a surviving spouse, who may still have time to spend it.

One of the changes that appears to have flown under the radar a bit are the changes to VED rates:

As announced at Autumn Budget 2024, the government will introduce legislation in Finance Bill 2024-25 to change the Vehicle Excise Duty (VED) first year rates for new cars registered on or after 1 April 2025. These are as follows:

• zero emission cars will pay the lowest first year rate at £10 until 2029 to 2030

• rates for cars emitting 1g/km to 50g/km of CO2, including hybrid vehicles, will increase to £110

• rates for cars emitting 51g/km to 75g/km of CO2, including hybrid vehicles, will increase to £130

• all other rates for cars emitting 76g/km of CO2 and above will double from their current level.

So – buy/lease a big V8 Range Rover or similar next year, and you’ll be paying about £5,500 a year in VED alone.

Ha ha to infinity.

IHT exemption on pensions was a clear tax dodge for the wealthy. Most people need to spend their pensions to live, not keep them untouched to reduce the value of their estate when they die.

Good decision to abolish it. Although they’ve got till April 2027 to either die or put another plan in place.

If you’re on minimum wage and need to drive to work and back every day, I doubt you’d be marvelling at how little it was costing you

My guess is that more people on minimum wage would benefit from cheap bus fares than would benefit from cheap petrol.

So – buy/lease a big V8 Range Rover or similar next year, and you’ll be paying about £5,500 a year in VED alone.

Ha ha to infinity.

Nope…………

Well, the absolute top of the range, non plug-in hybrid model in SV squeaks in just over the 255g at 265 so that is affected. But that’s got a starting price of £160k.

But pretty much every other model is a plug in hybrid and has official emissions <20g/km.

Obviously the test is bull****.  But they won’t be paying that tax.

I must say I do miss Tory economics though. Considered, factual and deployed with cunning intellect and a deep understanding of the subject matter.

https://x.com/carolvorders/status/1851645841338986789

So – buy/lease a big V8 Range Rover or similar next year, and you’ll be paying about £5,500 a year in VED alone.

Ha ha to infinity.

It’s just first year rates though, year two onwards are inflationary increases.  So, your £120k RR is now £123k – those with the finances to buy them won’t really feel it.

Meanwhile, double cab pick ups being treated as cars once again is pretty big, plus a doubling in BIK for hybrids and increases in pure EV from 2 to 9% BIK over the next few years will hit a lot of company car driving ‘working people’…

The bus ticket cap is absolutely massive in terms of regressive tax burden.

50% increase on some of the lowest paid workers in the country not to mention students.

My daughter will have to find around an extra £25 a month to get to sixth form and my other daughter at uni will also be hit – that will be around a £40 hit per month on our family

We are luckily in a position to be able to help them out with that but many thousands of people wont be.

Not a good decision IMO bearing in mind other areas that could have raised this amount.

Meanwhile, double cab pick ups being treated as cars once again is pretty big, plus a doubling in BIK for hybrids and increases in pure EV from 2 to 9% BIK over the next few years will hit a lot of company car driving ‘working people’…

It will, however the majority of EV company car drivers are people who didn’t run a cc before that massive tax break came in. Now EV sales are naturally a little higher, and the second hand market is flooded with stock (look at the prices), closing that tax break makes sense

My CC will probably be the only new car I ever ‘own’ then! In retrospect perhaps shouldn’t have chosen a MG.

I can’t seem to embed Tweets…

Anyway, Truss has given her expert opinion on today’s budget. Which is just epic to type let alone watch!! 😀

https://x.com/Tush27J/status/1851586005901402304

I think the hike in CGT only really impacts people who are gaming the “earn minimum wage and take the rest as profits” approach, which I don’t have much problem with. The vast majority of other folks can afford to wrapper any investments they have (a couple get a total of £160k per year in tax free investments, combining pension and ISA), 

I think plenty of normal folks will be caught by things like share schemes they get as a benefit of work. Certainly I’m no millionaire but it’ll cost me a couple of hundred quid at least. Don’t really mind as long as they use it to improve stuff in society, but to say this budget won’t impact working class folks is a bit disingenuous

Anyway, Truss has given her expert opinion on today’s budget. Which is just epic to type let alone watch!!

Its even funnier that she still thinks the tellybox people get her on for everyone to benefit from her words of wisdom, when the truth is she’s a modern day freak show. Let’s all point and laugh at the delusional fruitcake who still thinks she’s relevant and not a total laughing stock

The groans from the Tory spin doctors whenever she pops up again must be audible from miles away