For anyone who's remotely interested. Budget 2016 summary: Key points at-a-glance 2 hours ago From the sectionUK Politics George Osborne has delivered his eighth Budget as chancellor. Here are the main points of what he said. Health and education please log in to view this image Image copyrightPA A new sugar tax on the soft drinks industry to be introduced in two years' time, raising £520m a year to be spent on doubling funding for primary school sport Levy to be calculated on levels of sugar in sweetened drinks produced and imported, based on two bands Pure fruit juice and milk-based drinks to be excluded and small supplies will be exempt Secondary schools in England to bid for £285m in new funding for extra after-school activities like sport and art Plan for all schools in England to become academies by 2022 Compulsory maths lessons until 18 to be looked at £500m to ensure "fair funding" formula for schools in England Libor funds to be spent on children's hospital services, specifically in Manchester, Sheffield, Birmingham and Southampton Analysis: What does it mean to be an academy school? The state of the economy please log in to view this image Growth forecasts revised down markedly for next five years Growth forecast to be 2% in 2016, down from 2.4% in November's Autumn Statement GDP predicted to grow 2.2% and 2.1% in 2017 and 2018, down from 2.4% and 2.5% forecast four months ago Outlook for global economy is "materially weaker" and UK "not immune" to slowdown elsewhere The UK still forecast to grow faster than any other major Western economy A million jobs forecast to be created by 2020 Inflation forecast to be 0.7% for 2016, rising to 1.6% next year Public borrowing/deficit/spending please log in to view this image Image copyrightPA Further cuts of £3.5bn by 2020, with spending as a share of GDP set to fall to 36.9% Debt targets to be missed. Forecast debt as a share of GDP revised up in each of the next five years to 82.6% in 2016-17 and 81.3%, 79.9%, 77.2% and 74.7% in subsequent years Debt to be £9bn lower in 2015-16 in cash terms Annual borrowing in 2015-6 forecast to be £72.2bn, £1.3bn lower than forecast in November Public finances still projected to achieve a £10.4bn surplus in 2019-2020 But borrowing forecasts revised up to £55.5bn (+£5.6bn), £38.8bn (+£14bn) and £21.4bn (+16.8bn) in 2016-7, 2017-8 and 2018-9 respectively The deficit as a share of GDP is projected to fall to 2.9% in 2016-17, 1.9% in 2017-18 and 1% in 2018-19 Personal taxation please log in to view this image The threshold at which people pay 40% income tax will rise from £42,385 now to £45,000 in April 2017 Tax-free personal allowance, the point at which people pay income tax, to rise from £11,000 in April 2016 to £11,500 in April 2017 Capital Gains Tax to be cut from 28% to 20%, and from 18% to 10% for basic-rate taxpayers Insurance premium tax to rise from 9.5% to 10% Class 2 National Insurance contributions abolished, which the government says gives a tax cut of more than £130 to three million self-employed workers from 2018 Analysis: What the Budget means for you? Alcohol, tobacco, gambling and fuel please log in to view this image Image copyrightPA Fuel duty to be frozen at 57.95p per litre for sixth year in a row Beer, cider, and spirits duties to be frozen Excise duties on tobacco to rise by 2% above inflation Pensions and savings please log in to view this image Image copyrightPA Annual Isa limit to rise from £15,240 to £20,000 New "lifetime" Isa for the under-40s, with government putting in £1 for every £4 saved People who save a maximum of £4,000 towards a home deposit or retirement will get a £1,000 top-up from the state every year until they turn 50 New state-backed savings scheme for low-paid workers, worth up to £1,200 over four years The Money Advice Service, which has provided financial advice to consumers since 2010, is to be abolished Business please log in to view this image Image copyrightPA Headline rate of corporation tax - currently 20% - to fall to 17% by 2020 Annual threshold for 100% relief on business rates for small firms to rise from £6,000 to £12,000 and the higher rate from £18,000 to £51,000, exempting 600,000 firms Supplementary charge for oil and gas producers to be halved from 20% to 10% Debt interest payments used by larger firms to cut corporation tax bills will be capped at 30% of earnings. Petroleum revenue tax to be "effectively abolished" Anti-tax avoidance and evasion measures to raise £12bn by 2020 Use of "personal service companies" by public sector employees to reduce tax liabilities to end Crackdown on foreign firms selling products online in UK without paying VAT Commercial stamp duty 0% rate on purchases up to £150,000, 2% on next £100,000 and 5% top rate above £250,000. New 2% rate for high-value leases with net present value above £5m. Effective from midnight Housing/infrastructure/transport/regions/energy/culture please log in to view this image Image copyrightPA Powers over criminal justice to be devolved to Greater Manchester and Greater London Assembly to retain business rates New rail lines to get green light, including Crossrail 2 in London and the HS3 link between Manchester and Leeds More than £230m earmarked for road improvements in the north of England, including upgrades to M62 £700m for flood defences schemes, including projects in York, Leeds, Calder Valley, Carlisle and across Cumbria Tolls on Severn River crossings between England and Wales to be halved by 2018 £115m to tackle rough sleeping and homelessness, funding 2,000 places In Scotland, Libor bank fines to pay for community facilities in Helensburgh and for naval personnel at Faslane New elected mayors for cities and towns in southern England New tax relief for museums to boost temporary and touring exhibitions New Shakespeare for the North theatre in Knowsley, Merseyside
If you are aged under 39 now, the major plan was the introduction of what the chancellor is calling a "Lifetime Isa". An Isa, or Individual Savings Account, is a tax-free wrapper around savings. In other words, the money is not taxed when it is taken out of the account. Isas already exist in various forms. Under the new plan, those under 40 in April 2017 will be able to save up to £4,000 each year into the Lifetime Isa, and receive a 25% contribution from the government each year. So for every £4 you save, the government will add an extra £1. This top-up will last until savers are 50. The Isa can be put into any mixture of investment. There will be conditions on how this is spent. Lifetime Isa account holders will be able to access all the funds, including the government top-up, tax-free to buy a first home of up to £450,000, if they have a terminal ill-health condition, or from the age of 60. There will be quite large penalties if savers dip in to these funds at other times. .............. anyone who can afford to save.... get saving. this is free money right here.
finally sugar tax... about time. its just on drinks. suagr is one of the biggest contributors to colestrol and heart disease along with trans fats. the stuff has to be tackled but this is only a first step and should be saying to all food makers that throwing loads of sugar in is bad.
Had a really old Isa set up ages ago which has got bit of money in it... Done nothing with it since though so might have to look at that and try put away couple of grand a year. Long wait until I'm 50 to get it back out again though!
yes but look at the return.. it is a big call for you being a young un but its a 25% return before bank interest... you can't get that anywhere but the bookies or way over performing stocks.... 25% return over 20 years? yes please. Put away what you won't miss bascially. I started one after uni. The bank said that to me and it did work. just a small amount monthly and you get used to it not being there.
Assume you mean "summary". Basically everyone is a bit better off due to the changes in Personal Tax limits. If you are disabled you are shafted if you get certain allowances, no increase on tax applied to beer, ***s, and petrol except the cost of living increase for alchohol and ***s. We also owe China a lot of money due to the crap we buy from them. For some reason EFC were one of the main lobbyists for pension reform, don't know why.
It should be given a tax break since its just recycled urine. Arnt they supposed to encourage recycling?
