Anyone watching the Budget 2024?

[LadyofRutshire]

I couldn't find a thread on today's budget. Anyone watching live?

Well can’t be bleaker than what it was under the Tories. They broke it!

Rather crass comment

@Startinganew32 in two days? No. I'm due to complete on Friday. The situation with his ex wife is immaterial other than to explain why we are paying second property SDLT

Yes and they've upped disposal relief, so there goes your carrot too, it's all stick

Just worked out if I wound down my business in 2020 and put the money into property I'd be better off. Because of course they won't tax someone making a 500k gain for doing nothing but living in a property but they will further tax someone that's already paid 20% on productive labour for having the audacity to keep prudent reserves in their business.

So much for 'working people'

@Wintom - my hill farmer neighbours are not wealthy landowners by any stretch ( the very idea would provoke a very wry observation) and are struggling to survive, working long past retirement. We need to protect small family farms.

Let's see what you say in four years time

How did Brexit affect many many SMEs ?

I think you’ll find that defined benefit schemes have no pot. So how you can say that it’s more advantageous to have a db scheme with reference to IHT, I really don’t know.

Yes, there's always one...

Markets seem fine atm about the budget https://www.bloomberg.com/news/live-blog/2024-10-30/uk-budget-2024-highlights-rachel-reeves-on-taxes-minimum-wage

Some folk are barely hanging on to their only one!

Quite a few defined benefit schemes are fully funded….

If farmers sell up due to APR reform I bet most of the farms will be sold for development not as a farming business

I dont want to read back 19 pages.

Can anyone say whether the amount getting in by extra taxes[£40 billion?], is going to dwarf the proposed spending?

So an extra £50 billion onto the Uk national debt?

Have you exchanged yet? if not, can you delay exchange and see if there is a way of mitigating things, or at least give yourselves time to raise the extra money or re-negiotiate on price? I am guessing your new property is not more than £250,000 (you said your SDLT is going from 3% to 5%?) so you need to find an extra £5K (if my maths is correct) or possibly less?

That is just a consequence of a deliberate policy by the last labour government to transfer billions of taxpayers money to the private sector using in-work benefits to massage the unemplyment figures and 'buy' a whole new generation (now generations) of labour voters though, isn't it? Effectively the use of in-work benefits has created a voter pool to replace those in the old fashioned and now dead unionised industries that traditionally shored up the left.

@deflatedbirthday if you are buying a property for £250,000.00 then the difference that the percentage change will make will be £5k. Whilst annoying, it doesn't seem like a deal-breaker unless you are already pushing yourselves to the edge financially. Could you add that on to your mortgage or arrange an overdraft for it?

You could well be right

There are lots of jobs in the public sector, you could have a “gilded pension” too.

A little glib. That might apply in some areas of the country but certainly not where I live where the farmers are scratching a living.

They are in an unusual position as where they live is also usually their business and where they work. And they also usually pass on the farms to their family who have also worked on the farm all their lives so need to inherit it as a going concern.

They also often barely break even particulaly if theres a bad harvest. In the current international climate being more self sufficient as a country in food is more important than ever. Abolishing 100% APR will be very destructive.

Just did a quick Google search and roughly 4 million people are currently in social housing and 1.9 million use housing benefit to pay their rent.

But what about the other 2 million who pay their rent. What happens if they can't afford the rent rises?

I’m sure I read only 1 in 5 farmers are affected ?

There’s debt and there’s debt I listened to an economist explain this. The debt of a country is not the same of a household income because if it encourages growth in the economy and it makes for a better system people healthier because they can get to use the NHS then they get back to work better or other things, then actually it’s better to be pumping that money into the system to make a better society..
if not under austerity, we actually did not grow very well out of the G7 because of that

@deflatedbirthday historically SDLT changes introduced in budgets would be dependent on whether or not you have already exchanged . If you have exchanged then I would expect you to only have to pay at the lower rate , if you haven’t exchanged then I would expect you to have to pay the new rate . Speak to your solicitor asap

None of them have complained. He offers them a choice - pay rise or discount on medical care for their pets. Every. Single. One. chooses the discount on medical care.

Clearly you don't have a pet...if you did, you'd realise what a good offer it is.