Budget 2016: House of Commons Rep Coverage

UKParliament

The Budget 2016 documents are now available on HM Treasury’s website.

GingerBob_3

A couple of thoughts:


The sugar tax - I see the nanny state is rearing its ugly head again.


So called "academisation" of schools - I look forward to a significant reduction in my council tax bill as a result of this. What's that I hear: "in your dreams!" ?. Well, okay, what are the local councils going to spend all the money on then?

Bluebirdman_of_Alcathays

GingerBob wrote: »

A couple of thoughts:


The sugar tax - I see the nanny state is rearing its ugly head again.


So called "academisation" of schools - I look forward to a significant reduction in my council tax bill as a result of this. What's that I hear: "in your dreams!" ?. Well, okay, what are the local councils going to spend all the money on then?

Shall we do away with tobacco duty as well?

UKParliament

Hi Everyone,

Something that might be of interest is the House of Commons Library debate pack summary of the sugary drinks tax for a debate that took place in July 2015 on an e-petition on a tax on sugary drinks.

Read the debate pack

GingerBob_3

Bluebirdman_of_Alcathays wrote: »

Shall we do away with tobacco duty as well?

No, because its aim is to raise revenue, although in recent times this tax has also fallen foul of the nanny state. The sugar tax is pure social engineering.

Bluebirdman_of_Alcathays

GingerBob wrote: »

No, because its aim is to raise revenue, although in recent times this tax has also fallen foul of the nanny state. The sugar tax is pure social engineering.

Hahaha - I used to think you were a tin foil hat wearing loon, but now I think you're just an idiot. All tax is there to both raise revenue and to engineer society. Tobacco duty didn't suddenly change at a random point that you determined!

GingerBob_3

Bluebirdman_of_Alcathays wrote: »

Hahaha - I used to think you were a tin foil hat wearing loon, but now I think you're just an idiot. All tax is there to both raise revenue and to engineer society. Tobacco duty didn't suddenly change at a random point that you determined!

By all means argue the point against what I say, but don't badmouth me! I assume you know the Forum rules about this? Now if you've nothing constructive to say - and your last comment is not in any way constructive - then push off.

UKParliament

Good morning,

MPs will debate the 2016 Budget in Parliament today following Oral Questions, Business Questions to the Leader of the House and an Urgent Statement on the Report of the Macur Review by Secretary of State for Wales, Stephen Crabb.

The Department for Education will lead debate on the Budget Resolutions. The Shadow Chancellor makes his response the day after the Budget statement during the debate on the Budget Resolutions.
The debate is expected to start at approximately 12.30pm

Watch the debate on Parliament TV.

agrinnall

GingerBob wrote: »

Now if you've nothing constructive to say... then push off.

I've rarely seen a clearer case of the pot calling the kettle black!

UKParliament

The House of Commons Library have produced a summary of Budget 2016 and the Office for Budget Responsibility's forecasts for the economy and public finances.

Read the summary in full.

Budget announcements

• Tax-free personal allowance increased to £11,500 in April 2017 from £11,000 in April 2016; higher rate threshold increased to £45,000 in April 2017 from £43,000 in April 2016.
  
  
• The ISA tax-free allowance increased from £15,240 to £20,000 in April 2017.
  
  
• A Lifetime ISA introduced from April 2017. Adults aged under 40 will be able to save up to £4,000 each year and receive an additional 25% from the Government.
  
  
• The Government to consult on introducing a soft drinks industry levy from April 2018. The levy – paid by producers and importers of soft drinks – will be charged on according to sugar content. Revenue raised will be ring fenced for schools funding.

• Following a review of business rates
• business rates uprated by the Consumer Price Index from 1 April 2020. Business rates are currently uprated by the generally higher Retail Prices Index.
• Small Business Rate Relief (SBRR) increased permanently from 50% to 100% in April 2017.
• the threshold for receiving 100% SBRR increased from £6,000 to £12,000.

• Taxes on the oil and gas industry The petroleum revenue tax reduced from 35% to 0%. The supplementary charge on companies’ profits reduced from 20% to 10%. Both changes take effect from 1 January 2016.
  
  
• Corporation tax reduced to 17% in April 2020.
  
  
• New rules to limit the tax relief that large multinational enterprises can claim for their interest expenses introduced from April 2017.
  
  
• The higher rate of Capital Gains Tax reduced from 28% to 20% and the basic rate from 18% to 10%. These changes take effect from April 2016.
  
  
• Fuel duty frozen in 2016/17. Duties for beer, spirits and most cider also frozen.
  
  
• Class 2 National Insurance contributions for the self-employed abolished in April 2018.
  
  
• The Carbon Reduction Commitment energy efficiency scheme abolished, and the Climate Change Levy increased from 2019.
  
  
• Stamp duty land tax (SDLT) on non-residential property transactions reformed.
  
  
• A range of measures designed to tackle tax avoidance and evasion, estimated to raise around £3 billion in 2019/20.
  
  
• From January 2017 savings made due to changes in assessment of Personal Independence Payment (PIP). PIP helps with costs caused by long-term ill-health or a disability.
  
  
• An efficiency review, aiming to save £3.5 billion from departments’ budgets in 2019/20, to report in 2018.
  
  
• Some capital spending – for housing, transport and flood defence – to be earlier in the Parliament.
  
  
• A £1,000 allowance for property income and a £1,000 allowance for trading income introduced from April 2017. These measures are aimed at those making incomes from the digital and sharing economies.
  
  
• The Government expects all schools to become academies, or be on the way, by 2020.
• Crossrail 2 and High Speed 3 – between Leeds and Manchester – to proceed.
  
  
• New mayoral devolution deals announced for Greater Lincolnshire, East Anglia, and the West of England and further devolution for Greater Manchester and Liverpool City Region.
• Office for Budget Responsibility (OBR) forecasts and the fiscal rules
  
  
• The OBR revised down its forecasts for economic growth, saying that ‘economic developments have disappointed’ since its last forecast in November 2015. They report that the public finances look ‘materially weaker’.

• The OBR judges that the Government is on course to meet its ‘fiscal mandate’ of a budget surplus in 2019/20. Despite a deterioration in the underlying forecast, the Government has met its target in 2019/20 by:
• decreasing departments’ current and capital spending:
• introducing cuts to be identified by an efficiency review;
• increasing public service pension contributions but not compensating departments for additional costs;
• increasing tax revenues, largely by delaying a measure that brings forward large firms’ quarterly corporation tax payments; and,
• reducing welfare spending, largely through tightening the disability benefits system.

• The OBR judges that the debt-to-GDP ratio will rise between 2014/15 and 2015/16, therefore the Government will miss its supplementary debt target.