Emergency Budget

Originally Posted by Jabba

IIRC following post-election releases during the coalition talks, they resolved to keep part of the employees increase (from 10 to 10.5%?) but scrap Labour's planned employer increase.

Ah, they snuck that one under! Doesn't sound too bad to me tbh, and if the 10k threshold comes into force next year it will balance out nicely for me!

[yorkie_chris]

Originally Posted by gettin2dizzy

It isn't, but most of it has been outlined already. National Insurance up, middle earners targeted and savings to be more heavily taxed... oh but inheritance tax will be eased

Friend of mine is about to take a big hit with inheritance tax when his Ma goes.

Their family has owned farm since 1950, their parents and 4 kids who've all worked there to make it what it is. I don't see why the government are entitled to a massive chunk of that.
He's pretty p*ssed at the conservatives having to drop that particular promise.

[yorkie_chris]

Originally Posted by gettin2dizzy

They are ... in favour of their own.

http://www.telegraph.co.uk/news/news...ent-plans.html

at the Telegraph's predictable take on it; "Middle classes face higher taxes"

http://www.youtube.com/watch?v=w0DUsGSMwZY

Originally Posted by yorkie_chris

Friend of mine is about to take a big hit with inheritance tax when his Ma goes.

Their family has owned farm since 1950, their parents and 4 kids who've all worked there to make it what it is. I don't see why the government are entitled to a massive chunk of that.
He's pretty p*ssed at the conservatives having to drop that particular promise.

get her to sign the house over now before she goes - or does that not work i can't remember tbh

Originally Posted by yorkie_chris

Friend of mine is about to take a big hit with inheritance tax when his Ma goes.

Their family has owned farm since 1950, their parents and 4 kids who've all worked there to make it what it is. I don't see why the government are entitled to a massive chunk of that.
He's pretty p*ssed at the conservatives having to drop that particular promise.

I'm ****ed they've had to make concessions in this area too, although hopefully it won't affect me for many years yet. I feel sorry for those who lose lots through this tax, it's just robbery IMO.

What irritates me is that there is this idea from some, that it only affects the rich. Yes it will benefit some well off people but many who aren't too. I'm a meter reader for god's sake and live with my parents as I can't afford to move out! My bro is a builder and does better, but not much. My parents aren't rich either, but through hard work and various other circumstances this tax would really affect us which doesn't seem right.

Originally Posted by yorkie_chris

Friend of mine is about to take a big hit with inheritance tax when his Ma goes.

Their family has owned farm since 1950, their parents and 4 kids who've all worked there to make it what it is. I don't see why the government are entitled to a massive chunk of that.
He's pretty p*ssed at the conservatives having to drop that particular promise.

Up to £1million will be tax free.

I agree to an extent, why can they claim tax on a building bought with an already taxed income. But when the government is skint it seems an odd move to make, and one that benefits those with the most.

Truthfully I'm just bitter (yup ) at the generation that have priced the younger generation out of property completely - renting or buying! The capital held in these buildings is unjust.

Originally Posted by gettin2dizzy

Up to £1million will be tax free.

I agree to an extent, why can they claim tax on a building bought with an already taxed income. But when the government is skint it seems an odd move to make, and one that benefits those with the most.

Truthfully I'm just bitter (yup ) at the generation that have priced the younger generation out of property completely - renting or buying! The capital held in these buildings is unjust.

They haven't said they are going to change it though, have they? It was going to be one million, but it was a policy that the lib dems strongly disagreed with so has been put on hold for now?

[yorkie_chris]

Price of it will depend on planning permission. Maybe he will get away with that then.
Place has lots of land, and was an old quarry... somehow calderdale council class this as a greenfield site for planning rules!

[Luckypants]

From what I can see the increased Income Tax threshold will cancel out the National Insurance increase for those earning up to £45K. Folks earning less than £20K should be better off, folks earning over £45K will see a modest increase. Seems OK to me, as long as this is not the thin end of a wedge to 'tax the rich' - because what the treasury think is rich does not seem very rich to me (I am not rich BTW - do not earn over £45K ).

As far as IHT is concerned, I'm very disappointed that they are not raising the threshold a long way or even scrapping it. Taxing the money someone has built up to pass on to their family is just not fair, the money they earned is already taxed FFS. Most of this 'wealth' has come from house price increases, which your average Joe cannot help but screws him over just the same.

I am very wary of the changes to Capital Gains Tax, because I really believe that heavily taxing profits from investment will stifle such investment, leading to businesses struggling to get financial backers etc. They need to be very careful here.

I'm waiting to see the details, but the changes mooted so far seem ok. We all know that tax rises are coming, how else will all the Labour debts be repaid? So we can hardly be surprised when these tax increases affect 'the man in the street'.

[Luckypants]

Originally Posted by gettin2dizzy

Up to £1million will be tax free.

Do you have a verification of this? Have not seen that.