Who is going to Blog the Budget for us?

carolt

mitchaa wrote: »

Are higher rate taxpayers going to get struck twice? Okay, we will benefit from the increase in the personal allowance but I thought this was being combatted with the increase in NI above £20k.

However, this did not get a mention in this budget. All I can find is the fact that they are going to reduce the 40% band to take the increase in personal allowance into account..

http://www.direct.gov.uk/prod_consum_dg/groups/dg_digitalassets/@dg/@en/documents/digitalasset/dg_188581.pdf

Page 53 of pdf or 46 of report.

Not struck twice, just once - with the higher NI. But so will everyone else - this isn't limited to higher earners.

IveSeenTheLight

HAMISH_MCTAVISH wrote: »

28% for higher rate earners, remains at 18% for basic rate.

no reliefs or taper, but allowances remain the same.

By higher rate, I presume you mean the earners £37,401 and above and not the £150,000 and above earners.

Certainly means I'm less likely to sell until I retire.

I also know someone planning to sell this year but will likely wait until he retires next year.

Can't see there bein a mass influx os BTL sellers now given that the rate is immediate.

mitchaa

carolt wrote: »

Not struck twice, just once - with the higher NI. But so will everyone else - this isn't limited to higher earners.

I thought it was. Although someone on say £25k would be paying more in NIC, they would still be 'up' with the increase in the tax threshold.

The cut off point where the 2 alligned, I assumed was the higher rate earnings figure. (£43875) so for example If i gained £200pa in the personal allowance, i would lose that £200 back again in NI.

No mention of the NIC increase though just that the threshold would be reduced so higher rate payers didnt benefit from the personal allowance increase.

I'm sure all will come clear in the coming days after the press have scrutinized the detail.

carolt

In that sense, it's hit once - with the rise in NI. But that's not new - that's just inherited from Labour, IIRC.

LauraW10

According to Ms Flanders the government figures show that the deficit is going to rise....

Interestingly, that means that cyclical borrowing - the borrowing due to slower growth - has actually gone up in this red book, by £9bn a year in 2014-15, even as Mr Osborne has cut spending or raised taxes by £37bn.

http://www.bbc.co.uk/blogs/thereporters/stephanieflanders/2010/06/weighing_the_risks_1.html#

All that pain for nothing.

mitchaa

carolt wrote: »

In that sense, it's hit once - with the rise in NI. But that's not new - that's just inherited from Labour, IIRC.

Sorry, I'm having a blonde moment here. Yes you are right.

The personal allowance at the moment is £37,400+ £6,475 PA. The new figure will be £36,400 + £7,475 PA. In effect the £43,875 threshold remains.

The NI increase at £20k will wipe out any gains from the increase in the PA.

JoeCrystal

Been reading document and came across this:

From April 2011, Local Housing Allowance Rates will be capped at £250 per week for a one bedroom property, £290 per week for a two bedroom property, £340 per week for a three bedroom property and £400 per week for four bedrooms or more.

Is this big change?

I don't see it really since it still mean £1000 per month for a one bedroom property, £1160 per month for a two bedroom property, £1360 per month for a three bedroom property and £1600 per month for four bedrooms or more. Yikes!

tomterm8

JoeCrystal wrote: »

Is this big change?

The chancellor thinks it will save 11 billion. Yeah, it's quite a big change.

John_Pierpoint

lemonjelly

tomterm8 wrote: »

Can you even move area's with housing benefit? I always thought the rules were you had to stay in the same local authority area as you paid your council tax?



OK, it was amazing how quickly he got past some details... like he is changing indexing on pretty much all benefits to CPI, so pretty much all benefit claimants will be hit quite a lot. Sneaky. Also he is cutting departmental spending by 25% in real terms, while keeping NHS spending growing in real terms. Mental.

And if you are on DLA, don't expect it for much longer if you can do any job at all.

Did you notice how he also didn't talk about personal allowances? I think they may have been frozen though for most people.

Re hb, you claim it to meet your rental liability. When you move, your claim at that address would cease, & a fresh claim would be made at the new address.

This would happen now, & you can move from any address to any address.

If you are in social housing some LA's are restrictive on where you can transfer to & from.

Singlesue is correct, DLA is paid dependent on your care & mobility needs. Your ability to work is irrelevant, as is income & savings. ESA (formerly Incapacity benefit) is paid to those who feel they are incapable of work.

From my hearing of the speech, I think the welfare state is for one hell of an overhaul. I suspect there will be a lot more conditionality with benefit claimants - ie, in order to be entitled to your money you must do this...