The budget - not quite live

vivatifosi

INCOME TAX:
Personal tax allowance raising to £10k next month, £10.5k next year.

£800 less tax for typical tax payer.

3m of lowest paid raised out of paying tax altogether.

Higher rate threshold to increase a little (1% next year, a bit this year (didn't catch figures)).

Rate of transferable tax rate for married couples linked to personal .

vivatifosi

Guys - have you lot all caught up? Not sure whether to carry on typing...

[Deleted User]

Well the one thing I wanted from a selfish point of view was the stamp duty to be staggered as that would of saved me about 5K but hey ho, I actually think for once I am quite happy with this budget, looks like more money in or pockets especially if you can save...
Time to see our FA me thinks...

PaulF81

So, the cards are dealt, a government rather than banking sponsored housing boom, construction stats are going to go through the roof. I bet the FTSE250 says as much right now.

Housing, construction and manufacture being given real boosts, together with the long hault airline market!

noodle_doodle

vivatifosi wrote: »

INCOME TAX:
Personal tax allowance raising to £10k next month, £10.5k next year.

£800 less tax for typical tax payer.

isn't that £800 of your income that won't be taxed at 20% though, so really only £160 will see its way into my wallet?

vivatifosi

SAVINGS:

Increase flexibility, simplicity of ISAs.

Single new ISA. Can transfer all ISAs stocks shares to cash or vice versa.

Annual limit £15k. From 1 July.

Junr ISA limit £4k.

Pensioners have seen incomes fall due to low interest rates. New pensioner bond to pay market leading rates. Open to 65 or over from Jan next year. NS&I will run. Max £10k.

Premium bond cap being lifted, number of £1m winners to be doubled.

Tax treatment of defined contribution pensions to change, will impact in turn on DB.

DC: 13m have these. Introduced flexibilities, but most have no choice but to take annuity. Will trust pensioners to make own decisions. Cut income requirement for flexible drawdown to £12k. Cap changed. Lump sum pot change (can't keep up) . Lump sum that can be taken increased.

Legislate to remove tax restrictions on how funds can be drawn. No caps, no drawdown limits, nobody will have to buy an annuity.

New guarantee that free advice as to how to get choices can get it. Those who still want the certainty of annuity can get advice by right.

1/4 of pot can still be taken tax free, but more can also be taken at marginal rate.

Will lead to an increase in tax receipts.

Major changes require separate act of parl. In place by next Apr. Biggest changes to pensions since 1921.

Abolishing 10p levy on savings.

vivatifosi

OK, all done. Won't be doing the milliband response as that's already being covered.

Apologies for any typos along the way, it's literally been type and post without reading.

JasonLVC

BillJones wrote: »

There was utter disbelief on te trading floor here when Ed came out with his example of a "banker earning £5m per year". That is so far away from the norm to simply be nonsensical, and if he wanted to talk about the effect on a £5m earner, why on earth specify the profession?

Indeed, its just designed to play to the morons out there who lap this stuff up.

wotsthat

Here's the budget document itself..

https://www.gov.uk/government/publications/budget-2014-documents

I really like the proposed pension changes - seem to be treating people like grown ups.

SailorSam

Was it last week i saw David Cameron talking on the Tv news and with the backing of other party leaders promised to do something about the schoolboy behaviour in Parliament When ?
I've been listening to the budget on the radio and couldn't hear some of the speaches 'cos of the booing and jeering. Are these grown men and women who are suppose to be our betters.