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 Key points of Budget : At-a-glance

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stigofthedump
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PostSubject: Key points of Budget : At-a-glance   Wed Mar 18, 2015 10:22 am

Key points of Budget 2015: At-a-glance

George Osborne will deliver his sixth Budget as chancellor, and the last of the current Parliament, at 12:30 GMT.

State of the economy

Public borrowing/deficit

Pensions

Alcohol, tobacco and gambling

Energy and fuel

Taxation

Savings

Welfare

Business

Housing/infrastructure

What's your thoughts on what might happen? or what would you realistically like him to do?
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Thomas
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PostSubject: Re: Key points of Budget : At-a-glance   Wed Mar 18, 2015 10:43 am

I do wonder how George is going to manage to juggle a pre-election bribe and still managing to remain credible with his on-going line of "we must have all the austerity! Now!".
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jenny2803
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PostSubject: Re: Key points of Budget : At-a-glance   Wed Mar 18, 2015 10:54 am

More treats for Tory-voters from George's bottomless pockets of financial fantasy.

Inheritance tax abolished, Help-to-Buy extended to holiday homes, or just the crude-but-effective measure of shoving £50 through every over-65's front door. It's anybodies guess what he will do? he is such a prize prat
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krypton
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PostSubject: Re: Key points of Budget : At-a-glance   Wed Mar 18, 2015 11:11 am

Osborne has vowed that there will be "no giveaways, no gimmicks" in today's budget. But a happy combination of rock bottom interest rates and low inflation have put him £6bn ahead of his borrowing target, meaning he has a pot of money to play with. He is also expected to signal a relaxation of austerity thanks to the healthier public finances, with a £30bn surplus forecast for 2019-20.
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BGTRAVELLER
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PostSubject: Re: Key points of Budget : At-a-glance   Wed Mar 18, 2015 11:25 am

The Coalition Chancellor is determined to get the country in a position he is happy with but I don’t think he realises the affect cuts are having on people. I would like him not to take away winter fuel payments and that bus passes and television licences for pensioners over 75 in the Uk will still be paid for.
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cowshed-sarah
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PostSubject: Re: Key points of Budget : At-a-glance   Wed Mar 18, 2015 11:39 am

Stop handing out £60 billion a year to overseas aid, the EU and mass immigration where immigrants get instant state benefits and services but that won't happen, more smoke and mirrors to fool the electorate. Instead, I recommend looking at the different parties' manifestos and decide which one will address all the issues (hint - it's not the Tories).
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Carmen
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PostSubject: Re: Key points of Budget : At-a-glance   Wed Mar 18, 2015 11:43 am

Prediction: George Osborne will keep repeating the words "long term economic plan" hoping that voters will believe he has one.
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Andy
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PostSubject: Re: Key points of Budget : At-a-glance   Wed Mar 18, 2015 11:50 am

[You must be registered and logged in to see this link.] wrote:
Prediction: George Osborne will keep repeating the words "long term economic plan" hoping that voters will believe he has one.



WHAT WE ALREADY KNOW
A further shake up of pensions
Over 55-year-olds who had previously been forced to buy an annuity will be able to sell it for a lump cash sum to use as they wish, instead of receiving the regular payouts, building on reforms from last year’s Budget.

Penny off a pint
There will be a penny off the rate of beer duty, in  a continuing trend from the past two budgets, meaning drinkers will soon be getting a cheaper pint at the pub.

An end to annual tax returns
The chancellor will reveal that all individuals and small businesses will have a digital tax account. This will be linked to their existing accounting software, and allow tax to be paid to suit the company or individual during the year, instead of filling  a tax return at the end of the year.

WHAT MIGHT HAPPEN
A cut to duty on spirits
After a growing campaign, Osborne could announce that he is cutting the duty on whisky, gin and other distilled spirits.

Personal allowance increase
Every fiscal event under the coalition has seen the rate at which people start to pay income tax rise, and today is unlikely to be any different. The Liberal Democrats cite this as one of their key achievements.

Cut in the lifetime allowance
It is thought that the lifetime allowance of pensions will be cut from £1.25m to £1m, in a move previously supported by both the Lib Dems and Labour.

Google tax
The diverted profits tax, known as the Google tax, will tighten up the rules around multi-national companies moving their profits abroad, to reduce their UK tax bill. Among the main targets are big technology companies such as Google, Amazon and Facebook.

Cuts to inheritance tax
Cutting inheritance tax has long been a Conservative ambition, but the Liberal Democrats have stopped it so far. Leaks suggest the Tories may not win this again.

Stamp duty changes
Last year, Osborne changed the stamp duty system, ending the slab system and introducing tax brackets. There is likely to be some tweaking.

Fuel duty reductions
Osborne will be keen to help people at the pump, in a hugely popular pre-election move.

HS3 train line
A high-speed trainline from Manch­es­ter and Leeds, to help build a “northern powerhouse” to balance the economy.

More rural broadband
Further rollout of rural broadband to connect communities to the web.

Accelerate mortgage sales
Accelerate the sale of tens of billions of pounds of mortgages and loans that were taken on during the financial crisis
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Phil-H
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PostSubject: Re: Key points of Budget : At-a-glance   Wed Mar 18, 2015 2:44 pm

snip
[You must be registered and logged in to see this link.] wrote:


WHAT WE ALREADY KNOW
A further shake up of pensions
Over 55-year-olds who had previously been forced to buy an annuity will be able to sell it for a lump cash sum to use as they wish, instead of receiving the regular payouts, building on reforms from last year’s Budget.
.
.
Can I just clarify what you are saying here is that the likes of myself who officially retired a few years ago and could only take the maximum 25% as a cash free lump sum then with the remainder being paid through a annuity I will after April 6th 2015 be able to cash in (sell) my annuity and not take it as a monthly income, so be interesting to see what they will offer me for it, especially as it a very small amount anyway.

Only I was led to believe that was not going to happen by certain TV money saving experts when it was discussed last year.
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Andy
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PostSubject: Re: Key points of Budget : At-a-glance   Wed Mar 18, 2015 2:56 pm

Yes Phill that is correct unless things have changed today in the Budget.

This is what was said today

Mr Osborne also confirmed plans to allow pensioners to sell their annuities. From April 2016, the government will change the tax rules to allow people who are already receiving income from an annuity to sell that income to a third party, subject to agreement from their annuity provider.

The proceeds of the sale could then be taken directly or drawn down over a number of years, and would be taxed at their marginal rate, in the same way as those taking their pension after April 2015.
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Carmen
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PostSubject: Re: Key points of Budget : At-a-glance   Wed Mar 18, 2015 3:02 pm

Currently the Government tops up pension contributions according to the rate of tax you pay.
The logic being that contributions to a pension are tax-free on the way in... so you get a rebate of the tax paid. They are then taxed on the way out. Any tinkering with this principle should be rejected - unless the pension income is no longer to be taxed?
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GinaA
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PostSubject: Re: Key points of Budget : At-a-glance   Wed Mar 18, 2015 3:16 pm

What kind of an idiot falls for the tripe peddled by someone who in 2010 said that everything would be fine by the time 2015 came around, but now that we're sitting here in 2015, is telling everybody that everything will be fine by the time 2020 comes around?
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Phil-H
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PostSubject: Re: Key points of Budget : At-a-glance   Wed Mar 18, 2015 3:18 pm

Unfortunately I don't listen or see the news very often, in fact it was this thread that prompted me to look-up some figures and I discovered today was budget day,,,,,,,,,,

I have looked and found some good information which makes some very interesting reading:-
[You must be registered and logged in to see this link.]

Coincidently a friend of mine just called around and we were discussing this and he also confirmed something I thought might happen which is anyone who is on the likes of housing benefit if they sell their annuity will have the proceeds lodged against their income and if it's over £6,000 then they will start to lose any benefit they currently receive, so definitely for some people it certainly may not be as good a idea as first thought.

I had originally thought of cashing mine in, but if I'm only going to get maybe 50% and be taxed on it, then I think I'll just leave it where it is, although I will admit it's something which fortunately cost me very little and made a huge profit so and I'm certainly not complaining with what I got with the 25% cash lump sum which even that was 'way beyond' what I ever paid in, plus my £80 per month.

I only ever made ONE payment of £45 then due to circumstances made it a 'paid-up' policy (froze it) so never contributed into it again and it just grew and grew, unfortunately just over the limit of being able to take the whole amount on retirement which I think is £18,00, so £45 turned into £21,000
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therowfamily
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PostSubject: Re: Key points of Budget : At-a-glance   Thu Mar 19, 2015 9:23 am

Be careful Phill I think you are better off hanging on to it.

'Debt' This is the nonsense that the Tories are selling. All governments operate with debt using it to fund public projects and this has been the principal method since the Second World War. The debt taken on after the war far exceeded the current national debt and the post war reconstruction with its massive house building programme was funded by this debt. American loans were used. Debt can be serviced where employment is created through Keynesian economics (aggregate demand) and the increased taxation from this pays the debt. The simplistic idea of balanced budgets/ good housekeeping was introduced by Thatcher with disastrous consequences such as mass unemployment. This thinking plays into the hands of the neo-liberal agenda of the IMF and the money markets and against the interests of large swathes of the population. Austerity drastically cuts tax income and debt cannot be reduced. Look at Greece where debts have shot up as a result of IMF imposed austerity. This is where the simple good housekeeping budget leads.
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Blink
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PostSubject: Re: Key points of Budget : At-a-glance   Thu Mar 19, 2015 9:24 am

If we are having to make austerity measures then why a give a way even a small one? We are going to have to endure 5 years (it used to be four) of austerity measures and then may be some give a ways at the end of it because by then the deficit will be repaid. Well why do we have to have so much pain, why can't the deficit be paid by other means or over longer. When I say 'we' it will be the ones who are poor or on modest incomes paying for austerity and more people homeless and more hunger. The Tories believe that is appropriate, like Ken Clarke once said that high unemployment is a price worth paying for low inflation. Its ok as long as they are not the ones suffering it.
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