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MNHQ

Budget 2014 - watch with us!

163 replies

SarahMumsnet · 19/03/2014 11:46

So... George Osborne will be standing up to deliver this year's Budget at 12.30pm, with announcements expected on property tax, stamp duty and the personal tax allowance. Here's what you were hoping (and dreading) would come up; time to find out whether George has been reading Wink

We'll be watching the Budget over here and posting about the key announcements for those who are at work unable to view the live stream; come join us, and tell us how you think he's doing ...

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TalkinPeace · 19/03/2014 15:55

Well I've just checked and the NI allowance is still £7748
so all the hype about taking people "outside tax" is just that
because every penny that anybody earns over £150 a week will have 12% deducted from it

OddBoots · 19/03/2014 15:27

Did I hear him say that the pension was excluded form the welfare cap? Aren't pensions the biggest chunk of welfare costs?

PigletJohn · 19/03/2014 15:26

a trust which was set up in the 1920's?

And how much Death Duties and Inheritance Tax has it paid over the last three generations?

PossumPoo · 19/03/2014 15:23

I agree Jane, I'm pretty sick and tired of hearing how the baby boomers had it so much easier than us etc and I'm in my mid 30's. So what if they had it easier, did the generation before them have it easier too?

If the budget is aimed at older people because they are the ones that vote, then guess what? The younger people need to start voting and making themselves be heard too.

JaneinReading · 19/03/2014 15:09

It has certainly not been worth saving money. It's been very unfair in the last 5 years that those who saved all their lives (usually older people) and who live on interest on their savings have been crucified when those who "spent spent spent" on massive loans on homes they could hardly afford have been protected due to low interest rate policies (which of course also help a Government which is paying interest itself at similar rates on billions of pounds of debt).

I would call it a budget for the old which does not help working families or middle earners much (because most people are middle earners and there is no spare cash for anything at present given the deficit).

My point on the houses held by companies would also apply to future taxes on property values for home owners which might start at £2m but soon come down to £500k. As for who holds a house in a company it is not always to evade tax or avoid it. It is sometimes because it is a family trust and they do not want young people getting their hands on cash when they are still young enough to be unwise. Some of these were set up in the 1920s and were not set up to get round tax. In fact the people using them lose the residential relief from capital gains tax as well I believe. Some companies own a house in London for staff at all income levels to stay in if there is company business over night as that is cheaper than constant hotels.

PossumPoo · 19/03/2014 15:03

I think the ISA merge and increase is a good thing - give people an incentive to save. I know most people might not hit the £15,000 but it's better to have a high limit than the ridiculously low one of just over £5000?

GossamerHailfilter · 19/03/2014 14:33

Has George straightened his hair?

PigletJohn · 19/03/2014 14:08

some of the most expensive houses in London are owned by gangsters, oligarchs, and politicians with risky retirement plans, from a large foreign country not far from the Ukraine.

Headinbook · 19/03/2014 14:07

I am the first to admit I'm not economically literate, but I wish I knew how much it cost to keep increasing the Junior ISA/CTF level, and what % of parents reach the threshold annually anyway. To me, at least, it seems like focussing resources on those who need them least.

PigletJohn · 19/03/2014 14:05

the "company owned homes" is a dodge. No inheritance tax, because companies don't die, and no stamp duty, because instead of selling the house, you sell the company. Some are/were offshore companies where ultimate ownership is concealed.

efforts are slowly and tactfully being made to chip away at the dodges. As they are dodges by the rich, they are not treated as harshly as dodges by the poor.

PigletJohn · 19/03/2014 14:02

it used to be said there were more Old Etonians called Dave than women in the Cabinet.

InMySpareTime · 19/03/2014 14:00

Jane, I think that's only properties owned by companies, not privately owned homes.

JaneinReading · 19/03/2014 13:51

From next year you can take (at 55) not just 25% of your pension in cash but all of it, although three quarters will be taxed at your marginal tax rate (20% or 40% etc, not the current 50% penalty charge for so going).

It is very much a pensioner pleaser budget on the savings changes (and they vote and young people don't).

Overall cap on benefits cost.

I hadn't seen this one.... "Tax on homes owned through a company to be extended from residential properties worth more than £2m to those worth more than £500,000"

This is something to beware of - being happy high taxes are introduced - stamp duty or "mansion tax" (on London flats) at high levels you will never own at and then they bring it down to homes worth £500k and lower.

MNHQ
SarahMumsnet · 19/03/2014 13:48

OK, and he's winding up now, so I will too. See you next year Grin

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MNHQ
SarahMumsnet · 19/03/2014 13:47

Miliband's talking about Eton now - more old Etonians in the cabinet than there are women ..

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MNHQ
SarahMumsnet · 19/03/2014 13:46

"Will you rule out a further tax cut for millionaires to 40p?" asks Miliband, asking the prime minister to nod his head if he will. Cameron's head appears to be motionless.

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riksti · 19/03/2014 13:43

PigletJohn - pensioners mainly, I assume. The Government's preparing for the elections after all.

MNHQ
SarahMumsnet · 19/03/2014 13:43

we needed a budget to make the long-term changes the country needs, but the Tories won't do it, says Miliband; they won't stand up to vested interests.

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MNHQ
SarahMumsnet · 19/03/2014 13:41

"an economy of the privileged, for the privileged, by the privileged."

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MNHQ
SarahMumsnet · 19/03/2014 13:40

Manufacturing, construction, infrastructure investment all down. House building actually at lowest level since 1920s, and rents have risen at twice rate of wages. THis is a recovery for the few, not the many, Miliband says.

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MNHQ
SarahMumsnet · 19/03/2014 13:37

24 tax rises introduced since Osborne became chancellor, he says. 350,000 people going to food banks. 400000 disabled people paying the bedroom tax. Cuts to tax credits, too. Only group better off are millionaires.

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PigletJohn · 19/03/2014 13:34

useful for people who have £15k to spare

Cash and shares Isas to be merged into single New Isa with annual tax-free savings limit of £15,000 from 1 July

MNHQ
SarahMumsnet · 19/03/2014 13:34

The working ppeople of Britain are worse off under the Tories, says Miliband. Living standards down, year by year.

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MNHQ
SarahMumsnet · 19/03/2014 13:33

... and done. May I be the first to call it the "beer and bingo" budget? Here comes Ed, meanwhile ...

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OhYouBadBadKitten · 19/03/2014 13:31

Will be back later to see what milliband has to say.