Reply to: The Official Budget 2020 thread

[AtW]

5...

[royal5677]

What a Great Budget

Boom, given the uncertain state of affairs, could the Govt have done any more? I personally don't think so, other than maybe extra help for airlines / travel businesses who are being hammered at the moment. I suspect they will step in if major airlines get to the brink

[Platypus]

Confirmed as going ahead on March 11.

We're boomed, boomed I tell ye !

[AtW]

Confirmed as going ahead on March 11.

[jamesbrown]

Confirmed as going ahead on March 11.

[jamesbrown]

I read up on this one recently. Although income tax and corp tax have to be renewed by the FA, they get a few months grace if they didn't get it done before the new tax year, so it continues to be payable. Such a shame..

But in theory they could delay the budget beyond April 6th for a few weeks if desperately needed to.

They get a month (until 5 May) to pass a resolution in the House under the Provisional Collection of Taxes Act 1968.

All you could ever want to know about Finance Bills (and then some):

http://researchbriefings.files.parli...13/SN00813.pdf

[CheeseSlice]

Agree. They could delay slightly, but not by much and they need a FA to collect taxes that are renewed annually.

I read up on this one recently. Although income tax and corp tax have to be renewed by the FA, they get a few months grace if they didn't get it done before the new tax year, so it continues to be payable. Such a shame..

But in theory they could delay the budget beyond April 6th for a few weeks if desperately needed to.

[AtW]

Cummings is probably writing the Budget on the back of a fag packet right now...

Great - a lot less room for tax increases!

[Mordac]

And only the Chancellor has changed. The people the Chancellor reports to at HMRC is the same.

Cummings is probably writing the Budget on the back of a fag packet right now...

[jamesbrown]

They can't - there needs to be a finance bill which means there needs to be a budget.

The problem with software is that it's not possible to implement things without lead times so a March budget already limits the changes you can make to start in April. Pushing it beyond March 11th will further limit what they can or can't do...

Agree. They could delay slightly, but not by much and they need a FA to collect taxes that are renewed annually.

[saptastic]

Prediction - Everyone in Northern Tory marginals to qualify for a Government cash bonus.

[SeededLoaf]

Please please please I hope ER is not scrapped. They can reduce the lifetime limit to £1m or increasing owning the business 5 years but do not mess with the 10% tax.

Now i've said it. Doomed!

[Platypus]

I suspect.

[BrilloPad]

They can't - there needs to be a finance bill which means there needs to be a budget.

The problem with software is that it's not possible to implement things without lead times so a March budget already limits the changes you can make to start in April. Pushing it beyond March 11th will further limit what they can or can't do...

And only the Chancellor has changed. The people the Chancellor reports to at HMRC is the same.

[eek]

I've heard from my contact at CIOT that the government is now refusing to confirm that the budget will go ahead on March 11th. Doesn't mean anything just yet, but it wouldn't surprise me if they kicked it to Oct.

They can't - there needs to be a finance bill which means there needs to be a budget.

The problem with software is that it's not possible to implement things without lead times so a March budget already limits the changes you can make to start in April. Pushing it beyond March 11th will further limit what they can or can't do...