[Finance] The Budget March 3rd 2021.

[Leekbrookgull]

Stay as you are budget with minor tinkering or major changes ? https://www.which.co.uk/news/2021/02/budget-2021-what-will-it-include/

 

[JC Footy Genius]

Amusing to see Labour claiming tax rises aren't the answer when tax rises and borrowing is their usual answer to everything ... we are already borrowing way beyond our means to fund the response to the Covid crisis where will the money come from if we don't raise taxes?


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[Raleigh Chopper]

Amusing to see Labour claiming tax rises aren't the answer when tax rises and borrowing is their usual answer to everything ... we are already borrowing way beyond our means to fund the response to the Covid crisis where will the money come from if we don't raise taxes?


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I don't know but tax rises will be very unpopular.
Johnson wants to be liked and cannot make decisions that will make him unpopular he wants to spend money to make people like him.
My guess is that it will look like the best budget of all time but the bad parts will be very cleverly hidden (even more than usual) and will take an economic genius to work it out.
Sunak will speak as if everything is fine and how great they are when in fact it very much is not.
It is very tricky though because we have got to get the money in and the debt down somehow but we have only just had 10 years of austerity.
Johnson will spend big time to boost the economy but look out for the loopholes.
My biggest wish is that I want big companies who avoid tax to have to pay and multi millionaires who do the same to pay up too, they keep promising that but never do it.

 

[Weststander]

The budget after this one will see widespread tax rises and changes, not this one, as some businesses and many households will be on a financial precipice post-furlough.

This time around, perhaps CGT rate increases and removal of reliefs. Raising £18b, but predictably there’s opposition from right wing MP’s.

On the spending side, I hope they look at business rates reform. The high street is still pummelled from a time where it was the fulcrum of retail activity, whilst out of town Amazon and similar distribution sites pay low business rates by comparison.

 

[Guinness Boy]

Six days away Leeky. Isn't there enough political content on here for you already?

 

[beorhthelm]

i reckon some modest tax increases across the board, from next year. which they usually do anyway.
would be good opportunity to remove the higher rate pension rebate, £30bn right away for minimal impact on anyone. some "war bond" like investment maybe, but somewhat counter productive if we want people out spending.

 

[Leekbrookgull]

Some kind of online Purchase Tax on non essential goods maybe ? However how would that work with a supermarket shop in as much as £50 in food and £20 on alcohol,dvd, etc items in which many would say non essential ?

 

[Leekbrookgull]

Six days away Leeky. Isn't there enough political content on here for you already?

Been in our lad's allotment most of the day. As for your Guinness icon what do you reckon to the genuine Irish home soil taste ?

 

[Paulie Gualtieri]

Still waiting on Uber to pay their back dated VAT bill of c.2.2B which l and many others had to crowd fund HMRC to act.

Classic Chumorachy from Osbourne


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[Herr Tubthumper]

I don't know but tax rises will be very unpopular.
Johnson wants to be liked and cannot make decisions that will make him unpopular he wants to spend money to make people like him.
My guess is that it will look like the best budget of all time but the bad parts will be very cleverly hidden (even more than usual) and will take an economic genius to work it out.
Sunak will speak as if everything is fine and how great they are when in fact it very much is not.
It is very tricky though because we have got to get the money in and the debt down somehow but we have only just had 10 years of austerity.
Johnson will spend big time to boost the economy but look out for the loopholes.
My biggest wish is that I want big companies who avoid tax to have to pay and multi millionaires who do the same to pay up too, they keep promising that but never do it.

What do you mean by Boris will spend big?

 

[Raleigh Chopper]

Amusing to see Labour claiming tax rises aren't the answer when tax rises and borrowing is their usual answer to everything ... we are already borrowing way beyond our means to fund the response to the Covid crisis where will the money come from if we don't raise taxes?


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Starmer said no to corporate tax rises, for reasons Westander pointed out.
And he is right.

 

[dazzer6666]

The budget after this one will see widespread tax rises and changes, not this one, as some businesses and many households will be on a financial precipice post-furlough.

This time around, perhaps CGT rate increases and removal of reliefs. Raising £18b, but predictably there’s opposition from right wing MP’s.

On the spending side, I hope they look at business rates reform. The high street is still pummelled from a time where it was the fulcrum of retail activity, whilst out of town Amazon and similar distribution sites pay low business rates by comparison.

Agree totally......lower CGT threshold, much less relief on, for example, pension contributions (for higher rate taxpayers) but apart from that not much hitting Joe Public directly. If the economy gets back into gear, we’ll get squeezed far more next year.

 

[Weststander]

Agree totally......lower CGT threshold, much less relief on, for example, pension contributions (for higher rate taxpayers) but apart from that not much hitting Joe Public directly. If the economy gets back into gear, we’ll get squeezed far more next year.

The talk is of aligning CGT rates to income tax.



Typical assets hit would be in selling second homes or large tranches of non-ISA shares.

 

[Curryisgreat]

Surprised this hasn’t been given more scrutiny. From gov.uk website...

 

[Weststander]

‘Fiscal drag’ will be part of the budget too, as personal allowances won’t increase.

 

[Live by the sea]

I think a few giveaways to help the economy which would seem sensible to me . Lots of talk about possibly extending stamp duty relief up to £500,000 another 3 months . Sounds like a good idea .

 

[Pavilionaire]

It was ridiculous when in 2015 George Osborne reduced Capital Gains Tax to 10% and 20% on non-residential property and 18% / 28% on residential property. This was a favour to his city mates and Tory Party donors who have shares, property and the like.

Now that the country has a stack of borrowing to repay it would therefore be a dereliction of duty if Rishi didn't align CGT with income tax rates.

As for other taxes, he can't increase Corporation Tax or risk a flight of capital from the UK, post-Brexit. However, he's ignored the 3 million directors / gig economy so I wouldn't put it past him to increase the rate of tax on dividends.

 

[dazzer6666]

It was ridiculous when in 2015 George Osborne reduced Capital Gains Tax to 10% and 20% on non-residential property and 18% / 28% on residential property. This was a favour to his city mates and Tory Party donors who have shares, property and the like.

Now that the country has a stack of borrowing to repay it would therefore be a dereliction of duty if Rishi didn't align CGT with income tax rates.

As for other taxes, he can't increase Corporation Tax or risk a flight of capital from the UK, post-Brexit. However, he's ignored the 3 million directors / gig economy so I wouldn't put it past him to increase the rate of tax on dividends.

Yep.....have a personal CGT allowance, but anything above is at your marginal rate. Simple. Agree re divis as well - has to be a prime target.

 

[studio150]

Amusing to see Labour claiming tax rises aren't the answer when tax rises and borrowing is their usual answer to everything ... we are already borrowing way beyond our means to fund the response to the Covid crisis where will the money come from if we don't raise taxes?


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The booming trade deals post Brexit should be rolling in now, so the national income will be improving by billions.

 

[LamieRobertson]

The budget after this one will see widespread tax rises and changes, not this one, as some businesses and many households will be on a financial precipice post-furlough.

This time around, perhaps CGT rate increases and removal of reliefs. Raising £18b, but predictably there’s opposition from right wing MP’s.

On the spending side, I hope they look at business rates reform. The high street is still pummelled from a time where it was the fulcrum of retail activity, whilst out of town Amazon and similar distribution sites pay low business rates by comparison.

Great points ......and as you said not tax rises this time for individuals..they will want us to get out and spend ..spend ...spend ...not just via Amazon