The Budget

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The Budget

Post by XJSJohn @ Wed Mar 12, 2008 1:24 pm

Anyone watching this / able to understand it?

Can you give a heads up if they have any plans to shaft expats or offshore (IoM / CI) investments & savings.

It will take a day or so for any useful information to filter out to here.

Cheers!
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Re: The Budget

Post by StuR @ Wed Mar 12, 2008 1:36 pm

Nothing so far that I can tell, but keeping my eye on to see what comes out in the wash.

Not as severe a budget as I was expecting.
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Re: The Budget

Post by dirtyboy @ Wed Mar 12, 2008 2:40 pm

If anyone wants to know something in particular, let me know.

We've got out guys dissecting it right now. My internet connection kept cacking up making it sound like DJ Darling was hitting the decks and playing the a voice changer, certainly entertaining from that point of view.

Few points
Introduction of an effective 100% FYA on the first ££50,000 of capital expenditure.
Capital gains exemption per individual up to ££9,600.
Capital gains tax 18% (indexation and taper relief withdrawn)
VAT registration threshold increased to ££67,000 (from ££64,000)


Motoring
With effect from 1 April 2009, and as set out in Table 8a, VED for cars, registered on or
after 1 March 2001, will be reformed to include six new bands. From 1 April 2010, a new first
year VED rate will be introduced. With effect from 1 April 2009, and as set out in Table 8b, the
lower rate of VED for cars and light good vehicles registered before 2001 is frozen and the
higher rate will rise by ££15. With effect from 1 April 2009, the VED rate for light goods vehicles
registered after 2001 will rise by ££15. With effect from 1 April 2010, the VED rate for cars and
light goods vehicles registered before 2001 will be increased in line with indexation

Effective from 13-Mar-08
CO2 emissions standard CO2 emissions standard first year standard
VED band (g/km) rate (g/km) rate rate rate4 4
A Up to 100 ££ 0
B 101 – 120 ££ 35
C 121 – 150 ££120
D 151 – 165 ££145
E 166 – 185 ££170
F Over 186* ££210 Cars registered before 23 March 2006.
G Over 226** ££400 Cars registered on or after 23 March 2006.

Double taxation
Legislation will be introduced, with effect from 6 April 2008, to ensure that the credit
for any foreign tax paid on trade or professional earnings is no more than the UK income tax
due in respect of the same earnings. (*)


Personal tax
from 6 April 2008, the 10 pence starting rate will be
removed for earned income but will continue to be available for savings income.

As announced in Budget 2007, from 6 April 2008, the basic rate of income tax will be
reduced from 22 pence to 20 pence.

As announced in Budget 2007, from 6 April 2008, Individual Savings Accounts (ISAs)
will be made simpler and more flexible, and the investment limit will rise to ££7,200, of which
££3,600 can be in cash.
Last edited by dirtyboy on Wed Mar 12, 2008 2:48 pm, edited 2 times in total.
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Re: The Budget

Post by Snoggledog @ Wed Mar 12, 2008 2:41 pm

In short.. "Spread 'em sweet cheeks" unless you're a chav or a greenie. Pretty much everyone is getting hit.
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Re: The Budget

Post by dirtyboy @ Wed Mar 12, 2008 2:56 pm

Snoggledog wrote:In short.. "Spread 'em sweet cheeks" unless you're a chav or a greenie. Pretty much everyone is getting hit.



It's really not that bad in all honesty. Foreign tax is facing a bit on an overhaul, as is the motorist. As usual tobacco and alcohol get hit, but that's expected.
NIC thresholds and tax allowances are going up. However, the removal of the 10% earned tax band means those on a lower income are stung a bit more.

No bit surprises. Nothing major to worry about at this stage so far. I doubt many of 'us' will notice a difference.
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Re: The Budget

Post by Cloggy @ Wed Mar 12, 2008 2:59 pm

Yooo Hooo, my 1999 V8 4L TVR and my 02/01/2001 registered Toyota Camry V6 3L are unaffected, result. Image
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Re: The Budget

Post by XJSJohn @ Wed Mar 12, 2008 3:32 pm

Snoggledog wrote:In short.. "Spread 'em sweet cheeks" unless you're a chav or a greenie. Pretty much everyone is STILL getting hit.


EFA

Just as long as they are not applying US style taxes on expatriate income I am happy ... just means another year that i have no intention of returning to blighty.


Cloggy, at least someone gets a good result :lol:
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Re: The Budget

Post by Kermit @ Fri Mar 14, 2008 10:04 pm

I'm surprised they didn't make more out of the fact that all higher rate tax earners are better off as a result of the income tax changes. The 10% bracket going is more than compensated for by the extension of the 20% bracket.
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Re: The Budget

Post by Careless Whisperer @ Fri Mar 14, 2008 10:44 pm

Kermit Power wrote:I'm surprised they didn't make more out of the fact that all higher rate tax earners are better off as a result of the income tax changes. The 10% bracket going is more than compensated for by the extension of the 20% bracket.


Yes. One day after the budget I had a letter from my pension provider advising me that due to the above meddling, my pension will not attract the same tax relief as it did previously, so my premium has gone up to compensate. :|
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Re: The Budget

Post by Kermit @ Sat Mar 15, 2008 9:00 am

Groomi wrote:
Kermit Power wrote:I'm surprised they didn't make more out of the fact that all higher rate tax earners are better off as a result of the income tax changes. The 10% bracket going is more than compensated for by the extension of the 20% bracket.


Yes. One day after the budget I had a letter from my pension provider advising me that due to the above meddling, my pension will not attract the same tax relief as it did previously, so my premium has gone up to compensate. :|


That one hadn't occurred to me!

Are you paying yourself under the 40% tax bracket?

If you're paying 40% tax, even on a quid of your salary, then you need to get on to HMRC, as unless you intervene with them, all pension relief if set at 23% (20% moving forward) rather than the 40% higher rate level. I got around ££4k back in excess contributions once I'd worked that one out! :)
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