Chancellor to reveal budget this afternoon - MSE News 29 October 2018 at 11:15AM edited 29 October 2018 at 6:45PM in Cutting tax 5 replies 5.1K views

Former_MSE_Callum

Chancellor Philip Hammond has unveiled the 2018 Budget...

Read the full story:
'Budget 2018: What you need to know'

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tgroom57

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.

agrinnall

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.

badmemory

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!

Dazed_and_confused

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

zagfles

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.