Budget 2011

[MrRobin]

Entrepreneur relief is doubled to £10m.

ER is the discount you get on capital gains tax under certain conditions. There used to be a limit of £5m on which the discount could apply and now it's £10m.

[Moose423956]

Fuel duty cut 1p from 6pm tonight.

Damn. I filled up last night, in case he did put it up.

[wobbegong]

Fuel duty cut 1p from 6pm tonight.

Does he really expect that to either be passed on to the motorist, or, if it is passed on, to make any difference?

It going up by a penny a week around here, so any reduction will be nullified by this time next week.

[SimonMac]

The fact they have also scrapped the escalator is bigger news, so instead of reckoning for a 5p increase we get a 1p cut, as someone who is doing 800 miles a week in a 2.5 V6 I happy!

[MrRobin]

Result!!! Does that include small business tax too?

Bollox! Main rate only... small profits rate only goes down by 1%, as planned.

[d000hg]

ER is the discount you get on capital gains tax under certain conditions. There used to be a limit of £5m on which the discount could apply and now it's £10m.

So it sounds like it's rather immaterial to the likes of us?


The potential merging of PAYE and NI was said to be on the other end of "several years" consulting. Which presumably means not before the next general election, and should therefore be ignored?

[Halo Jones]

Fuel duty cut 1p from 6pm tonight.

Yes but the tax on oil firms has gone up by 12% - who do you think will fund that?, so the government pass a tax that allows them to get more money but blame it on the oil firms.

[portseven]

The Government has decided to retain IR35, as abolition would put substantial revenue at risk.

What revenue? I thought the general consensus that IR35 has wasted more money than it brought in. If you count all the wasted millions on legal fees that have gone to cases that HMRC have lost (only won 6 out of 1500) and the whole IR35 insurance / consulting industry. Yet they want to spend more money on staffing helplines and forums to keep it in!

[DaveB]

What revenue? I thought the general consensus that IR35 has wasted more money than it brought in. If you count all the wasted millions on legal fees that have gone to cases that HMRC have lost (only won 6 out of 1500) and the whole IR35 insurance / consulting industry. Yet they want to spend more money on staffing helplines and forums to keep it in!

Convince people they are caught and should pay the extra tax.

[VectraMan]

What revenue? I thought the general consensus that IR35 has wasted more money than it brought in. If you count all the wasted millions on legal fees that have gone to cases that HMRC have lost (only won 6 out of 1500) and the whole IR35 insurance / consulting industry. Yet they want to spend more money on staffing helplines and forums to keep it in!

What you don't know is how many people gave in and went with umbrellas instead, went permie, or were just scared away from contracting in the first place.