|
Post by concrete on Jun 22, 2010 22:44:56 GMT 10
Now. I'm listening to/reading it at the moment.
Interesting times. Living with two public sector workers. One working and one on 'disability' It should be an interesting debate around the dinner table. Eating food. That I, as a private sector worker, who hasn't had a pay rise in two years pay for and cook.
20%VAT saw that coming long ago. That was Gordons piss off, reducing it to 15% for a short time.
True the pay freeze will screw our plans. But. As much as I criticize this country, I do like it (in small doses).
As I said. Interesting times.
For all those from the UK. I'd actually like to hear your onion.
For all those outside of the UK. Read it and weep, coz its coming home soon.
|
|
|
Post by brillbilly on Jun 23, 2010 0:38:29 GMT 10
this is just the tip of the iceburg concrete and nothing suprizes me about this budget How and when the Budget becomes law maters more mate. Some laws take effect immediately, but others might be days, weeks, months, or even years away. After chancellor George Osborne stands up at the despatch box and reveals what treats and surprises lie lurking within his red Budget box, is there anything we can do to stop them? Some changes take effect almost as soon as he sits down again, but others might be days, weeks, months, or even years away. Stop me if you've heard this before,lol Chancellors often like to announce tax changes several Budgets in advance, which obviously helps employers and tax professionals plan ahead, but also allows the government to trumpet any good news many times over. During his 10 years in the job, Gordon Brown was particularly fond of this, spouting on about income tax cuts, child benefit and tax credits planned for one or two tax years down the line. Back in the 2007 Budget, the headline-grabbing cut in the basic income tax rate, from 22% to 20%, actually took effect in April 2008 - more than a year later. This means it's difficult for us to figure out just when Budget announcements are going to have an impact on our pockets. Jam tomorrow, spam today When tax-cutting measures are announced early, it is a good idea to look out for any replacement tax rises which may arrive sooner. Brown's 1999 Budget, for example, scrapped married couple's allowance but promised a new children's tax credit would be introduced. But while the married couple's allowance was lost in April 2000, families had to wait another year to get the tax credit. What changes from 6pm If the chancellor decides to slap another few pence on cigarette duty, the effect is almost immediate. Such increases usually take effect from 6pm on Budget day. Hikes in the duty on beer or wine, however, usually take effect at midnight on the Sunday following the Budget. The temporary tax Although we have paid it, on and off, since 1799, we persist with the polite fiction that income tax is a "temporary tax". In fact, although it has now been with us for centuries, income tax must be renewed through the Finance Bill each year. This has to receive Royal Assent by August 5, or income tax lapses. In that unthinkable event, the government would have to pay back all income tax taken between April 6 and August 5 that year. Personal income tax bands and allowances rise at the start of each tax year on April 6. If there are changes to the tax rates, they too occur at this point. The bands and allowances are a different matter. Because the lower income tax and national insurance thresholds are now harmonised, the chancellor needs to give employers time to make changes to their payroll software. As a result, personal income tax allowances and bands tend to be announced in the previous autumn's pre-Budget report. No taxation without representation You may be wondering how the government can bring in changes with effect from the start of a tax year, which only become law in the Finance Bill a few months later. In fact, certain tax proposals in the chancellor's speech can come into effect immediately, as a result of the Provisional Collection of Taxes Act. This allows changes to taxes or, in the case of income tax, the continuation of taxes, to be validated by a single motion taken immediately after the Budget speech, giving the authorities temporary powers to collect revenues until the Finance Act for the year is passed. In addition, MPs must pass the individual resolutions on each tax and duty within 10 "sitting" days of the Budget, followed by a second resolution within another 30 days. While income tax (like corporation tax, another temporary tax) might lapse if the Finance Act wasn't passed, other taxes such as VAT, stamp duty and duties on petrol, alcohol and tobacco are permanent. Without a Finance Act the government would still be able to collect them, at the previous year's rates.
Does that mean it's too late to change unpopular Budget proposals?No. Before it gets Royal Assent, the finance bill has to go through three readings in the House of Commons, with committee stages in between, during which amendments - often hundreds of them - can be proposed and debated. The Lords get one day to look at and debate the Bill, but are not allowed to vote on it. Some Budget proposals only make it to the statute books after years of wrangling and numerous rounds of consultation. Ill-thought through plans may be altered to tighten a loophole, or relaxed to benefit unintended victims. Other Budget proposals may make it through numerous consultation rounds, only to be scrapped later. In the 2003 pre-Budget report Gordon Brown announced that, as part of pensions simplification plans, investors would be able to hold residential properties, among other investments, within a personal pension. This sparked huge interest in self-invested personal pensions (Sipps), which would have offered the easiest access to such investments. But the plan was scrapped at the eleventh hour, when the Treasury belatedly realised that its popularity would cost it billions of pounds in lost revenue from buy-to-let investors. Its always going to be the little guys that have to carry the can for the banks
|
|
|
Post by Rareclan on Jun 23, 2010 7:52:39 GMT 10
From what I heard today January 2011 would be the start point giving the banks plenty of time as if they needed it to call the shots.
Hazel Blears mentioned the Banks were at fault.
Well Gordon Brown was meant to be the best chancellor since sliced BREAD / DOUGH ha ha but did not see the American Mortgage derivatives coming.
When he used to stand there spouting out that he would spend 33 billion on this and 13 billion on that,how are we to know this actually happened-Trust oh yeah that old Chestnut.
Are we a Country or a Box of Cogs Just a % that could quite easily be FROGS,mad as ! ! !
|
|
|
Post by brillbilly on Jun 23, 2010 20:44:40 GMT 10
hazel blears.lol ,what a scank,ps good points mate!
|
|