The Official Budget 2021 thread

[AtW]

Sunak - “it’s important to be honest and deal with unsustainable debt!”


“Budget 2021: Mortgage guarantee to help buyers with 5% deposit”

https://www.bbc.co.uk/news/uk-56218952

[AtW]

“The Chancellor is expected to spare millions of higher rate taxpayers from a cut to tax relief in next week’s Budget after drawing up separate plans for a raid on the wealthiest pensioners.

Rishi Sunak will not touch the tax perk which gives higher ratepayers a 40pc top-up to contributions into their retirement pot, industry sources said - despite speculation the perk could be axed.

Instead, Mr Sunak is reportedly drawing up plans for a freeze on the so-called lifetime allowance at the Budget on March 3, which would maintain a lower cap on the amount savers can have in their pension without incurring extra tax. ‘

https://www.telegraph.co.uk/money/co...on-tax-relief/

Chicken tulip would not touch that relief with a bargepole

[AtW]

An FT.com readers’ view on the situation -

“He was quick to p1ss away our money; now he wants to tax it back from us. What a w@nker”

https://www.ft.com/content/ad974b76-...3-72f4063875b2

[Whorty]

The fecker better not take the stamp duty holiday away at the end of March. I want to save that £15k so I can waste that £15k on something I don't need rather than the government waste my £15k

[AtW]

He will keep juicing the housing market, Sunak is a “fiscal conservative” after all, he is also very honest on subject of debt

He is also planning to introduce new high tech visas

[Whorty]

He will keep juicing the housing market, Sunak is a “fiscal conservative” after all, he is also very honest on subject of debt

He is also planning to introduce new high tech visas

Blinkin hope so .... me house is me pension

[ShandyDrinker]

An article in iNews raised a wry smile.

To quote:

Treasury sources have also suggested the Chancellor is still weighing up plans to increase treasury coffers further, with a potential new tax band being introduced to target owner/managed limited companies with one clear major client.

To summarise the situation, even if you are lucky enough to get outside IR35 determinations for contracts, if you don't have multiple concurrent contracts, they're coming for you anyway.

What I find so funny is that I know plenty of consultancies and software houses I worked for earlier in my career who relied on one major client for all of their work, once the client went, so did your job (if you were stupid enough to stay realising the precariousness of said company). In reality, how are these companies any different?

I hate to tell Rishi this, but the goose that laid the golden egg that he likes to keep raiding, has stopped production...

[AtW]

Corp tax increase to 25% will already bring Ltd route pretty much to the point of usual employment anyway.

And CGT to income tax levels to take "haircut" from those who decided to retire from this tulip.

[Lockhouse]

Just don't stuff up my MVL.

[mogga71]

From The Guardian :

Pension tax A restriction on the amount wealthier people can put into their pensions to £1m over their lifetime could save £250m in tax relief. Around 1.2 million people are projected to exceed the threshold by the time they start drawing on their private or occupational pension.

Surely that has got to be boll1x .... so more than 1.2 million people are projected to pay more than 1 million into their pensions? Considering you can only pay 40k max into your pension a year ... that would mean paying in full amount for 25 years. Maybe it was possible to pay in a lot more years ago and so have had a great start? I would have thought that going forward people would be needing any extra money for other stuff and would not be choosing to put it into a pension.

All the permies I know are on good salary but their pension pots are pretty poor and not put in anywhere near this input threshold. Most of them don't bother topping up their monthly payments .... even though some of the places (Banks) offer to match their contributions (crazy I know).