Reply to: The official Budget 2017 DOOM thread

[northernladyuk]

Given the trifling amount the Government estimates will be raised by increasing NI for the self employed, plus the inevitable stick they must have anticipated for breaking an election manifesto commitment not to raise NI, there must have been some strong incentive to do so.

Since for once we presumably can't blame some secret EU directive, I reckon it must be the start of a longer term plan to harmonize NI and income tax for all forms of income (in which case IR35 would become moot).

I guess they're cobbling every little bit of cash together that they can to try and minimise the deficit, now that Brexit is round the corner.

But I accept that such views are seen as treasonous by Project Narnia.

[ZARDOZ]

Remember back in the days of Labour when the PCG had the pledge that the Tories would abolish IR35?

Roll on 10 years or so and a Conservative government

Strengthens IR35
Introduces a dividend tax
Raises NI for self employed
Abolishes flat rate VAT
Removes employment allowance

All in the name of fairness. This government serves only the corporate lobby that fund it. They are like a tulip version of New Labour.

They are even continuing to f up the economy.

-National debt rising daily toward 2 trillion.
-GDP largely underpinned by consumer credit and house price bubble.
-GDP per capita lower than Italy.

[OwlHoot]

Given the trifling amount the Government estimates will be raised by increasing NI for the self employed, plus the inevitable stick they must have anticipated for breaking an election manifesto commitment not to raise NI, there must have been some strong incentive to do so.

Since for once we presumably can't blame some secret EU directive, I reckon it must be the start of a longer term plan to harmonize NI and income tax for all forms of income (in which case IR35 would become moot).

[scooterscot]

£350 million budget for Scotland? What the duce? Labour will never return to power in my lifetime... I do wonder for how much longer residents in Scotland will continue to take it up the @£$£ from the Tories.

[NigelJK]

Anyone know what those MP's (there were 100's apparently) who previously ran ltd cos and paid themselves dividends are now advised by their own civil servants?

[PurpleGorilla]

The official Budget 2017 DOOM thread

Why do all you union jack waving BritNat F**knuts always whine about 'what labour would do'. They're not in power and are not likely to be in the near future. They didn't introduce the dividend tax, they didn't almost wipe out the allowance on said tax, they didn't tulip (from quite so high up) on the self employed or PSCs. They didn't introduce the new PS IR35 rules. Your business loving Tories are doing that now. I didn't hear any measures being put in place on evasion and avoidance by companies big enough to have their own lobby groups though, you know, the ones that your tory masters are shareholders in.

Labour did nothIng to prevent the housing / BTL bubble. Indeed in many ways they actively encouraged it.

Then they opened the door to Eastern Europe.

Then bailed out the champagne drinking bankers, with an unconditional cheque.

I will never forgive them for that.

[jamesbrown]

Weeeee!

[jamesbrown]

If he makes u-turn he'd have to increase dividend tax to make up for "the loss", this is where it's heading...

Theresa May denies breaking election tax promise over National Insurance as 100 Tory MPs prepare to join Budget rebellion

Sources close to Mr Hammond told the Telegraph he is considering a full-scale revision of the tax system for the self-employed, enabling him to drop his plans for class 4 NI contributions as part of a wider review.

[DimPrawn]

Budget measures 'worth £350m' to Scotland - BBC News

Well at least we can see where that £350M is going...................

[AtW]

Sounds like a partial climbdown, not legislating until the Autumn Budget, which is what they should've done anyway

https://www.theguardian.com/politics...tory-rebellion

And in Autumn Budget they will intro higher dividend tax to pay for those NICs delayed until 2020, so that manifesto is not broken! You've heard it on here first...

[jamesbrown]

Sounds like a partial climbdown, not legislating until the Autumn Budget, which is what they should've done anyway

https://www.theguardian.com/politics...tory-rebellion

[AtW]

Oh dear, May falls to same stupid "defense" as Spreadtulip Phil - "In legislation that we passed after you mugs elected us, we specifically only talked about not increasing Class 1 NICs, so there!"

National Insurance rise 'fair', says PM - BBC News

[BrilloPad]

Remember - it's 20% tax for US based profits and it will be 0% for foreign profits, this will please Apple/Google/Facebook - they will be able to repatriate money from Bermuda on the cheap.

When will the UK introduce the same?

[northernladyuk]

It is about time they dropped Corp tax altogether (and PAYE for that matter). Replace with a Corporation Sales Tax made at point of sale (i.e. if it's sold to a UK resident it gets CST - something like that, the devil is in the detail I know), make it flat and collect via the VAT scheme.

HMRC claim that VAT costs 1p in the £1 to collect. Corp tax is around 20p per £1.

How would banks be taxed? CST on interest component of credit repayments, instead of CT on profits?

[NigelJK]

It is about time they dropped Corp tax altogether (and PAYE for that matter). Replace with a Corporation Sales Tax made at point of sale (i.e. if it's sold to a UK resident it gets CST - something like that, the devil is in the detail I know), make it flat and collect via the VAT scheme.

HMRC claim that VAT costs 1p in the £1 to collect. Corp tax is around 20p per £1.