The budget now rubbish it is

[Noras]

my post should read how rubbish is this budget!

So I will only get a state pension and income from an investment property for my retirement ( monies from an inheritance ) as I have looked after my disabled son. So the Gov have gone against me as ever.

But have they gone against the extremely wealthy or huge corporates that exercise price transfer re tax tax or use franchises/ loan agreements etc to legally avoid tax?

Nope.

I actually loathe this government now. They always shield the wealthy and go for the middle classes. Those with a bit of bank interest or a single asset let’s tax that more - easy pickings.

Huh? Is this AI? What a weird title

Sorry should read ‘How rubbish it is’

Hello Yoda 😄

Where else would you get a pension from though if you’re not working? You can’t get a company pension if you’re not working for a company?

Hi there, Chartered Tax Advisor here. Do you know any “extremely wealthy or huge corporates” that have done anything wrong? If so please do contact HMRC.

“Only” an investment property 🤨

Ok Master Yoda.

You’re better off than many people - why shouldn’t you pay tax on your investment income? I pay tax on my earnings and I’m grateful to be able to do so.

Well we all know that it’s tax avoidance not evasion so not legally wrong because the Gov does nothing to legislate to capture more tax from them - that’s the point of my post! They go against the middle classes.

These corporation have huge influence in parliament to ensure that they are protected. This is why so many elderly people’s homes are able to off shore funds to Lichtenstein or companies use expensive franchise agreements with parent companies to reduce on shore tax with parent companies set up in the Cayman Islands.

I think itcwas a very much 'steady as she goes' budget to not spook the bonds market when so much of our tax dollar is spent on servicing national debt.

Works in a South Wales accent too

If I was a renter I’d be scared, Labour are forcing landlords out but without providing any social housing to catch the fall out.

People always find something to whinge about in this country. It’s the first time I’ve listened to a budget and felt hopeful.

What were you hoping for?

Can you explain this? My neighbour was pushed out of her house this month by a dodgy landlord who has decided to sell up to avoid being placed on the landlord register. Why are landlords afraid of this?

Because the Gov never increase taxes on the uber rich or the huge multinational companies.

Clearly the PAYE are paying too much tax hence they are not increasing the tax there but many people rely on things like an investment property to supplement a pension - also some people were encouraged to invest their money into say an investment property rather than a pension back in the 2000.

So here is what will happen. I will sell up and invest the money in an off shore bond and able to bring back 5% of the original investment each year tax free.

There will be fewer Indiv rentals and instead it will be overseas owned investment companies snapping up property that hey have huge parent company loans on -so no profits declared as it will all be held in subsidiary corporations with loans. The Gov tax take will reduce further because the individual investors give up.

It was a boring nothingburger of a budget. The markets shrugged and did nothing.

However, for people wanting to stick it to the "big corporations" some changes were annouced to taxation on online sales platforms which IMO are great (but will of course end up costing people more money and may even reduce the variety of goods on offer) and of course the extra bank tax which is paying for the energy payment.

I think you are being very self focused. To put it another way, why should struggling young families pay more to ease tax on investment properties so you can have more?

There is too much admin now

quarterly accounts - more costs

landlords register - just more cost

the new legislation - you need really good insurance to overcome possible rent voids if tenants don’t pay - more costs

no indexation allowance for CGT when you sell up so more costs

So it’s easier to take funds invest it to allow accumulated growth and only pay tax when you withdraw funds

No I am saying that the Gov protect the uber rich as ever.

It’s obvious they never go against the people who off shore profits as it’s all too complicated

Average UK property prices have increased by about 250% since 2000 so anyone buying a house then would be quids in now.

I suppose there are some places where it might be worth about the same, but others a lot more. So much less after inflation. Plus of course if there was CGT to pay that might eat a massive hole in the profit when it is sold. IDK.

You have two houses - right?

Are you married OP or is it just you and your disabled child? Have you never been able to work at all? Will you never be able to work at all? Have you ever contributed to the economy…paid any tax into it?

Waste of time budget. Won't be voting Labour again.

The issue is that the Gov encourage exactly this behaviour of scrapping.

The amounts of tax being legally avoided are vast but they encourage scrapping at the lower levels.

I had an inheritance - I had no pension so carefully invested the money as a deposit rather than spending it on lots of other stuff as a pension of just £12500 is a bit depressing.

Many landlords have one property they rent to supplement pensions that are lower than the whole of Europe. Other people invested in pensions is they had the choice.