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What tax changes are you expecting at the budget?
Comments
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hallmark said:The big one that's not been "trialled by leak" yet is council tax. Which would IMO be the worst of all and will become a wealth tax in all but name.
As has been pointed out elsewhere, Freeholder or not nobody truly owns their house in the UK. We're all tenants and the council is the landlord.
I'm certain that before the end of this Government Council tax will be massively higher than it already is.2 -
ader42 said:hallmark said:
As has been pointed out elsewhere, Freeholder or not nobody truly owns their house in the UK. We're all tenants and the council is the landlord.
I suspect new higher council tax bands will be created, and so they should be imho.
They proposed this in Wales as well as re-banding but pushed it into the long grass like they do to any ideas that actually make sense. Instead they push ahead and implement the ones that no one wants 🤦♀️
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Well, that's a trick never tried before. Leak out how really, really painful it will be. Then deliver only "really painful" and we'll all simply sigh and say "well, that was not too bad".newatc said:tax increases inevitable but may not be high as predicted.housebuyer143 said:ader42 said:hallmark said:
As has been pointed out elsewhere, Freeholder or not nobody truly owns their house in the UK. We're all tenants and the council is the landlord.
I suspect new higher council tax bands will be created, and so they should be imho.
I live in a £1m house. There are £20m houses about 3 miles away which pay more.
Houses were put into bands in 1991. CT is a local tax. A studio flat in 1991 is still a studio flat. A mansion is still a mansion. If the houses are re-banded, the proportional position of each will still be the same.0 -
Grumpy_chap said:
Well, that's a trick never tried before. Leak out how really, really painful it will be. Then deliver only "really painful" and we'll all simply sigh and say "well, that was not too bad".newatc said:tax increases inevitable but may not be high as predicted.housebuyer143 said:ader42 said:hallmark said:
As has been pointed out elsewhere, Freeholder or not nobody truly owns their house in the UK. We're all tenants and the council is the landlord.
I suspect new higher council tax bands will be created, and so they should be imho.
I live in a £1m house. There are £20m houses about 3 miles away which pay more.
Houses were put into bands in 1991. CT is a local tax. A studio flat in 1991 is still a studio flat. A mansion is still a mansion. If the houses are re-banded, the proportional position of each will still be the same.
An I in my area is about £1100 a year more than an F. That's not loads more but values of property can be significantly higher.
A full re-banding is better for fairness but that's really a longer term project because that would take a very long time to do.0 -
- Freeze on personal allowance / income tax thresholds to be lifted effective 25/26 (the one positive)
- Full employer NI to be levied on employer pension contributions effective 25/26 (employees will still AVC for tax relief even if employers trim salary sacrifice matching)
- Capital gains tax on investments to be gradually aligned to income tax levels over the next 3-4 years, but possibly kept lower for UK-only listed investments
- New tax band at 50% rate to be introduced starting at the point where maximum annual pension allowance is tapered off
Will probably use some level of AI to factor in all the speculation and reaction... must be a cool job doing the budget with all possible data, tools and resources!!1 -
intalex said:
I think that goes directly against the Manifesto not to increase IT, VAT, NI rates. There have been many statements that suggest the Manifesto will not be breached in these regards.- New tax band at 50% rate to be introduced starting at the point where maximum annual pension allowance is tapered off
intalex said:
In terms of mechanics, how would this work? Would it mean all prior tax returns get re-opened?- Capital gains tax on investments to be gradually aligned to income tax levels over the next 3-4 years, but possibly kept lower for UK-only listed investments
Consider an individual making £10k extra per year. It is taxed at appropriate marginal rates - may well be within basic rate 20% band.
Second individual makes £100k over ten years as capital gain. An extra £100k in one year, some will automatically land in the top tax rate and mean loss of personal allowance, childcare, etc.
The two get the same income, now suffering income tax, but the retained amounts differ wildly.0 -
Hearth TaxCoal tax (wouldn't raise much nowadays)National land tax (now there's a thought!)Window taxTea taxBeard tax......https://www.ridgefieldconsulting.co.uk/tax-guides/the-history-of-10-strange-british-taxes-we-used-to-pay/
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LHW99 said:Hearth TaxCoal tax (wouldn't raise much nowadays)National land tax (now there's a thought!)Window taxTea taxBeard tax......https://www.ridgefieldconsulting.co.uk/tax-guides/the-history-of-10-strange-british-taxes-we-used-to-pay/0
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Grumpy_chap said:I think that goes directly against the Manifesto not to increase IT, VAT, NI rates. There have been many statements that suggest the Manifesto will not be breached in these regards.Grumpy_chap said:In terms of mechanics, how would this work? Would it mean all prior tax returns get re-opened?
Consider an individual making £10k extra per year. It is taxed at appropriate marginal rates - may well be within basic rate 20% band.
Second individual makes £100k over ten years as capital gain. An extra £100k in one year, some will automatically land in the top tax rate and mean loss of personal allowance, childcare, etc.
The two get the same income, now suffering income tax, but the retained amounts differ wildly.0
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