So, what's in the PBR then?

[RichardCranium]

No changes to income tax rates because of negative inflation.

"because of negative inflation" Eh?

[AtW]

"1305 The chancellor says he will cut to 10p the corporation tax on profits from companies promoting research and development."

Like anybody would qualify for it, small print would make sure of it ...

[TheFaQQer]

So, let's say £1 mln greedy banker's annual assured bonus:

1) Bank pays 50% tax - £500k left
2) Employee pays 40% tax - employee pays £200k

So far paid 70% of total ... too small! all this means is that bank will give bigger bonuses from taxpayers money

I think that your figures are wrong.

Bank pays 50% tax. Employee pays 40% on the £1 million they receive - so £900k comes into the exchequer in tax on a £1 million bonus (although, of course, we are all paying for them anyway in publicly owned banks )

[TheFaQQer]

Isn't that the deficit, which is the *increase* in National Debt?

The word "cut" is misleading, because all the while the deficit is positive (i.e. the next several years) the actual debt continues to spiral up up and away!

Shhhh - the public will never realise...

[RichardCranium]

1304 There will be financial support for 10,000 low-income undergraduates to help them carry out internships in professions and give their career prospects a boost.

FFS. An internship is just voluntary work for the benefit of the shareholders, a horrible practice we should be rejecting rather than encouraging.

And financial support in that direction will just be removed from any income / benefits the suckers are receiving. This just adds an admin burden to the Civil Service and money from the Treasury into the balance sheets of big businesses. All funded by the taxpayer. How does this reduce public sector costs?

[conned tractor]

1305 The chancellor says he will cut to 10p the corporation tax on profits from companies promoting research and development.

1304 A bit more for young people, many of whom who will of course be first-time and undecided voters. There will be financial support for 10,000 low-income undergraduates to help them carry out internships in professions and give their career prospects a boost.

Chance of small companies seeing any of this cash = 0.

I can see this as an assistance to the big players. Nothing changes eh.

However, if I am currently doing some research into a new product, what is the chance, as a small business, of exercising these tax reductions. Or is it exclusive to the big boys only.

[AtW]

Bank pays 50% tax. Employee pays 40% on the £1 million they receive - so £900k comes into the exchequer in tax on a £1 million bonus (although, of course, we are all paying for them anyway in publicly owned banks )

Hmm, you might be right.

So that's £500k extra tax take on £1 mln bonus. It seems to me that banks might pay more bonuses so that the only thing that he'd achieve is to get more tax rather than change behavior.

[BoredBloke]

I think that your figures are wrong.

Bank pays 50% tax. Employee pays 40% on the £1 million they receive - so £900k comes into the exchequer in tax on a £1 million bonus (although, of course, we are all paying for them anyway in publicly owned banks )

Not every bank is publically owned

[TheFaQQer]

£12bn on efficiency savings
£5bn from scaling back

Public sector pay rises capped at 1% (apart from troops)

[AtW]

However, if I am currently doing some research into a new product, what is the chance, as a small business, of exercising these tax reductions. Or is it exclusive to the big boys only.

Zero I reckon - he probably targets big pharma companies.