What tax changes are you expecting at the budget?

cloud_dog

valueman1 said:

ZeroSum said:

valueman1 said:

Don’t forget, a lot of houses in London are worth over £1.5m at which point the 12% stamp duty rate kicks in.

It'd raise a £1.5m house to £1.59m
You expect me to have any sympathy for millionaires who are part of the problem of the regional inequality?
That £1.5m london house, would likely be stamp duty free for a FTB round my way.

I think you’re missing the point.  Stamp Duty in the higher price brackets works out at so much people decide not to move. Why would you if it’s going to cost over £100k in tax.

Anything that may help break the self destructive long march of property price increases gets my vote

sv511

Changes to Inheritance Tax.   Not in the poll.  Why?  This is the one change that has a sourced leak. 


Possible changes 
Remove or cap exemptions
IHT applies to foreign inheritance.  
IHT Bands

NI increase on employers.      Also not in the poll. 

Both would be bad for my personal situation, which makes them highly likely. 


Increases in import duty. 
Increased BIK on company cars. 

subjecttocontract

ZeroSum said:

valueman1 said:

ZeroSum said:

valueman1 said:

Don’t forget, a lot of houses in London are worth over £1.5m at which point the 12% stamp duty rate kicks in.

It'd raise a £1.5m house to £1.59m
You expect me to have any sympathy for millionaires who are part of the problem of the regional inequality?
That £1.5m london house, would likely be stamp duty free for a FTB round my way.

I think you’re missing the point.  Stamp Duty in the higher price brackets works out at so much people decide not to move. Why would you if it’s going to cost over £100k in tax.

But it doesn't affect ordinary folk since they're not buying higher band houses. Ordinary folk either pay nothing, or a couple grand on a fairly expensive house that % wise isn't that much. Your plan is to tax the working classes more & to tax those with the broadest shoulders less

I see nothing wrong in taxing the working classes more. It means those of us with the broadest shoulders pay less.....and like you I'm all for paying less tax. Of course that's never going to happen in the real world but it doesn't stop me from holding that view.

intalex

intalex said:

• 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)

Another way to achieve this may be to cap employer pension contributions (including salary sacrifice) to 10% of salary, which covers both employer (3%) and employee (5%) minimums and allows for an extra 2% matching incentive.

Albermarle

intalex said:

intalex said:

• 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)

Another way to achieve this may be to cap employer pension contributions (including salary sacrifice) to 10% of salary, which covers both employer (3%) and employee (5%) minimums and allows for an extra 2% matching incentive.

Public sector employers have to contribute at least 20% just to keep the schemes funded.

Albermarle

LHW99 said:

Hearth Tax

Coal tax (wouldn't raise much nowadays)

National land tax (now there's a thought!)

Window tax

Tea tax

Beard tax......

https://en.wikipedia.org/wiki/Hearth_tax

https://en.wikipedia.org/wiki/History_of_taxation_in_the_United_Kingdom

https://www.ridgefieldconsulting.co.uk/tax-guides/the-history-of-10-strange-british-taxes-we-used-to-pay/

Now you mention it, I do recall a headline in the Daily ....

'Fury at Labour Beard tax raid bombshell'

LHW99

Albermarle said:

LHW99 said:

Hearth Tax

Coal tax (wouldn't raise much nowadays)

National land tax (now there's a thought!)

Window tax

Tea tax

Beard tax......

https://en.wikipedia.org/wiki/Hearth_tax

https://en.wikipedia.org/wiki/History_of_taxation_in_the_United_Kingdom

https://www.ridgefieldconsulting.co.uk/tax-guides/the-history-of-10-strange-british-taxes-we-used-to-pay/

Now you mention it, I do recall a headline in the Daily ....

'Fury at Labour Beard tax raid bombshell'

Do you know what rates these might be, asking for a friend 😉

Well if taxes are to be raised on those with the broadest shoulders........perhaps 1% of assets for a short pointy one, rising to 3% for long and flowing up to 5% if there's enough to cover the shoulders so no-one can work out how broad those are....

ZeroSum

intalex said:

intalex said:

• 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)

Another way to achieve this may be to cap employer pension contributions (including salary sacrifice) to 10% of salary, which covers both employer (3%) and employee (5%) minimums and allows for an extra 2% matching incentive.

Those values are ridiculously low, and would leave people with quite small pensions. The income tax savings isn't quite a tax dodge (for basic rate payers at least), it's just deferred until you start drawing pension down. And with state pension virtually at the personal allowance, means personal pensions will be fully taxed once in receipt of state pension.