Reply With QuoteNot sure this is going to impact on my personal finances in any meaningful way at all. NIC cut won't make any difference. We'll have to wait and see what he announces!
Good luck with the no politics bit!
The Chancellor will release the budget initiatives at lunch time today. This thread is here to discuss the implications and impacts on personal finances.
Anything overtly political can be discussed on the various relevant threads in the Bear Pit.
Not sure this is going to impact on my personal finances in any meaningful way at all. NIC cut won't make any difference. We'll have to wait and see what he announces!
Good luck with the no politics bit!
The budget has already been leaked to The Guardian. Spoiler alert: 2p off NI with stricter spending to fund it after the next election. I won’t discuss anymore here are is will degrade into party politics - reserved for BP.
As a pensioner cost of living keeps going up - the budget just confirms one thing for me. Live within your means - which is getting smaller.
“ Ford... you're turning into a penguin. Stop it.” HHGTTG
NIC cut will be a small help for working people, £450 a year? It of course won't begin to match the myriad other squeezes on living standards but is at least a step in the right direction.
For non NIC payers like myself a rise in the income tax threshold would be far more welcome but probably far more expensive for the chancellor.
We'll have to wait and see what the other measures are.
And as jpjsavage said, good luck with the no politics on this one.
I agree. I do find it offensive that savings interest is taxed as unearned "income" mainly because governments and central banks frig about and let inflation run away ergo any interest received is justifiably there to preserve the value of your monies, nothing else.Originally Posted by MartynJC (UK)
Tax free savings for all since you have paid the tax to earn the money anyway.
ISA rates should be forced to be tagged to the going rate - no politics just process
Last edited by Brian; 6th March 2024 at 11:12.
No politics on the most political act of the quarter? But of course.
Let's see if we can discuss reproduction without mentioning sex, too.
'Against stupidity, the gods themselves struggle in vain' - Schiller.
Personally I don't want lower taxes.
I want hospital beds.
Trains that run on time.
Kids who aren't too hungry to learn.
Libraries in every town.
Rivers that don't run with slurry.
Local councils not forced into bankruptcy.
I’m sure I could go on…….
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Yep, I know the feeling.
Definitely think the lower rate Income Tax should have gone up. That could have been compensated for (plus more) by lowering the higher bands. Sure the higher earners would squeal, but they should have the leeway to manage, those of us at the bottom are running out of options fast.
Last edited by Mouse; 6th March 2024 at 12:04.
I hope he addresses the second-class-pensioners status.
I was born 20 months premature. If mummy could have hung on until April 1952 I would get substantially more pension.
The 2% NI cut is better than nothing, it works out for us as about £900 a year. What it does though is allow employers to give a smaller pay rise and you still feel better like last year.
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Yes, as I said a step in the right direction, £450 a working person, your £900 if there is two of you. But a rise in the starting rate would be for life, not just for working life.
You beat me to it.
"Once is happenstance. Twice is coincidence. The third time it's enemy action."
'Populism, the last refuge of a Tory scoundrel'.
This ^^^^^
"Once is happenstance. Twice is coincidence. The third time it's enemy action."
'Populism, the last refuge of a Tory scoundrel'.
All outweighed
An analysis by the Resolution Foundation thinktank on Tuesday showed that only those paid between £27,000 and £59,000 a year would be better off as a result of both the autumn statement and Wednesday’s budget. Those paid £16,000 would lose almost £500 a year, as would those receiving more than £60,000.
“ Ford... you're turning into a penguin. Stop it.” HHGTTG
What the left hand gives the right will take away from freezing income thresholds.
Until there is income tax equalisation and all sources of income are taxed the same then it is still inherently unfair on those of us who are on PAYE no matter their threshold.
All a bit pointless and as the first NI cut hasn’t moved the needle neither with this one!
Just blatant electioneering rather than trying to fix the problems.
Last edited by paw3001; 6th March 2024 at 13:01.
Cue Julian Clary and the red box joke.
They're going to pull something extra out of the hat, voters to influence (well, try) and all that.
Shown on the BBC website atm.
The rich get richer (as ever).
That’s just me, we’re £74.71 a month better off just with the change in the NI rate in January and nothing else.
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That’s how percentages work! The more you earn the bigger impact a percentage is whether an increase or cut.Shown on the BBC website atm.
The rich get richer (as ever).
Now look at what the income tax ranges do and compare the tax range on those salary levels!
However, what it does highlight is how targeted this change is to likely Tory supporting voters! It is an obvious attempt at a bribe!
The only way you’ll ever do that is to scrap universal credit and benefits then divert the savings.
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Interesting....better services can only be funded by taking more from those who have the least?
Yes !!
And this lark of paying for hotels for asylum seekers needs to stop as well, put them in tents on an airfield to process them, if they are genuine they will put up with it, if they complain just boot them out with no long drawn out process
Then spend that savings to sort out the homeless veterans and those with mental heath issues caused by serving the country that’s abandoned them !!
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There, but for the grace of God, goes this thread.
'Against stupidity, the gods themselves struggle in vain' - Schiller.
And where on the political spectrum might that be from?
"Once is happenstance. Twice is coincidence. The third time it's enemy action."
'Populism, the last refuge of a Tory scoundrel'.
FTFYAnd where on the no-political spectrum might that be from?
'Against stupidity, the gods themselves struggle in vain' - Schiller.
I don’t understand how that chart can be correct. Above the upper earnings threshold (~50k?) employee NI contributions are only 2% anyway and today’s reduction doesn’t apply to those does it?Shown on the BBC website atm.
The rich get richer (as ever).
There were so many leaks about the budget today that when I listened to it they had completely spoiled any element of disappointment.
B
I don't think whatever happens will have much impact on me.
Cheers,
Neil.
No idea matey. I took it at face value and posted it. If it's wrong then its down to AJ Bell !
That’s why the savings for someone on £150k are the same as for someone on just over £50k. There will still be a 2% rate on higher earnings, it is only the rate between the lower and upper threshold that’s changing.
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Nothing about the tax bands again
Pensioners don't pay national insurance
Last edited by adrianw; 6th March 2024 at 15:37.
Lolz, never a truer word.
Ditto.
I will just watch the headlines later.
Yeh, time to stop treating them like human beings eh?
Best Regards - Peter
I'd hate to be with you when you're on your own.
Not really fair though; if someone on £16k is only saving £49, then they were only paying £245 before so they couldn’t possibly save the £750 that higher earners are saving.Shown on the BBC website atm.
The rich get richer (as ever).
Must not get political... so headline is 2% a quick fag packet difference to salary in percentage terms...
£49 £16,000 0.31%
£749 £50,000 1.50%
£754 £75,000 1.01%
£754 £100,000 0.75%
£754 £150,000 0.50%
That reminds me as he put fags up
Bit of analysis here: https://apple.news/AWKJOvlHlSdy7xq2M8hllwQ
“ Ford... you're turning into a penguin. Stop it.” HHGTTG
Hunt says the government will reduce the higher rate of property capital gains tax from 28% to 24%.
Don't you need to have a second property to be charged capital gains tax, I'm sure the benefit to those is more than 2% band NIC reduction...
The no politics budget thread.
Comedy gold.
Started out with nothing. Still have most of it left.
That's exactly what the chart shows?
It's a no politics thread, but you can guess who that's going to benefit
No politics budget thread.
But guess who are all over it like a tramp on chips?
Started out with nothing. Still have most of it left.
Tax percentage by income: "Let them eat cake?"
“ Ford... you're turning into a penguin. Stop it.” HHGTTG
Ah of course - thanks
No lifestyle choice shaming please
Well he does have those 7 luxury apartments to shift down in Southampton marina!
Nothing like self interest when playing with tax thresholds!
Hey, I've no problem with you or anyone else choosing to be a tramp.No lifestyle choice shaming please
Last edited by oldoakknives; 7th March 2024 at 02:32.
Started out with nothing. Still have most of it left.
The poorest fifth probably never earned it anyway.Tax percentage by income: "Let them eat cake?"
Last edited by oldoakknives; 7th March 2024 at 01:41.
Started out with nothing. Still have most of it left.
Since 6 January, millions of employees have been paying 10% National Insurance contributions on earnings between £12,571 and £50,270. They previously paid 12%. This will now be 8 hence the max figure is reached at 50,270 and therefore same for all above that.Shown on the BBC website atm.
The rich get richer (as ever).
https://www.bbc.co.uk/news/explainers-63635185
The chancellor had also previously said that from 6 April 2024, two million self-employed people would pay 8% on profits between £12,571 and £50,270, down from 9%.
From the same date, they will no longer pay a separate category of NI called Class 2 contributions.
When combined with the cut to 6% announced in the Budget, the government says they will save £650.
NI on income and profits above £50,270 remains at 2%.
NI rates apply across the UK. It is not paid by people over state pension age, even if they are working.
Eligibility for some benefits, including the state pension, depends on the N
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