Budget 2015 - A budget of no consequence.

Lokolo

Graham_Devon wrote: »

No tax return?

Automatic tax returns for automated uploads of information?

How on earth are they going to do that?!

The internet?

JasonLVC

Cigs and baccy - no changes.

Petrol frozen again, it was planned to go up September.

JasonLVC

Personal Tax Threshold
£10,800 next year and then £11,000 year after that

"A tax cut for 28m people and 4m removed from income tax altogether."


Higher rate of tax will raise above inflation from £42k to £43,300 and so those middle earners can benefit as a result.

JasonLVC

Graham_Devon wrote: »

No tax return?

Automatic tax returns for automated uploads of information?

How on earth are they going to do that?!

Everything is already on RTI (Real Time) so HMRC, in theory, should already know what each person has earned.

JasonLVC

New ISA's.

Normally, tax free entitlement lost if you take cash out of an ISA and so a new flexible ISA allows people to put in and take it out withoutlosing their tax/interest benTfits. From October.


Also, a Help To Buy ISA.

For every £200 saved, government will top up with £50 more. So if you put in £12,000, government will put in £3000


That's quite a big thing!!

michaels

I hate these progressive labour budgets, rich pension savers and banks taxed more to pay for low paid removed from income tax......

kabayiri

Help to buy ISA; removal of ISA penalties on withdrawal.

I have to say. It's positive in nature.

JasonLVC

The first £1,000 of any interest you earn on your savings or current accounts, will be tax free.

Again, another big thing!!


"Almost an entire tax free banking system", Government will save money by removing an entire department/function that was managing this tax.

Jason74

New announcement of a "help to buy ISA". Provides a top up of £50 from the treasury for every £200 saved. The Government literally giving people money to meet current house prices . . . . .remarkable. Certainly shows once and fo all that the government are committed to maintaining house prices at almost any cost.

I guess the only thing anyone sensible can do in this environment is position themselves accordingly. Doesn't change teh fact that it stinks though.

JasonLVC

In summary, as expected, nothing too radical, sticking to the austerity strategy with the usual giveaways like beer and petrol.


Some radical thinking on savings and tax collection whilst at same time, aggressive attacks upon corporate tax dodging.