Budget

Main benefits as far as I can tell...
1 Google type tax
Companies will face a new 25 per cent tax rate on profits from economic activity in the UK which are “artificially shifted” abroad, the UK chancellor said on Wednesday. He also halved the amount of past losses that banks are allowed to offset against corporation tax bills.
2. Stamp Duty rises proportionally
Stamp duty will also be radically reformed - replaced by a new gradiated measure, which the government estimates will result in 95 per cent of homebuyers paying less.
3. ISA Inheritance tax free
ISAs can be inherited by surviving spouse without any IHT due

10 Comments

All looks good to me; I wonder if the second one sounds too good to be true though?

teh arn

All looks good to me; I wonder if the second one sounds too good to be … All looks good to me; I wonder if the second one sounds too good to be true though?



I thought the same, but seems good to me:

hmrc.gov.uk/too…l=0

Calculator on there - comes in from midnight tonight unless you have already exchanaged, then you can choose which scheme to use (the cheaper one!!)

Original Poster

teh arn

All looks good to me; I wonder if the second one sounds too good to be … All looks good to me; I wonder if the second one sounds too good to be true though?



detail from HRMC Linky
Under the old rules, you would have paid tax at a single rate on the entire property price. Now you will only pay the rate of tax on the part of the property price within each tax band – like income tax.
Under the old rules if you bought a house for £185,000, you would have had to pay 1% tax on the full amount – a total of £1,850. Under the new rules, for the same property you’ll pay nothing on the first £125,000 and 2% on the remaining £60,000. This works out as £1,200, a saving of £650.

Edited by: "davewave" 3rd Dec 2014

http://i.telegraph.co.uk/multimedia/archive/03126/stampduty_3126517c.jpg

Nice, I don't suppose they will reimburse the excessive stamp duty I had to pay on my house earlier this year? No?

Sons of whatsits.

DragonChris

Nice, I don't suppose they will reimburse the excessive stamp duty I had … Nice, I don't suppose they will reimburse the excessive stamp duty I had to pay on my house earlier this year? No?Sons of whatsits.



I'm sure some dodgy PPI rebate firm will try to start this!!

Original Poster

aing69

I'm sure some dodgy PPI rebate firm will try to start this!!



That cant happen, a lot of people will have lost out.

The Google tax should more than make up the shortfall of stamp duty!

Have they done the decent thing and scrapped inheritance tax? Disgusting how someone can pay tax all their lives and again are robbed by inheritance tax when they die.

If profits are "artificially shifted" then the government should introduce targetted anti avoidance against that rather than introducing a new tax.

As usual from government/HMRC it is the proverbial "sledgehammer to crack a nut" approach.

Original Poster

Some more

donaldduck2

Have they done the decent thing and scrapped inheritance tax? Disgusting … Have they done the decent thing and scrapped inheritance tax? Disgusting how someone can pay tax all their lives and again are robbed by inheritance tax when they die.



Afraid not, however there is other positive news for most people...

Abolishing Employer National Insurance contributions for apprentices aged under 25

Air Passenger Duty for children under the age of 12 will be abolished next year, and then under-16s the following year.

Fuel duty will continue to be frozen.

The Income tax free personal allowance to rise to £10,600 rather than the planned £10,500 next year, giving wage boost of £825 a year to all workers.

The higher rate threshold rises from £41,865 to £42,385 next year the first list in line with inflation for 5 years.

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