March Budget 2016
- Thread starter helpimcrap
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Caporegime
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Will ltd companies be screwed
No it didnt!
Can you be a little more specific?
It might do for one year but it certainly won't over the long-term. As already stated, there was a one year boost when it was cut to 45% as companies delayed bonuses and other payments.
The Laffer curve is a myth with weak evidence to back it up.
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I'm not expecting much from this budget. With the Tory party bitterly divided against itself over Europe, Osborne is going to stay back from making any changes likely to upset the already troubled back benches.
The Laffer curve is doubtless real, it's just that it kicks in at around 75-80% taxes rather than the kind of tax levels we have in the developed world.
The Laffer curve is doubtless real, it's just that it kicks in at around 75-80% taxes rather than the kind of tax levels we have in the developed world.
Well the tax on dividend income will start in the new financial year making low salary + dividend income not the good wheeze it once was.
The changes to rental properties also starts which (AFAIK) really only punishes those who have BTL mortgages and doesn't have the same damaging effect on those with large property portfolios and very little to no debt. Kind of missing the target there.
The changes to pensions and tax relief has been postponed, not taken off the table altogether. I think they were a little surprised how the EU referendum got so nasty so quickly and they dare not do anything that either side could use as a weapon. Effectively bottling it at the last minute. I'm sure it will come up again.
I suspect very little will happen.
I'm thinking everyone will get bent over.
Soldato
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Hopefully a right to buy for private renters, that would cause some fun 
Hopefully an increase in the tax free interest allowance, and an increase in the ISA allowances making saving virtually tax free for all but the top few %.
Would love to see a reimplementation of MIRAS for owner occupiers or something similar upto a reasonable level. In effect flipping the switch vs the current situation where B2L are tax efficient vs owner occupier.
Some kind of duty/tax on foreign registered lorries (ie something like a pay as you go roadtax)
Tax on trade union membership
Get rid of the NI removal for those of pension age. No need for this, its not unusual now that they stay in work so should be paying the same as the rest to encourage them to retire when its sensible (they in effect see a decent payrise on retirement age now due to stopping paying NI)
Hopefully an increase in the tax free interest allowance, and an increase in the ISA allowances making saving virtually tax free for all but the top few %.
Would love to see a reimplementation of MIRAS for owner occupiers or something similar upto a reasonable level. In effect flipping the switch vs the current situation where B2L are tax efficient vs owner occupier.
Some kind of duty/tax on foreign registered lorries (ie something like a pay as you go roadtax)
Tax on trade union membership
Get rid of the NI removal for those of pension age. No need for this, its not unusual now that they stay in work so should be paying the same as the rest to encourage them to retire when its sensible (they in effect see a decent payrise on retirement age now due to stopping paying NI)
yes it did apparently
the question is how much of this was due to people postponing tax etc.. as others have commented
Associate
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He hasn't got long to do unpopular things, so I doubt this is going to be a good one. He can probably be nasty in 2017 but by 2018 the next election is getting too close to be too harsh.
Fuel duty I think will go up and that will be the least popular thing in there.
Top rate income tax may move down on the basis of dodgy short term maths that, in any case, probably makes little difference to the income tax collected.
I'm more worried that, with him leaving pensions alone and bringing in the tax-free savings band, ISA's have their days numbered.
Most taxpayers will not benefit from ISA's over and above the benefit of the new tax free allowances because most of the country does not save.
Vote Brexit first?
Get rid of NI fullstop
It's a historical anomaly from the employee point of view and a tax on jobs from the employer point of view. Roll both NI payments into income tax. But that would be too simple and will never happen.
Fuel duty I think will go up and that will be the least popular thing in there.
Top rate income tax may move down on the basis of dodgy short term maths that, in any case, probably makes little difference to the income tax collected.
I'm more worried that, with him leaving pensions alone and bringing in the tax-free savings band, ISA's have their days numbered.
Most taxpayers will not benefit from ISA's over and above the benefit of the new tax free allowances because most of the country does not save.
I'd rather he finishes what he started and gets rid of tax relief on personal BTL entirely so that it is on the same terms as any other personally held investment. You want tax relief, form a company.
Vote Brexit first?
Get rid of NI fullstop
It's a historical anomaly from the employee point of view and a tax on jobs from the employer point of view. Roll both NI payments into income tax. But that would be too simple and will never happen.
The VED system desperately needs an overhaul - something that ties taxation into use of the roads proportionally - like on fuel rather than emissions incentive. That would cover everything including foreign registered vehicles and the current disproportional weighting on people who don't drive much vs people who drive a lot in eco cars.
Genuinely - what would that give us in this regard?
I don't think you can have different rules for foreign cars in EU.
Associate
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Levying a tax that applies only to foreign lorries would breach the free movement requirements of the acquis. You would have to exempt EU lorries, at which point it becomes fairly pointless.
If you want to change HGV taxes so that they are PAYG for everyone, then you could do it. But you can't have one rule for UK registered lorries and another rule for Irish, Polish, whatever.
Foreign HGVs are a bit of a problem, but the solution is unlikely to be easy because of EU restrictions.