Official budget thread

[DNMurphy]

It will help a few rich people, it will make little difference to over 50s returning to the workforce, and we all pay more tax in a yet more complicated tax system. You don't know how much tax you will pay until after the end of the tax year, the same as with the tax-free allowance taper. Mrs Thatcher and her chancellor put years of graft. into simplifying the tax system and every single useless clown of a chancellor from Brown onwards has complicated it. Hunt and Sunk are as bad as Brown. When it comes to the next election we have two choices of two socialist welfare state parties, one slightly more left than the other. Not sure which is which. I suppose the Tories are more overtly crooked, and they still make giveaways to the right.

Taxes rise, giveaways to the rich rise, welfare rises, the economy is stagnating and we are rapidly headed towards being the sick man of Europe again. Labour produces reams of vacuous gibberish to obfuscate they have no new ideas. We have a juvenile political system that is infantilising the entire political debate, and the political press corps support it - so much for freedom of the press.

Well that's my rant done, have a nice day all and enjoy contemplating your navels while thinking about the choice between Starmer/Reeves and Sunk/Hunt

[DNMurphy]

https://www.theguardian.com/politics...ncellor-budget

Labour promises to reverse Jeremy Hunt’s pensions giveaway for richest 1%

That means doctors who might be tempted back to the NHS now won't bother as they know Labour will be in next time. Same with anyone else putting off coming back to work due to the pensions situation. Don't know if Labour are engaged in a spot of class war or just trying to harm Hunt's wheeze to get some people back to work. But that's labour for you.

[AtW]

Zero ambition budget will now be utter failure in the only positively changed part - pensions.

A fair few consultants are paid 260k plus anyway so for them pension contribution will max out at 10k, why would they bother?

[GigiBronz]

The budget announcement sounds like this to me:

[Protagoras]

That means doctors who might be tempted back to the NHS now won't bother as they know Labour will be in next time.

I remain unconvinced that the pension changes will really entice a significant number of senior NHS folks back to work. Would be interesting to see survey results on this.

Surely there's a point where if someone has sufficient pension income and savings, work is very stressful etc., that folks just give up since they simply don't need to work.

The mid-career doctors I know in the UK all work part time and plan to retire early. Pressure of work and high marginal tax rates combine to make this a sensible decision.
What's needed I reckon is to make the overall job attractive; it's not only about money.

Same with anyone else putting off coming back to work due to the pensions situation.

The changes were clearly focussed on (mostly public sector) defined-benefit pension recipients; the rules for those already in receipt of taxable income from defined-contribution schemes financially discourage returning.

In any case, additional pension savings now are there for the government to tax later!

[BlasterBates]

If you are a UK-based company and you want to relocate to Ireland to take advantage of the lower corporation tax rate of 12.5%, it is possible to do so, but you will need to follow certain procedures.

Firstly, you will need to register your company in Ireland and ensure that you comply with all the legal requirements for setting up a business in Ireland. This will include registering your company with the Irish Companies Registration Office and obtaining the necessary licenses and permits to operate your business in Ireland.

Once your company is registered in Ireland, you will be subject to Irish corporation tax on your profits at the rate of 12.5%. However, it is important to note that you may still be liable for UK corporation tax on any profits earned in the UK, depending on the circumstances of your business.

As you point out you're still liable for UK corporation tax on any profits earned in the UK. In other words to take advantage of the tax rate you actually need to be working in Ireland.

[jamesbrown]

Exactly what I was thinking. Was already torn between BADR and paying remaining LTD profits to pension now the outside roles seem to be drying up (Change BA in FS). How on earth do you act on this when they're both u-turning or threatening to reverse every 5mins!

You can't. In summary, the UK is a basket case

[d000hg]

That means doctors who might be tempted back to the NHS now won't bother as they know Labour will be in next time. Same with anyone else putting off coming back to work due to the pensions situation. Don't know if Labour are engaged in a spot of class war or just trying to harm Hunt's wheeze to get some people back to work. But that's labour for you.

But it may keep doctors from retiring until then. Coming out of retirement as a doctor must be a big effort, you'd have training presumably.

It sets up a tripping hazard for Labour to do anything against the doctors too, if you want to play tactics.

[SueEllen]

But it may keep doctors from retiring until then. Coming out of retirement as a doctor must be a big effort, you'd have training presumably.

It sets up a tripping hazard for Labour to do anything against the doctors too, if you want to play tactics.

Apparently the government explicitly excluded judges from the life time limit so they could have explicitly excluded doctors.

So I guess Labour can do that.