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Chancellor to reveal budget this afternoon - MSE News

edited 29 October 2018 at 6:45PM in Cutting Tax
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MSE_CallumMSE_Callum Forumite
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edited 29 October 2018 at 6:45PM in Cutting Tax
Chancellor Philip Hammond has unveiled the 2018 Budget...
Read the full story:
'Budget 2018: What you need to know'
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  • tgroom57tgroom57 Forumite
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    I was toying with the idea of £200 in Premium Bonds, but the new rush of people buying will dilute my albeit infinitesimal odds even further. So perhaps not. I'm sure I can make 5% with some canny buying.

  • agrinnallagrinnall
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    tgroom57 wrote: »
    I was toying with the idea of £200 in Premium Bonds, but the new rush of people buying will dilute my albeit infinitesimal odds even further. So perhaps not. I'm sure I can make 5% with some canny buying.


    I don't think the basic odds will change, if there are more bonds sold them the prize fund goes up - although your chance of a big prize may diminish very slightly.
  • badmemorybadmemory Forumite
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    So why such a big increase in the personal allowance? What is he trying to buy? No general election, no re-vote on brexit. Surely they are not so desperate for approval points? I get very curious (suspicious) when a gov gives me £130 a year instead of the £65 I expected. Well silly me it's more about higher earners who will save £730. Well thank goodness, otherwise I don't think I could stand the shock!
  • edited 31 October 2018 at 12:38PM
    Dazed_and_confusedDazed_and_confused Forumite
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    edited 31 October 2018 at 12:38PM
    Don't forget you need to knock off the extra National Insurance those higher earners are going to have to pay.

    12% National Insurance is going to be payable on £796/month before dropping to 2% whereas in the current year it drops to 2% after just £730
  • zagfleszagfles Forumite
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    badmemory wrote: »
    So why such a big increase in the personal allowance? What is he trying to buy? No general election, no re-vote on brexit. Surely they are not so desperate for approval points? I get very curious (suspicious) when a gov gives me £130 a year instead of the £65 I expected. Well silly me it's more about higher earners who will save £730. Well thank goodness, otherwise I don't think I could stand the shock!
    It was in their manifesto. Yes, yes, I know politicans doing what they promised is shocking ;)

    BTW it's not £730, as pointed out the NI UEL has been tied to the HRT threshold for many years and is going up to £50k too, so there's an extra 10% NI in that band, making the net gain £365. Some of that is just inflation, and for some will be clawed back by the repeated non indexation of other thresholds like the child ben clawback threshold, the personal allowance withdrawal threshold, and the pension annual allowance. None of which have seen an increase since introduction.
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