Budget Day - 22nd April 2009

[NickNick]

New higher tax bracket of 60% for the super mega rich.....i.e. those who earn more that 50,000 a year.

Tax breaks and VAT free shopping for those on benefits.

I'd vote for it.

Bearing in mind that average pay is £479 a week. Top 10% are on more than £946 a week, bottom 10% less than £262.

That would mean that only the top 10% would be affected.

[DonkeyRhubarb]

The problem with having a budget every year is that they feel compelled to keep coming up with something new. No wonder the tax system is so bloody complicated.

[helen7]

New higher tax bracket of 60% for the super mega rich.....i.e. those who earn more that 50,000 a year.

Tax breaks and VAT free shopping for those on benefits.

[ASB]

So does that mean taxes will be done retrospective (albeit if only for 2 weeks)?

Strictly it is always retrospective since the legislation required to enact is the Finance Act.

[Emigre]

Tipped "centrepiece" is Mandelson's car scrappage scheme. ie giving £2k for all cars over x years old that are scrapped provided they are replaced by a new one with a lower CO2 emission.

I guess MPs have complained about not getting new cars - after all, they are the only ones who can afford one.

[GardenGirl]

1. Stealth Taxes
2. Stealth Taxes
3. Stealth Taxes

[ASB]

Any rumours about possible adjustment to pension rules? I must say that I have heard none, but I would be interested.

Removal of higher rate tax relief is widely touted. Though quite how it will actually work in practice is beyond me.

[CheeseSlice]

Question for anyone with an economics hat on....
Does anyone know if this years budget (next week) could have a bigger effect on the jobs market than the new tax year did on the 6th?

[expat]

Any rumours about possible adjustment to pension rules? I must say that I have heard none, but I would be interested.

[swamp]

Anyone got any juicy uninformed speculation about what could be in it?

Some tulipe about tax credits that will sound good to Labour voters but no one will understand (least of all EDS...)

Some nonsense about training initiatives for the unemployed which will sound good to Labour voters but won't amount to anything.

Some new rules on cutting bonuses to bankers that will please Labour voters but which will take about five minutes for bankers to think a way round it (racehorse futures packaged in offshore loans).

Some more tax on cigarettes, alcohol and petrol that will be deferred for six weeks and so won't upset Labour voters too much.

[framework]

will split dividend rules be changed?

i wonder

[expat]

The 2009 Budget will be revealed on Wednesday 22nd April 2009 at 12:30

Interestingly, this is after the start of the new tax year, so taxpayers will have no opportunity to make any quick adjustments to their affairs before the start of the new tax year.

Anyone got any juicy uninformed speculation about what could be in it?

[Nixon Williams]

The tax codes and NIC rates have already been announced, the only possible change will be if the rates of income tax change from 20% & 40% - these are normally only applied in May anyway.

There may be some delay if there are any tax rate changes but I suspect there will be no change this year.

Alan

[chris79]

So does that mean taxes will be done retrospective (albeit if only for 2 weeks)?

[Nixon Williams]

The 2009 Budget will be revealed on Wednesday 22nd April 2009 at 12:30

Interestingly, this is after the start of the new tax year, so taxpayers will have no opportunity to make any quick adjustments to their affairs before the start of the new tax year.

Generally, The Budget is revealed prior to the start of the new tax year, allowing taxpayers time to take advantage of any future changes.

Perhaps this is deliberate this year?

Alan

In case anyone is wondering, the tax year starts on 6th April each year (& ends on the 5th April).