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.

A lot better than Kwasi Kwarteng's Mini budget....

Gov must hate small business, where are they supposed to get the extra money to support the increase living wage. There will be loads whoo hooing more money for me, yet in reality that just leads to more job cuts. Small business cant absorb these costs nor pass them on to the consumer, so they lay off. Its hard enough for youngsters to get jobs as is. Watch prices go up again to off set these costs. I think when people see money given to them they fail to realise it has to come from somewhere.

Surely if you were late 30s when your son was born you’ll have a small pension from working? Or did you choose not to pay into a pension in your twenties and early thirties?

Increasing the personal allowance is staggeringly expensive. £15k would cost £20bn!

From what I’ve just read it sounds as though your name and rental property will be public but not your actual home address and number. I hope this is the case for your sake.

nothing wrong maybe legally but morally is another matter

There is a huge issue with this and more needs to be done.

Out of interest OP what party would you rather see in government? All things considered Labour are probably the best option for your circumstances.

It’s not nonsense. You cannot deduct mortgage interest which is the main cost for any landlord unless you are mortgage free which very few are.

They've announced massive investment into social housing 🙄

Thank you, I still need to look into it more because to be honest, I've been terrified since finding out. I also need to contact MP's and the police force's domestic abuse unit for advice.

How are they getting on with the 1.5 million homes promised in 2024? 🙄

Nothing morally either. So for instance Google Europe is based in Dublin. It raises money in the UK and is taxed on the money it makes less its costs, some of which are UK based (property, staff admin fees etc) and they’ll get a bill from Dublin for HQ costs. They can’t just fudge those HQ costs, they have to be properly invoiced, not made up actual costs. Times have long gone when Google could file a tenuous invoice for ‘goodwill’ that happened to be for whatever profit it made in the UK. Everything is above board.

And nothing can ‘be done’ because they are acting entirely legitimately.

I guess I’d use the phrase “steadying the ship” because it was low-key, seems to have kept the bond markets calm, and didn’t include any massive structural shocks - in terms of either tax rises or swinging cuts. Which is maybe what we need after a period of massive economic and political volatility.

I don’t think it’s a budget for the history books for sure, but - given the global economic picture - I think there’s enough positive stuff in there. And I guess, politically, I think it’s interesting, as it strikes me as a budget that is easier to attack from the left than the right.

Considering that under Labour, homeless figures have continued to rise to record levels with around 180,000 children now being housed in temporary accommodation, let's hope they're on track for well over the 1.5 million target and what is being built is all social housing.

It is not the function of a Budget statement to 'go against' anyone, it is to set out how money will be raised for public expenditure and how that money will be allocated.

Not just this, they are upping the tax liability for landlords, increasing regulation and red tape, landlords costs are rising and they aren’t able to pass these costs on easily not only that they can only get rid of bad tenants by taking them to court.

Landlords aren’t doing it out of the goodness of their hearts, if they can’t make money what is the point.

Landlords are leaving at a huge rate.

You can deduct all sorts of things- letting agency fees (which can be around 20% for managed), repairs, legal costs etc. On top of this you get a basic rate tax deduction of 20% which replaces the old mortgage interest deduction. It’s complete nonsense to say you pay tax on turnover, just obviously wrong.

They’re not on track. The OBR has downgraded its housebuilding forecast.

Tax has risen exponentially for sole trader landlords if they are mortgaged, some are paying effective tax rates of 80 or even 100%.

The cost of building houses is very high thanks to lost of planning regulation and the amount houses can sell for is very low due to high interest rates / mortgage affordability resulting in builders finishing current jobs and not starting new jobs. It’s a disaster. Binning the brownfield ecology assessments as was announced today will help but the housing situation is getting worse not better.

Research always shows increasing taxes on landlords increases the price of rents. No winners with that policy.

Will they be ready by the end of the year?

Future houses that haven’t been built are no use to someone being evicted that can’t find somewhere else to rent.

Came to add "Yoda" to the comments.

Do people not proofread anymore? We were taught it as a skill in English class.

A free workplace pension without ever having been in the workplace and not to pay any tax at all, it seems. Presumably avails herself of the NHS, education for her DC and child benefit but the government are clearly picking on her.