Jon the Hat Posted 3 December 2014 Posted 3 December 2014 I like it: Stamp duty reformed overnight, average property of £275k will cost you £4k less in stamp duty. Houses over £950k ish will pay more. Paid for by reducing tax relief on brought forward losses for major banks - this is a big deal. Tax free threshold goes up, and so does the higher rate - first time in 5 years. Still way too low a level for people to be paying 40% tax but a move in the right direction. 25% tax on offshore profits earned in the UK - will be interesting to see how this is implemented - it will be difficult. Air passenger Duty for under 12 removed, under 16s to come soon. A few other I missed I expect. Nice one George!
James. Posted 3 December 2014 Posted 3 December 2014 Yeah that stamp duty reform is a massive deal. Looking to move in the next year or so and this could end up saving me about 10k. Cheers George you little shit.
kingcarr21 Posted 3 December 2014 Posted 3 December 2014 Wait a minute. I think this is the 1st thread that isnt slating the team or manager today. Thank you Jon the Hat
Jon the Hat Posted 3 December 2014 Author Posted 3 December 2014 Enjoy your election bribes. Tax free allowance has been rising throughout this parliament, stamp duty is well overdue a revamp, and they funded that with less tax relief for banks. What's not to like? Wait a minute. I think this is the 1st thread that isnt slating the team or manager today. Thank you Jon the Hat You are welcome.
Stevosevic Posted 3 December 2014 Posted 3 December 2014 What's not to like? Summary: State of the economy UK fastest growing economy in the G7 3% growth forecast in 2014, up from 2.7% predicted in March 2.4% growth forecast in 2015, followed by 2.2%, 2.4%, 2.3% and 2.3% in the following four years 500,000 new jobs created this year. 85% of new jobs full-time Unemployment set to fall to 5.4% in 2015 Inflation predicted to be 1.5% in 2014, falling to 1.2% in 2015 Stamp duty Reform of residential property stamp duty so that rates apply only to that part of the property price that falls within each band 0% paid for the first £125,000 then 2% on the portion up to £250,000 5% up to £925,000, then 10% up to £1.5m; 12% on anything above that, saving £4,500 on average priced home Changes to come into effect at midnight on Thursday, 4 December Public borrowing/deficit Deficit 'cut in half' since 2010 Borrowing set to fall from £97.5bn in 2013-14 to £91.3bn in 2014-15. Deficit projected to fall to £75.9bn in 2015, £40.9bn in 2016, £14.5bn in 2017 before reaching a £4bn surplus in 2018 By 2019-20 Britain will have a surplus of £23bn Debt as a share of GDP to rise from 80.4% this year to 81.1% next year before falling in every year. reaching 72.8% in 2019-20 Tax receipts up to 2017-18 forecast to be £23bn lower than predicted World War One debt to be repaid Energy and fuel Fuel duty to be frozen Sovereign wealth fund for north of England to keep benefits of shale gas exploration Immediate reduction in oil industry supplementary charge from 32% to 30% Savings and pensions ISAs to be transferrable to partners tax free ISA threshold increases from £15,000 to £15,240 next April Tax free annuities for dependents of people who die under 75 Commitment to complete public service pension reforms, saving £1.3bn a year Personal and business taxation Air Passenger Duty to be scrapped for under-12s from 1 May next year and for under-16s the following year Personal tax allowance to increase to £10,600 next April World War One debt to be repaid Inheritance tax to be cut for families of aid workers who die in course of duty 55% death tax passed on to loved ones abolished Libor fines to support Gurkhas and their families Higher rate income tax threshold to rise to £42,385 next year VAT paid by hospices and search and rescue organisations to be refunded Introduce 25% tax on profits generated by multi-nationals that are shifted out of the UK, set to raise £1bn over five years Bank profits which can be offset by losses for tax purposes to be limited to 50% New £90,000 charge for non-doms resident in the UK for 17 of the past 20 years Inflation-linked increase in business rates capped at 2% Welfare Welfare spending to be £1bn lower than forecast in March Two year freeze in working-age benefits (first announced in October) Migrants to lose unemployment benefits if they have "no prospect" of work after six weeks Health and education £2bn extra every year until 2020 for the NHS GP services to get £1.2bn in extra funds from bank foreign exchange manipulation fines Employment Allowance extended to carers £10,000 loans for postgraduate students studying for masters degrees Business and science Business rates to be reviewed Theatre tax break extended to orchestras Research and development tax credit increased for small and medium-sized (SMEs) firms Support extended to small businesses with £500m of bank lending plus £400m government-backed venture capital funds which invest in SMEs New tax credit for children's TV producers £45m package of support for exporters Expand tax relief on business investment in flood defences Old pacer carriages on Northern Rail and the Trans-Pennine Express replaced with new and modern trains National Insurance on young apprentices abolished Britain awarded the lead role in the international effort to explore Mars Housing/infrastructure/transport £1.5bn for 84 roads projects in England £2bn for flood defence schemes in England Tendering for Northern Rail and Trans-Pennine Express franchises to replace pacer carriages with modern trains
Guest Kopfkino Posted 3 December 2014 Posted 3 December 2014 Enjoyed his Red Planet remarks towards Labour
James. Posted 3 December 2014 Posted 3 December 2014 I'm as keen as the next man to stick the boot into the Tories as I still remain more liberal / left minded but criticising the governments record on the economy is becoming more and more of an untenable position. All of these measures make good sense. Maybe they have one eye on the election but this sort of approach has been going on for quite some time. My biggest worry is that a long term Tory government could go some way to creating an intolerant and selfish society but for now give them their due, I'd be a damn sight more worried if any of the other parties were in control of our economy.
Nick Posted 3 December 2014 Posted 3 December 2014 I'm not computing the stamp duty benefit....... 5% from 250-925K ? What was it previously to buy a house say for 350K PS Im not having a go, just out of touch!
breadandcheese Posted 3 December 2014 Posted 3 December 2014 I'm as keen as the next man to stick the boot into the Tories as I still remain more liberal / left minded but criticising the governments record on the economy is becoming more and more of an untenable position. All of these measures make good sense. Maybe they have one eye on the election but this sort of approach has been going on for quite some time. My biggest worry is that a long term Tory government could go some way to creating an intolerant and selfish society but for now give them their due, I'd be a damn sight more worried if any of the other parties were in control of our economy. There is a question mark about the size of the deficit still being too high at a point in the economic cycle when we are doing well. I'm a Tory voter but I'm conscious of the fact that the deficit is not falling very quickly..
davieG Posted 3 December 2014 Posted 3 December 2014 I'm not computing the stamp duty benefit....... 5% from 250-925K ? What was it previously to buy a house say for 350K PS Im not having a go, just out of touch! 3% I think
Benji Posted 3 December 2014 Posted 3 December 2014 I'm not computing the stamp duty benefit....... 5% from 250-925K ? What was it previously to buy a house say for 350K PS Im not having a go, just out of touch! http://www.hmrc.gov.uk/tools/sdlt/land-and-property.htm
Jon the Hat Posted 3 December 2014 Author Posted 3 December 2014 I'm not computing the stamp duty benefit....... 5% from 250-925K ? What was it previously to buy a house say for 350K PS Im not having a go, just out of touch! It was a flat rate before: £350k x 3% = £10.5k Now it is banded: £350k = £7.5k £125k @ 0% = £0.0k £125k @ 2% = £2.5k £100k @ 5% = £5.0k
bovril Posted 3 December 2014 Posted 3 December 2014 Autumn Statement is such a lovely name for it, like something John Keates would write.
Jon the Hat Posted 3 December 2014 Author Posted 3 December 2014 Autumn Statement is such a lovely name for it, like something John Keates would write. They should rename the budget "Spring Pronouncement"
MooseBreath Posted 3 December 2014 Posted 3 December 2014 Price goes down, demand goes up, price goes up. How about some real solutions to the supply problems rather than papering over the cracks.
Bayfox Posted 3 December 2014 Posted 3 December 2014 fook off. I've just stumped up 3% on 298k 2 ****ing weeks ago. can I have a refund please
purpleronnie Posted 3 December 2014 Posted 3 December 2014 I like it: You do surprise me Jon. :xmaslaugh: Some good stuff some bad stuff.... like always.
Strokes Posted 3 December 2014 Posted 3 December 2014 fook off. I've just stumped up 3% on 298k 2 ****ing weeks ago. can I have a refund please Ouch
Harry - LCFC Posted 3 December 2014 Posted 3 December 2014 Reality is there's very little being done there. In terms of policy there's no major change from what we had before.
Nick Posted 3 December 2014 Posted 3 December 2014 10K loan for a masters degree is really good in my assessment - after the student loan expires anybody wishing to do post-grad needs mummy and daddy or a business to pay which was proving post grad studies to decrease dramatically which I always thought lacked equality.
ADK Posted 3 December 2014 Posted 3 December 2014 When you take out things that are "forecast" and things that aren't clearly defined then there isn't really much there. I'm sad that freezing unemployment benefit has become so fashionable that governments actually brag about it.
Guest Kopfkino Posted 4 December 2014 Posted 4 December 2014 When you take out things that are "forecast" and things that aren't clearly defined then there isn't really much there. I'm sad that freezing unemployment benefit has become so fashionable that governments actually brag about it. That's what it's meant to be. A statement on forecasts for growth, government finances and other economic forecasts according to the office for budget responsibilty. It isn't supposed to be another budget but the media seem to dress it up that way
ADK Posted 4 December 2014 Posted 4 December 2014 Fair enough, but I think it is being used for propaganda purposes. (Hardy a surprise but still)
Tommy G Posted 4 December 2014 Posted 4 December 2014 Nice to see the 40% tax bracket going up. They want to get the 40% bracket up to £50k by the end of the decade which is much more reasonable.
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