2016/17 Exchequer Income Tax balance

FloatingPoint · 31 Jan 2018 at 22:07

Predictions on whether this years balance will be up or down year on year and what impact Brexit had on personal and government finances?

The_Abyss · 31 Jan 2018 at 22:12

What do you think? What was last year's, for context?

FloatingPoint · 31 Jan 2018 at 22:19

I think it will be down year on year.

FloatingPoint · 31 Jan 2018 at 22:23

and also that a lot of miners/crypto traders will fail to pay capital gains.

muon · 31 Jan 2018 at 22:39

There is an increasing number of self employed people (and people employed generally). It should be up.

https://www.ons.gov.uk/employmentan...yeetypes/bulletins/uklabourmarket/january2018

Then there is inflation which causes everything to rise anyway. Anything less than inflation would be a fall in spending power terms.

Vonhelmet · 31 Jan 2018 at 22:46

FloatingPoint said:
and also that a lot of miners/crypto traders will fail to pay capital gains.

I doubt many people will be exceeding their annual allowances on bitcoin trades. The tax lost to this will be negligible.

FloatingPoint · 31 Jan 2018 at 22:49

yes if there is a real increase in employment revenue ~~will~~ should be up, however... Productivity.

FloatingPoint · 31 Jan 2018 at 22:52

Vonhelmet said:
I doubt many people will be exceeding their annual allowances on bitcoin trades. The tax lost to this will be negligible.

What happens at the low end of tax bracket revenue when personal allowances are increased?

Vonhelmet · 31 Jan 2018 at 23:03

FloatingPoint said:
What happens at the low end of tax bracket revenue when personal allowances are increased?

The chargeable gains annual allowance is £11,300. If you have gains in excess of that, you will pay tax on them. The rate will be determined by the total amount of income and gains you have. I’m not sure what you mean above.

Caged · 31 Jan 2018 at 23:19

It will be a trainwreck

The_Abyss · 31 Jan 2018 at 23:23

FloatingPoint said:
and also that a lot of miners/crypto traders will fail to pay capital gains.

80% of the value of Bitcoin is held by fewer than 1,000 individuals. If that's replicated across other 'currencies' (I hesitate to legitimise them by associating them in this way) then it is not likely to be a widespread issue.

FloatingPoint · 31 Jan 2018 at 23:30

Caged said:
It will be a trainwreck

Indeed, the £350M a week I wonder was based on which tax year. 2006/07?

FloatingPoint · 31 Jan 2018 at 23:32

Vonhelmet said:
The chargeable gains annual allowance is £11,300. If you have gains in excess of that, you will pay tax on them. The rate will be determined by the total amount of income and gains you have. I’m not sure what you mean above.

What I mean is what happens when you combine less corporate service spend (due to uncertainties of Brexit for internal financial forecasting) on an increased self employed workforce with higher personal tax allowance?

Vonhelmet · 31 Jan 2018 at 23:45

FloatingPoint said:
What I mean is what happens when you combine less corporate service spend (due to uncertainties of Brexit for internal financial forecasting) on an increased self employed workforce with higher personal tax allowance?

Oh, ok, so we’ve moved on from bitcoin.

Why do self employed people have a higher personal allowance?

FloatingPoint · 31 Jan 2018 at 23:49

They don’t but the current government has massively increased the number of self employed workforce in order to reduce unemployment figures, increased the basic rate of income tax allowance and called a referendum on membership of the biggest trading market the UK has access to. I’m interested what these and additional factors will have on the balance sheet for the people, the businesses and the UK in general terms. 2016/17 will be the first year that we can evaluate all of the above.

The_Abyss · 31 Jan 2018 at 23:53

Are we now looking at the balance sheet or income and expenditure?

There are plenty of Brexit discussions, including a longstanding one in SC, if you want to make a point about Brexit.

FloatingPoint · 31 Jan 2018 at 23:56

Brexit is a factor, but this thread is about what the government will have to spend next year from 2016/17 tax.

The_Abyss · 31 Jan 2018 at 23:58

FloatingPoint said:
Indeed, the £350M a week I wonder was based on which tax year. 2006/07?

http://www.bbc.co.uk/news/uk-england-40860657

This thread feels like Tay has been rebooted and is asking questions to itself.

The_Abyss · 1 Feb 2018 at 00:01

FloatingPoint said:
Brexit is a factor, but this thread is about what the government will have to spend next year from 2016/17 tax.

Are you including borrowing? I'm struggling to see what you're actually trying to ask, and it feels like there's another question behind the vague question (or now questions) originally asked. You've spoken about income tax, balance, what the government has to spend, balance sheets, £350 million a week and capital gains tax on a single 'asset' class.

FloatingPoint · 1 Feb 2018 at 00:04

It’s quite simple.