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Pre-budget report - re savings & banks
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Squibbler
Posts: 298 Forumite
Any guesses what might be in this? It's usually due end November. Could be an interesting one this year. Wonder if there'll be any new announcements re savings.
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I am just waiting to hear personal allownaces.
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Well the newspapers are talking about the possibility of tax rebates etc, so I've got a great idea - how about a 10% starting rate on Income Tax to help the low paid. :rolleyes:I am just waiting to hear personal allownaces."The trouble with quotations on the Internet is that you never know whether they are genuine" - Charles Dickens0 -
Why confuse the tax system this way?Hungerdunger wrote: »Well the newspapers are talking about the possibility of tax rebates etc, so I've got a great idea - how about a 10% starting rate on Income Tax to help the low paid. :rolleyes:
Add £5,000 to everybody's personal allowances. That would help the low paid too!
Up to £1,000 a year for all!0 -
opinions4u - don't worry, I was being ironic (I think that's the right word). It's just seems crazy that after Labour caused so many problems for themselves by withdrawing the 10% rate, they are now in a position where they need to get people spending and this could be one way of doing it."The trouble with quotations on the Internet is that you never know whether they are genuine" - Charles Dickens0
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Since this would be the most straightforward change, and one that would work quickly, it will not be used. Instead there will be a complicated change to the tax system, which will requure hard pressed HMRC to spend even more money in order to collect less tax.opinions4u wrote: »Why confuse the tax system this way?
Add £5,000 to everybody's personal allowances. That would help the low paid too!
Up to £1,000 a year for all!....Illegitimi non carborundum
...don't let the illegitimate ones grind you down....0 -
During a recession Keynesian economics (which the government follow) says spending needs to be encoraged. Although tax cuts are one way of giving people cash to do it they are normally considered a very poor method as the extra money is likely to be saved due to fear of what is ahead.
Nobody has mentioned it as an option but if I was in governement and felt the need for a tax cut I would cut the rate of VAT.0 -
Thanks Reaper,
I hope they abolish/suspend VAT on heating fuel, especially lpg!
That's not to say I wouldn't welcome back the 10% income tax band.0 -
I'll make one guess. They won't be trying to take back any part of the personal allowance (under 65s) that was raised in May (and was implicitly was a 'once-only' affair)
And they have forgotten to realign National Insurance thresholds with the above - so my second prediction is that they will equally 'forget' that people pay a tax - called National Insurance between 5400 and 6000 pa, even if they pay no Income Tax........under construction.... COVID is a [discontinued] scam0 -
`hard working families` will be the only ones to benefit.
Not savers because they want us to spend0 -
I'll make one guess. They won't be trying to take back any part of the personal allowance (under 65s) that was raised in May (and was implicitly was a 'once-only' affair)
I'll add to that in that if they do 'remember' to raise it at all, it'll certainly be below 'inflation.'Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0
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