Budget response
After all the wailing and gnashing and hyperbole very little happened in the budget.
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Tax free cash (first mooted to be under threat in 1995) remains as it is, although it will be reviewed.?
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Similarly there are no changes to the pension contribution regime.
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Capital Gains Tax will increase, not that this has much of a consequence for most TCFP clients.
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And pension funds will be subject to IHT from 2027, with it not being clear if spousal exemptions will exist (as they do on everything else).
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The increase in employer NI is the big tax hike in this budget. It makes sense to move one of the "big three" taxes if you need to raise money (as opposed to just punishing people) and so they have.
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This will undoubtedly affect "working people" as all increases in employment costs do, either in the form of lesser pay increases or loss of jobs.
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To suggest otherwise is, in my opinion, a bare-faced lie.
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Politicians eh?
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That's our immediate take on the budget - there was a lot of mouth, but very little in the way of trousers in the end.
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The devil is in the detail of course and as that detail reveals itself we will be in touch with whatever actions we think you should take.
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Right here, right now there's nothing to be done.
Happily Retired at Self Employed
3 周The continued freezing of allowances, which normally should have risen, is also a tax hike. IMO it is much worse than the talked about increases.
Director at Moneyology Limited
3 周this is not a budget that will lead to greater recovery in business and success and innovation. It threatens the hard-working individuals who have saved and whilst it would be true to welcome some of the increases in salary for workers and their rights it definitely does not build well for greater productivity, employment and recovery of our economy there will be no growth in the next five years it is a clear demonstration that this government has no substantial ability to understand agriculture and land except of course for the persistence in wanting to turn perfectly good land into solar farms! it did not address effectively social care so people will continue to lose their homes as a direct consequence effectively in the budget clearly, people will have to look seriously at how it impacts them in terms of the financial planning and indeed the passing on of money for generations. It does not bode well down south for young people trying to get on the housing ladder