The budget - not quite live

TommyJ1956

There is mention that the amount of lump sum that can be taken has increased from £18,000 to £30,000 ? I am confused , I thought that you could take up to 25% of your pot whatever it is up to 1.5 million. I have just taken £25 k from my SIPP does that mean I can only take another £5 k

JasonLVC

SailorSam wrote: »

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.

It was very noisy, the speaker had to have several digs at them (Tories).


I watched live on BBC website, there was lots of people waving sheets of paper about furiously and to be fair, most of them were Tories, the Labour lot managed to contain themselves quite well.

JasonLVC

TommyJ1956 wrote: »

There is mention that the amount of lump sum that can be taken has increased from £18,000 to £30,000 ? I am confused , I thought that you could take up to 25% of your pot whatever it is up to 1.5 million. I have just taken £25 k from my SIPP does that mean I can only take another £5 k

But what you take out over the 25% is, I think, currently taxed at 55% whereas now, whatever you take out will be taxed at the normal tax rates (20%, 40%, 45%, etc)

JasonLVC

No response from Ed Balls then?


That;s unusual for the budget response to come from the leader, not the chancellor.


Do we need to read anything into that or did Ed just want to have a rant.

wotsthat

TommyJ1956 wrote: »

There is mention that the amount of lump sum that can be taken has increased from £18,000 to £30,000 ? I am confused , I thought that you could take up to 25% of your pot whatever it is up to 1.5 million. I have just taken £25 k from my SIPP does that mean I can only take another £5 k

It relates to small pension pots. If you have a pension pot of £18,000 you aren't limited to taking only 25% as a lump sum - you can take the whole lot. That limit has been raised to £30k.

For pots over this size you can take 25% as normal.

vivatifosi

JasonLVC wrote: »

Do we need to read anything into that or did Ed just want to have a rant.

"We know what their long term plan is, tax cuts for the richest, while everyone else has to pay their way"

Huh?

I thought that the main changes to income tax were at the bottom.

Then trying to question the chancellor on stuff that wasn't even in the budget. So, will you cut the 45p tax in the next parliament... (comes across as you haven't said what I wanted to knock you down for, so I'm going to make something up then knock you down for that instead).

I don't understand.

chucky

JasonLVC wrote: »

No response from Ed Balls then?


That;s unusual for the budget response to come from the leader, not the chancellor.


Do we need to read anything into that or did Ed just want to have a rant.

So the UK won't be back in the black until 2018/19. So much for doing it by the election as they promised.

Nick_C

JasonLVC wrote: »

No response from Ed Balls then?

That;s unusual for the budget response to come from the leader, not the chancellor.

Traditionally the Leader of the Opposition, currently Labour Leader Edward Miliband, rather than the Shadow Chancellor replies to the Budget Speech.

The Budget is usually followed by four days of debate on the Budget Resolutions, these are the tax measures announced in the Budget. Each day of debate covers a different policy area such as health, education and defence. The Shadow Chancellor makes his response the day after the Budget statement during the Budget debates.

source: http://www.parliament.uk/about/how/occasions/budget/

Suarez

noodle_doodle wrote: »

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?

If we're being pedantic the increase to the limit is £560 saving £112.

Now to look for something to spend my extra £2.15 on per week

JasonLVC

Nick_C wrote: »

Traditionally the Leader of the Opposition, currently Labour Leader Edward Miliband, rather than the Shadow Chancellor replies to the Budget Speech.

The Budget is usually followed by four days of debate on the Budget Resolutions, these are the tax measures announced in the Budget. Each day of debate covers a different policy area such as health, education and defence. The Shadow Chancellor makes his response the day after the Budget statement during the Budget debates.

source: http://www.parliament.uk/about/how/occasions/budget/

Could have sworn Balls responded last year.


But thanks for the clarification.