The Budget 2024 thread

[Quartz]

How is today's Budget going to affect you?

It's not going to affect me much at all either way. I'm retired so I don't pay National Insurance. I don't trade property. I do take the occasional business-class trip - once every few years - so will pay more there. I might benefit from the £5K ISA allowance if it comes to pass. No children. I don't smoke. I don't drive much. Etc. For me it's pretty much a nothingburger.

 

[slinxy]

That 2p per pound extra has persuaded me to vote for them…. Lol

(Not really)

 

[GeX]

Nothing in it that matters to me. I work and have kids. Don't trade property and don't need another £5K ISA allowance to invest in a restricted market

 

[danlightbulb]

Around £50 per month better off from the 2% NI cut than would otherwise have been the case.

Better off from the continued freeze in fuel duty.

 

[Zefan]

Very pleased about the child benefit charge changes, but I think they could go further and make it a combined married couple earnings as to not essentially penalise primarily single bread winner families.

I wish they would move the higher tax threshold, such a massive stealth tax that needs to change, but I suppose squeezing the middle is always the way. I suppose doubling down on national insurance is better than nothing, but the principle of keeping tax thresholds during a high inflation period really does stink.

 

[Rotty]

I think they could go further and make it a combined married couple earnings as to not essentially penalise primarily single bread winner families.

I don't have kids but still think the current situation is ridiculous

The budget overall has little noticeable effect on me

 

[GeX]

Very pleased about the child benefit charge changes, but I think they could go further and make it a combined married couple earnings as to not essentially penalise primarily single bread winner families.

I wish they would move the higher tax threshold, such a massive stealth tax that needs to change, but I suppose squeezing the middle is always the way. I suppose doubling down on national insurance is better than nothing, but the principle of keeping tax thresholds during a high inflation period really does stink.

I'd have liked to see the cliff at edge for tax free and 15/30 hours of free childcare at £100k changed. Hitting that is already an effective 60% tax rate due to PA erosion, but taking away the childcare provisions is even worse when you've got one parent being the main bread winner.

That £50k child benefit and £100k childcare thresholds were set years ago and never adjusted for inflation; https://wingatefp.com/the-loss-of-free-childcare-a-97-marginal-rate-of-tax/

 

[Irish_Tom]

We’re going to get to keep the whole child benefit payment and be about £225 better off per month due to the NI cut. With the NI cut in the autumn statement as well, we’ll be around £600 better off per month as a combined household.

Very pleased about the child benefit charge changes, but I think they could go further and make it a combined married couple earnings as to not essentially penalise primarily single bread winner families.

They’re planning to fix that by April 2026 according to today’s statement. Apparently it will take that long to update HMRC’s systems to deal with a household income rather than just individuals.

The threshold bump to £60k with a taper to £80k is meant to act as a bridge until they can implement the new system.

 

[GeX]

They’re planning to fix that by April 2026 according to today’s statement. Apparently it will take that long to update HMRC’s systems to deal with a household income rather than just individuals.

The threshold bump to £60k with a taper to £80k is meant to act as a bridge until they can implement the new system.

Is there more in the detail, and the household income will be double the current per person limit - else this is would just be worse!

 

[413x]

Just the NI cut.
So 1000 pounds better off as a household.
750 for me and 300 for gf.

No kids so the rest doesn't affect us.

 

[413x]

We’re going to get to keep the whole child benefit payment and be about £225 better off per month due to the NI cut. With the NI cut in the autumn statement as well, we’ll be around £600 better off per month as a combined household.



They’re planning to fix that by April 2026 according to today’s statement. Apparently it will take that long to update HMRC’s systems to deal with a household income rather than just individuals.

The threshold bump to £60k with a taper to £80k is meant to act as a bridge until they can implement the new system.

225 just from NI? I thought max was 750 per person per year?

 

[Azza]

Is there more in the detail, and the household income will be double the current per person limit - else this is would just be worse!

It's still technically going to go through 'consultation', so there are no finalised details.

 

[413x]

Very pleased about the child benefit charge changes, but I think they could go further and make it a combined married couple earnings as to not essentially penalise primarily single bread winner families.

I wish they would move the higher tax threshold, such a massive stealth tax that needs to change, but I suppose squeezing the middle is always the way. I suppose doubling down on national insurance is better than nothing, but the principle of keeping tax thresholds during a high inflation period really does stink.

No kids here but they should do a combined earnings. It shouldn't matter if one person is on 80k or 8 people are on 10k each.
Not sure what cap should be as a household myself.

 

[dante6491]

Problem HMRC currently face is that they do not really have a joined up record of co-habitating couples so will be a complete faff to recreate it for the new Child benefit.

Would much rather than it be paid universally and taxed as income at your marginal rates.

Personally a fair chunk better off by the two NI cuts. Had hoped to see changes to IHT and the residence nil rate bad and the personal allowance.

Changes to the non-dom rules mean that I will have an exceptionally busy 13 months tax planning (tax accountant speciallising in offshore trusts )

6.5 or 7/10. No fireworks, no rabbits, very much maintain the status quo.

 

[Zefan]

I'd have liked to see the cliff at edge for tax free and 15/30 hours of free childcare at £100k changed. Hitting that is already an effective 60% tax rate due to PA erosion, but taking away the childcare provisions is even worse when you've got one parent being the main bread winner.

That £50k child benefit and £100k childcare thresholds were set years ago and never adjusted for inflation; https://wingatefp.com/the-loss-of-free-childcare-a-97-marginal-rate-of-tax/

I agree @ single breadwinner taxes being bad, but I have what I reckon are probably unpopular beliefs around free childcare stuff and would rather they just funnel that money in to tax breaks for married couples/direct support for single mums. Everything being equal though obviously these things should be locked to inflation, I don't get how they justify not doing so.

 

[GeX]

It's it not being locked to inflation that irks me (or properly funded anyway, the government funding doesn't cover the cost of the nursery places anyway). I think tax breaks for married couples is quite old fashioned and the current system can work well.. just, cliff edge on a limit set in 2017 that if adjusted for inflation is about £130k these days.

I'm just a bit fed up of spending more than my mortgage on childcare for the past few years, and now being forced to put money into my pension (arguably not a bad thing) to remain under the threshold to still qualify for tax breaks on childcare.

 

[jaybee]

The high income child benefit charge has always been a complete joke that a couple on 50k each (100k combined) get the full benefit, but a couple on say 60k and 10k (70k combined) get nothing.

I was appalled at the lack of Comms and information that went out about the charge when it came in, as loads of people like me, didnt even know it was a thing until years of claiming CB in full, racking up a bill of thousands.

It taking two years to build out a fair combined income system just smells so British. It takes over a year to resurface a 100 yard stretch of road now, so I guess we can't be surprised.

 

[Blackjack Davy]

Single income no kids and not a OCuk high earner so essentially no better off lol

 

[A2Z]

Just the NI cut will give me a bit extra ££ every month.

Personally I don't really get why child benefit/tax credits whatever it's called even exists. If you choose to have a child you should pay for it, why is the government giving handouts. I don't have any kids so I'm a bit miffed I get nothing whilst those that do get free ££

 

[katy81]

Just the NI cut will give me a bit extra ££ every month.

Personally I don't really get why child benefit/tax credits whatever it's called even exists. If you choose to have a child you should pay for it, why is the government giving handouts. I don't have any kids so I'm a bit miffed I get nothing whilst those that do get free ££

Yeah it's a total joke.

Pays for my fags and booze though.