The budget - not quite live

Nick_C

I like the increased ISA flexibility. I just hope that stockbrokers make it as easy as possible to move cash between cash accounts and investments, ideally by starting to pay a decent rate of interest on cash balances in S&S ISAs.

The increased flexibility on SIPPs also sounds good. I must confess, I don't fully understand SIPPs, but I do believe that people should take more control of their own pension funds.

I have slight reservations about giving public funding to the RNLI. Its my favourite charity, and I've always felt that it works well because it relies on charitable donations!

vivatifosi

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?

Given that they go for max effect, it is probably over a longer period, they said something about raising over the course of parl from £6.5k or thereabouts, would that give £800?

harz99

vivatifosi wrote: »

SAVINGS:


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.

Will only be of real value if is both tax free and able to provide a monthly income. I won't hold my breath.

Tiglath

Good call on the ISA changes.

JasonLVC

chucky wrote: »

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

Osbourne was far too cocky when he took the Chancellor role and first budget should have never made such definitive promises.


That stance has come back to haunt him (and rightly so) at every budget since. Lesson to learn is never promise something that is in the future as nobody can predict the future.

ukcarper

JasonLVC wrote: »

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

You are forgetting it's all politics and they are not trying to get your vote but are playing to their own supporters just as the Tories do.

Nick_C

I do question the value of the OBR forecasts. GO was harping on about how quickly the forecasts have improved as if this is a good thing. Surely that just means that the OBR keep getting it wrong!

Jennifer_Jane

harz99 wrote: »

Will only be of real value if is both tax free and able to provide a monthly income. I won't hold my breath.

Traditionally taxable, but tax not taken off at source. You have to advise HMRC.

onlyroz

vivatifosi wrote: »

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

£800 less tax for typical tax payer.

Can somebody do the maths on this "£800 less tax" for me?

Nick_C

onlyroz wrote: »

Can somebody do the maths on this "£800 less tax" for me?

Personal allowance in 2010/11 was £6475. Personal allowance in 2015/16 wil be £10500. That means you can earn an extra £4025 before you start paying tax. The tax you have saved is 20% of £4025 = £805.

Doesn't take inflation into account of course.