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Budget 2012


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Independent Office for Budget Responsibility revises up UK growth forecast for 2012 to 0.8% - from 0.7%.

 

Forecast for 2013 is 2%, for 2014 is 2.7%, and in the two years after that 3%.

 

Borrowing this year to be £126bn - £1bn less than forecast in the autumn. Forecast to fall to £21bn by 2016-17.

 

OBR forecasts unemployment to peak this year at 8.7% before falling each year to 6.3% in five years.

 

More to come shortly

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From April 2013, the 50p top rate of tax will be cut to 45p.

 

Personal income tax allowance raised to £9,205 from April 2013, making 24 million people £220 a year better off.

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Duty on all tobacco products to rise by 5% above inflation from 18:00 today - the equivalent of 37p on a packet of cigarettes.

 

No change to alcohol duty.  8)

 

New duty on gaming machines at a standard rate of 20% and a lower rate for low-prize machines of 5% of net takings.

 

No change to existing plans on fuel duty. Vehicle excise duty to rise by inflation, but frozen for road hauliers.

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Am I missing something? Top rate of tax was increased to 50% so all those rich folk paid themselves early to avoid it. Gideon then uses this as evidence to scrap it, claiming they'll pay more this way.

Will they not then just hold off paying themselves a load of cash till after the rate drops again next year? Surely if the rate stayed at 50% either they don't pay themselves so much to avoid an extra 5% tax or they realise it's there to stay so pay themselves and pay HMRC a bit more. No?

 

Also Nick Robinson has just revealed they have already written off £2-3Billion in tax avoidance due to this change are paying for it in large part by increasing tax on OAPs.

 

Good old Tories.

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From April 2013, the 50p top rate of tax will be cut to 45p.

 

Personal income tax allowance raised to £9,205 from April 2013, making 24 million people £220 a year better off.

-----------------

Duty on all tobacco products to rise by 5% above inflation from 18:00 today - the equivalent of 37p on a packet of cigarettes.

 

No change to alcohol duty.  8)

 

New duty on gaming machines at a standard rate of 20% and a lower rate for low-prize machines of 5% of net takings.

 

No change to existing plans on fuel duty. Vehicle excise duty to rise by inflation, but frozen for road hauliers.

 

Fucking ridiculous the price they are charging for tobacco. Does the government not realises these people, plus the heavy boozers, are the people who are going to get the government out of debt? Smokers and drinkers should be rewarded not penalised even further.

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Also is this top rate tax cut not just rewarding these guys for avoiding tax? 

Gideon: "Ah but they just moved cash around to avoid the top rate so it didn't raise anything so what is the point in having it"

But will they not still do this for the new 45% rate?  If some top 1% is concerned enough about avoiding the 50% rate then surely he will be equally anxious to avoid the 45% rate?

 

On one hand: tax cut for the richest 1%

On the other: tax rise for oaps, tax credit cuts, child benefit cut, fuel duty rise, benefit cuts

 

Same old tories.

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http://www.bbc.co.uk/news/business-17442946

 

Fuck aye!

 

I'm £159 better off now...

 

I'm away to buy Tyrant some petrol now  :thumbsup:

 

£120 better off for the year.

Yeahaaa fuck all those young, old and invalid that are losing out I'm winning.......

But hang on I'm not a self obsessed, self centred tory cunt and in any case the rise in my pension payments will wipe out double of that every month  >:D

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Hope every Scot Looks really hard at that budget,

 

is that a budget for the Whole of the UK or just south east england.

 

Time we have our own country people so we can decide for ourselves a fair tax system

 

Great to see the pensioners being taxed more and rich getting a break from Tax.

 

if having these cunts in charge doesn't convince the nay sayers in scotland to grow a pair then nothing will. One way or the other I don't intend for my taxes to be collected by London much longer.

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