Budget 2015

Archi_Bald

Thought it might be worth starting a thread on this.

Rumours that some savings tax will get abolished
http://www.independent.co.uk/news/uk...-10115062.html (also mentioned here: https://forums.moneysavingexpert.com/discussion/5200235)

We shall know in a few hours whether this is true

Ed-1

Archi_Bald wrote: »

Thought it might be worth starting a thread on this.

Rumours that some savings tax will get abolished
http://www.independent.co.uk/news/uk...-10115062.html (also mentioned here: https://forums.moneysavingexpert.com/discussion/5200235)

We shall know in a few hours whether this is true

Does that mean £6.25 monthly Halifax Rewards rather than £5 or wonder whether it would prompt Halifax to revamp the account.

YorkshireBoy

Ed-1 wrote: »

Does that mean £6.25 monthly Halifax Rewards rather than £5 or wonder whether it would prompt Halifax to revamp the account.

It would be a pretty mean trick to revamp it, being as the net cost to Halifax would be the same.


Then again, £6.25 doesn't have the same advertising ring about it does it?...


"We’ll give you £6.25 for each month that you pay in £750, pay out two different direct debits and stay in credit"

bowlhead99

If the government takes less then the product providers can afford to give less and still satisfy their customers (unless other banks are going to offer free fivers too).

However, as the rivals will let you have arbitrarily large amounts of interest on arbitrarily restricted amounts of current account balance while Halifix will give you a net fiver on one pound of average account balance but nothing like what Santander will pay on twenty thousand of them, it is not clear that any of these would need to get shaken up significantly.

One might assume they would pay a little less if they can get away with it but they can only decide if they can get away with it by reference to what everyone in the sector is doing. If TSB suddenly say they will give you 4% instead of 5% now your tax rate fell away, people will think they are being cynical and moneygrabbing. Of course as it is, they are being cynical and moneygrabbing anyway by only paying the high rates on a restricted amount of cash and only on an account which they hope for most people (using it as a proper current account) will vary wildly over the month.

The top rates offered are all about perceptions and marketing but a typical couple can get over £100k cash put away in the current accounts paying over 3% gross which is enough for most.

The budget should be interesting but probably no 'game changers' as there never are in the last budget before an election - most things that might change have been signalled already.

colsten

YorkshireBoy wrote: »

"We’ll give you £6.25 for each month that you pay in £750, pay out two different direct debits and stay in credit"

Agree "We'll give you £10...." would sound so much better . Fat chance of that happening though

Archi_Bald

The speech and all official documents will be available on https://www.gov.uk/government/topical-events/budget-2015

Archi_Bald

Sky News Budget prediction. Probably the most reliable so far.

badger09

I'm willing to bet that most Budget speeches over the recent decades have included the promise to 'go after tax evaders'. Those promises have never been kept

Glen_Clark

British government debt in figures:
2009/10 - 823bn
Jan 2015 - 1585bn
May 2015 - 823bn x 2 ?

These figures are General Government Consolidated Gross Debt (Maastricht) figures. Doubling the debt in one term means that Britain is in no position to afford anything really. Least of all Osborne's pre election bribes.

TheTracker

Glen_Clark wrote: »

British government debt in figures:
2009/10 - 823bn
Jan 2015 - 1585bn
May 2015 - 823bn x 2 ?

These figures are General Government Consolidated Gross Debt (Maastricht) figures. Doubling the debt in one term means that Britain is in no position to afford anything really. Least of all Osborne's pre election bribes.

Archi_Bald

ISA allowance: from autumn, you can withdraw as often as you like and then re-deposit up to a total of annual allowance

new Help To Buy ISA; for FTBs. For ever £200 you put in, government adds £50

BR tax rate has not been abolished - but something has been announced. I think it is that from April next year the first £1,000 of the interest you earn on your savings be completely tax-free

Of course, all this only applies if Tories are in government