Budget 2012 explained: Live webchat with Mark Dampier, Head of Research at Hargreaves Lansdown, Wednesday 21 March 12.30-2pm

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It's Budget day on Wednesday. What will happen to the 50p tax rate? Will we see a mansion tax? What about child benefit?

It could be a red letter day for your family finances. We are delighted to welcome Mark Dampier to Mumsnet for a live budget webchat. Mark is head of research at Hargreaves Lansdown, the independent financial adviser, and an all-round financial guru. He will be translating the Chancellor's statements as he makes them, and finding time to answer your comments.

Mark will be busy keeping an eye on Osborne, so please don't post questions about your own family finances here (we've got plans for a special Q&A about this later, see below). Do join us here at 12.30, when the fun begins.

Coming up: We've set up a Q&A with a panel of experts to take questions on your family finances after the Chancellor sits down.

Next week, Mumsnet favourite Alvin Hall will be in on Thursday 29 March for a live webchat on savings and investments.

It's all about the Money at Mumsnet HQ.....

sweetkitty thats the situation we are in we have 5dc my dh is the main earner and I have a small job, we get no other benefits no tax crdits or anything and the child benefit was a real lifeline when paying for the dc's school trips, uniform etc now i'll have to increase my hours at work and get a cm to cover the costs not sure how we will be any better off...?

BOMtobewild - no, but presumably the Government officials can demand to know via their claim forms. Guess, you just have to both fill the form in and not look at each other's figures. I assume that would be the same for any tax claims?

CB sounds far more complicated. My husband earns 51k so cb will be cut by 10%, it will need to be adjusted if he gets any overtime, adjusted again if he gets a bonus. What will happen to my state pension if he earns overs 60K?

mumneedswine exactly.

It may come as a surprise to George that not all of us little women live our lives according to our man's wages. I support my DD myself

@sparklesandwine

my dh earns over 60k and i earn less than 10k does that mean we still get it or not?

its reduced at between 50 and 60 when it goes entirely

I'm really disappointed in Ed Miliband's speech. It's definitely like it was written before the Chancellor's speech. He's being more of a wanker than he needs to be. This isn't responding to the actual substance. Hoyle is having to treat them like toddlers

@MarkDampier

[quote pumpkinsweetie] Does anyone know of any tax credit changes?

need to look at small print, its not always mentioned in speech.[/quote]

A quick look at the Budget documents where some of the small print can be found, suggests that not much planned on tax credits. Apart from this:

"From 2012-13, a couple where at least one partner is entitled to Carer?s Allowance may qualify for WTC, including the childcare element, where at least one partner works at least 16 hours per week"

Maybe the ridiculous assumption is that if you are a higher earner you do not need HRP/pension. Maybe it is seen as a way of cutting the pensions bill in years to come?

@goingtoofast

CB sounds far more complicated. My husband earns 51k so cb will be cut by 10%, it will need to be adjusted if he gets any overtime, adjusted again if he gets a bonus. What will happen to my state pension if he earns overs 60K?

dont think your state pension is affected.

Ah right thanks for explaining Mark

@Lexilicious

I'm really disappointed in Ed Miliband's speech. It's definitely like it was written before the Chancellor's speech. He's being more of a wanker than he needs to be. This isn't responding to the actual substance. Hoyle is having to treat them like toddlers

a horrible job to do though!

If I earn £200k, don't smoke, have no plans to move house and don't currently evade/avoid tax, am I better or worse off after this Budget?

Also, do we know which spending will be cut to "balance" tax cuts?

@MarkDampler, but thats the whole point of CB! It's not just the 80pounds pm, it's the fact it covers your NI payments while you are a SAHM so you are still entitled to a pension. CB = contributitory pension year thingy!

But if we have to both fill out forms then surely that's means testing and should apply to all families. And what about my pension - not that we'll ever get to retire.

sparklesandwine - as you have a job, both you and your husband will benefit from the increased personal allowance, so assuming you don't have loads of children, you may be better off as a household post that budget.

The pension thing will be interesting to see if/how it can be addressed.

Is the CB not means tested as a result of this anyway?

goingtoofast good point about bonuses. Well, I for one refuse to force my DP to tell me of every bonus he gets so I can call the tax office and be on hold for 30 minutes while they calculate the extra 10% I will lose from my pocket as a result of his hard work.

A bit of a long shot, but will the propososed pension reforms affect HRP/do away with the need for it in any way?

Does the loss of personal allowance over a certain income not remain?

rumour is at moment is that there are no nasties in small print that said well worth looking at more thoughful budget analysis in papers and websites tomorrow when everyone has a better chance to examined things more carefully.

itsallgoingtobefine is that the case??? So SAHM's will now not be contributing to thier NI as a result of their partners income...!? What about when the partner does a runner and the SAHM is left with nothing..?

Do they actually sit down pre budget and say "right, how are we going to screw over women?"

Thanx Mark-that can only be a good thing. If they get their mitts on child tax cred and working tax cred it would defo not be good for low earners

@Hulababy

Does the loss of personal allowance over a certain income not remain?

it does if u earn more than £118410, can avoid by paying the 18,410 into a pension, but how many people in this postion

Will it be salary or include things like company car and pension? Dh earns 42k salary but his taxable income is over 50k because it includes company car value and pension. The company car is like a millstone around our neck, it costs dh £6k a year for a mondeo and it no longer feels like a benefit because the company changed the rules and dh has to pay the insurance excess (£250) if he has an accident. It would be much more cost effective for us to ditch the car, and lease our own car but unfortunately dh does too many miles to qualify for a lease arrangement. We shall have to look into this because I don't want the car to be the reason that we lose a percentage of our child benefit.

I still don't understand how on earth they are going to administer it.

I don't honestly think there will be a state pension for everyone by the time we all retire.