National insurance cut

slinxy · 6 Mar 2024 at 18:24

Murphy said:
I get your point but it's hardly a big issue when you consider the NHS budget is around the £150 billion a year mark, £1.8 billion is a drop in the ocean, that's not to say it should be ignored or attempts be made to recover it.

Yet people bang on about illegal immigrants costing the nhs, they are even a smaller drop in the ocean.

Is immigration harming the NHS?

The NHS workforce come from overseas as well as the UK. Is that a bad thing?

www.nhsconfed.org

‘Inhumane’ NHS fees left more than 900 migrants without treatment | Immigration and asylum | The Guardian

Patients turned down care they needed after demands for advance payments amid complaints of government’s ‘hostile environment’

amp.theguardian.com

danlightbulb · 6 Mar 2024 at 18:25

I've noticed on the BBC coverage of the budget post the speech that they are focussing heavily on the NI cut Vs a promised income tax cut.

But they don't acknowledge that a 4% NI cut is far better than a 1% income tax cut for those working, which to me is rather strange.

Hunt says in his interview that he'd like to get rid of NI altogether as it's a tax that only applies to those working. BBC don't acknowledge this, instead pressing on a 1% income tax cut.

I for one would prefer to see NI gone even if it means income tax threshold freezes. It's a better way to give workers tax cuts and simplifies the system.

Very positive move I think.

Azza · 6 Mar 2024 at 18:34

tenofspades said:
bit of a meh budget, the £5000 ISA UK shares savings a good idea though.

Just 15% of ISA subscribers make use of the full allowance.

Murphy · 6 Mar 2024 at 18:44

slinxy said:
Yet people bang on about illegal immigrants costing the nhs, they are even a smaller drop in the ocean.

I wouldn't say people bang on about it, maybe a tiny minority do but the idiom about empty vessels springs to mind.

tamzzy · 6 Mar 2024 at 18:46

Murphy said:
empty vessels

yes, they are, once the illegals leave the boat!

413x · 6 Mar 2024 at 18:52

neocon said:
What happened to the inheritance tax scrapping?

Thankfully it hasn't happened

neocon · 6 Mar 2024 at 19:08

413x said:
Thankfully it hasn't happened

Hopefully it happen though, would be amazing.

Thing is, Jeremy Hunt has a property portfolio registered under a company, so he'll be transferring his wealth to his kids via that presumably avoiding IHT. Meanwhile when you and I die it's going to be taxed, why would you want this?

MARE POND PROPERTIES LIMITED. Free business summary taken from official companies house information. Free alerts. Registered as 10970413

Free company summary for MARE POND PROPERTIES LIMITED including Companies house registration, overview of business activities, contact details, social networks, website, phone numbers, trading addresses and event history

companycheck.co.uk

stuman · 6 Mar 2024 at 19:44

neocon said:
Hopefully it happen though, would be amazing.

Thing is, Jeremy Hunt has a property portfolio registered under a company, so he'll be transferring his wealth to his kids via that presumably avoiding IHT. Meanwhile when you and I die it's going to be taxed, why would you want this?

MARE POND PROPERTIES LIMITED. Free business summary taken from official companies house information. Free alerts. Registered as 10970413

Free company summary for MARE POND PROPERTIES LIMITED including Companies house registration, overview of business activities, contact details, social networks, website, phone numbers, trading addresses and event history

companycheck.co.uk

The solution is not to scrap a good tax, it would be to fix the loophole

Mr Jack · 6 Mar 2024 at 20:13

neocon said:
Meanwhile when you and I die it's going to be taxed, why would you want this?

Most likely neither you nor I would be taxed. Only a tiny percentage of people pay any tax on inheritance.

neocon · 6 Mar 2024 at 20:33

Mr Jack said:
Most likely neither you nor I would be taxed. Only a tiny percentage of people pay any tax on inheritance.

I'm not boasting but my property cost circa £600k and threshold is only £325k. Is that threshold going to move by the time I die?

danlightbulb · 6 Mar 2024 at 20:41

neocon said:
I'm not boasting but my property cost circa £600k and threshold is only £325k. Is that threshold going to move by the time I die?

I wouldn't worry about it unless you're very close to dying. If you still have a good 30 years left, almost anything could change in that time.

Right now, with inheritance tax mostly benefiting those far more well off than average, it was right to leave it alone I think.

Mr Jack · 6 Mar 2024 at 20:41

neocon said:
I'm not boasting but my property cost circa £600k and threshold is only £325k. Is that threshold going to move by the time I die?

For a home, assuming it is given to a child or grandchild, the threshold is £500k, and that's (functionally) doubled for a couple.

lookitsjonno · 6 Mar 2024 at 20:43

danlightbulb said:
I for one would prefer to see NI gone even if it means income tax threshold freezes. It's a better way to give workers tax cuts and simplifies the system.

Very positive move I think.

It's quite a tactile move actually, cheap "tax cut" headlines for half of the price of an income tax cut. It's clear he wants to appeal to the middle aged working class. He has the pensioners in the bag already after honouring the triple lock

danlightbulb · 6 Mar 2024 at 20:44

lookitsjonno said:
It's clear he wants to appeal to the middle aged working class

It's about time someone did.

neocon · 6 Mar 2024 at 20:49

Can the election be saved at this point?

danlightbulb · 6 Mar 2024 at 20:53

neocon said:
Can the election be saved at this point?

I think what will happen is the polls won't move much but in the background this budget will help them I think and come election time it could be a closer result than expected.

A lot depends on the performance of the economy over the next 6 months.

delta0 · 6 Mar 2024 at 20:55

413x said:
I guess quite a few people max out their isas who this is useful for.

I’m curious as to what will be allowed within it. They have a consultation period so I guess it will be a few months before we know. I will definitely use it.

danlightbulb · 6 Mar 2024 at 20:57

delta0 said:
I’m curious as to what will be allowed within it. They have a consultation period so I guess it will be a few months before we know. I will definitely use it.

Probably a selection of registered UK equity funds.

delta0 · 6 Mar 2024 at 20:58

danlightbulb said:
Probably a selection of registered UK equity funds.

Equity funds will be a good start. An all share UK one and some specific sector ones I expect at least.

413x · 6 Mar 2024 at 21:01

neocon said:
Hopefully it happen though, would be amazing.

Thing is, Jeremy Hunt has a property portfolio registered under a company, so he'll be transferring his wealth to his kids via that presumably avoiding IHT. Meanwhile when you and I die it's going to be taxed, why would you want this?

MARE POND PROPERTIES LIMITED. Free business summary taken from official companies house information. Free alerts. Registered as 10970413

Free company summary for MARE POND PROPERTIES LIMITED including Companies house registration, overview of business activities, contact details, social networks, website, phone numbers, trading addresses and event history

companycheck.co.uk

Loopholes should be closed.

IHT is a tax that should absolutely stay.

Inheritance is a massive factor in keeping the poor poor and the rich rich.