The official Budget day thread

[Titanic]

Alcohol duties on beer, cider and whisky FROZEN, again

 

[Titanic]

Capital Gains tax reduced from 28% to 20%.... and for basic rate payers from 18% to 10%.

Rocket boosters on the backs of enterprise.

 

[beorhthelm]

Sugar levy on soft drinks firms in 2018. Assessed on volume of drinks and amount of sugar (not pure fruit juice).

Tax effects behaviour...the £530m raised will be spent doubling funding for sport in primary schools, and further spending in secondary schools.

except if its successful in reducing use, there wont be funding. so its expected to fail in its primary objective or fail in it secondary objective. and you can still get fat from sugar filled juice (more in apple juice than a cola). poor policy.

 

[Titanic]

ISA limit from £15k to £20k and introduction of a 'Lifetime ISA' for long term tax free savings for the U40's.

 

[Titanic]

Personal TAX allowance raised to £11,500 in 2017

and half a million people lifted out of higher rate tax by increasing the allowance to £45,000.

Social justice delivered by conservative means... a budget for working people.

 

[Titanic]

except if its successful in reducing use, there wont be funding. so its expected to fail in its primary objective or fail in it secondary objective. and you can still get fat from sugar filled juice (more in apple juice than a cola). poor policy.

are you saying that there won't be sugary drinks on sale in 2018? I don't expect that to happen, but it would seem to be a result if it did, wouldn't it?

 

[Notters]

in reality, if you are currently 38-55 you will retire when 67, if under 38 you'll retire at 68, and so on, those born in the last decade will retire at 73.

Unless they change their minds.

 

[glasfryn]

we are all in this together

very cosy

 

[Notters]

Awaits Bozza thread praising Osborne for taking us back to Dickensian times.

 

[beorhthelm]

are you saying that there won't be sugary drinks on sale in 2018? I don't expect that to happen, but it would seem to be a result if it did, wouldn't it?

fully expect the drinks to be around, if the amount of "sugary drinks" consumed is reduced, then the revenue isn't going to raised. presumably the rate will be set so low as to be barely noticed by those that drink lots of affected drinks, its another sin tax for the purpose of raising revenue, not for genuinely promoting healthier life. if the rate is set sufficiently high enough to impact on consumption, it's unlikely to raise the forecast revenue. it cannot succeed in both reduction and raising the target revenue.

 

[Titanic]

no, but if amount of sugar or amount of "sugary drinks" consumed is reduced, then the revenue isn't going to raised. presumably the rate will be set so low as to be barely noticed by those that drink lots of affected drinks, its another sin tax for the purpose of raising revenue, not for genuinely promoting healthier life. if the rate is set sufficiently high enough to impact on consumption, it's unlikely to raise the forecast revenue. it cannot succeed in both reduction and raising the target revenue.

The OBR presumably can work that out for themselves as well... and have come up with the £530m figure.

 

[DTES]

ISA limit from £15k to £20k and introduction of a 'Lifetime ISA' for long term tax free savings for the U40's.

That Lifetime ISA deal seems to be: The more you can afford to save, the more money the government will give you for free. Cracking deal for the low paid......

 

[beorhthelm]

That Lifetime ISA deal seems to be: The more you can afford to save, the more money the government will give you for free. Cracking deal for the low paid......

yes it is. the low paid probably cant afford to routinely put away x% each month as the moderately well paid can. however with this ISA they can chip in something as and when cash flow allows.

i cant imagine why anyone would oppose this unless is blinded by prejudicial politics.

 

[nicko31]

yes it is. the low paid probably cant afford to routinely put away x% each month as the moderately well paid can. however with this ISA they can chip in something as and when cash flow allows.

i cant imagine why anyone would oppose this unless is blinded by prejudicial politics.

Only helps if you are under 40

 

[beorhthelm]

Corbyn doesnt trust McDonnell to reply? im fairly sure its normally the Shadow Chancellor who does this.

 

[Titanic]

Corbyn doesnt trust McDonell to reply? im fairly sure its normally the Shadow Chancellor who does this.

No. Always the leader of the oppo.

 

[DTES]

yes it is. the low paid probably cant afford to routinely put away x% each month as the moderately well paid can. however with this ISA they can chip in something as and when cash flow allows.

i cant imagine why anyone would oppose this unless is blinded by prejudicial politics.

The less you can save, the less money the government will give you. Taking whatever the cost of this is to the state, and putting it in to the state pensions pot for when the currently under 40 retire, would spread the benefit right down to the very poorest (who, as I'm sure you know if you're honest, live payday to payday and will never put a penny in an ISA).

 

[Titanic]

Only helps if you are under 40

"This is a budget for the next generation"

 

[beorhthelm]

T... Taking whatever the cost of this is to the state, and putting it in to the state pensions pot for when the currently under 40 retire,

a noble alternative, however the state benefit is unfunded, there is no pot. its in desperate need of reform to be remotely affordable in few decades time, so this looks like a good approach.

 

[Titanic]

a noble alternative, however the state benefit is unfunded, there is no pot. its in desperate need of reform to be remotely affordable in few decades time, so this looks like a good approach.

Indeed... if you manage your own retirement pot, then there can be fewer nasty surprises later in life by a govt moving the goal posts.