2:47pm
2:47pm, 30 Oct 2024
33,346 posts
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Johnny Blaze
It's not half as bad as I had expected. No raid on pensions, no IHT hammer? More investment in schools and NHS.
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3:20pm
3:20pm, 30 Oct 2024
46,547 posts
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SPR
Yakima Canutt wrote: Employers NIC is the stinker +£25bn. The previous Tory cut for employees cost £17bn I believe. |
3:23pm
3:23pm, 30 Oct 2024
23,338 posts
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rf_fozzy
Can someone explain the pension/IHT thing for me please. Didn't quite follow what they've done in the BBC summary.
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3:30pm
3:30pm, 30 Oct 2024
270 posts
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Yakima Canutt
Your pension pot (if you have DC scheme) is - or was - an asset outside you estate for IHT. It's inside now.
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3:33pm
3:33pm, 30 Oct 2024
271 posts
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Yakima Canutt
Change comes in from April 2027. There is a consultation beforehand. Interestingly it's the pension scheme administrator who will have the liability and reporting obligation.
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4:21pm
4:21pm, 30 Oct 2024
29,876 posts
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richmac
Real terms cut in benefits though, raise based on a single month where as if by magic inflation fell .5%, which does not sound a lot until you realise that's about 25% of what the increase should have been if it reflected the year as a whole.
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5:15pm
5:15pm, 30 Oct 2024
46,548 posts
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SPR
IFS initial response is interesting: ifs.org.uk Some thoughts about the longer term there. Also the point about freezing fuel duty when trying to tackle climate change is a good one. |
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5:17pm
5:17pm, 30 Oct 2024
46,549 posts
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SPR
On NI "The OBR suggests that three quarters of the impact of employer NICs will be felt by employees, even if the changes don’t show up on payslips. Indeed, these tax rises partly explain why the OBR has downgraded its projections for real household income growth over the next few years. Somebody will pay for the higher taxes – largely working people. The employer NICs rise will further increase the incentive for employers to switch to contracting with the self-employed." |
5:26pm
5:26pm, 30 Oct 2024
51,279 posts
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HappyG(rrr)
That implies that the IFS doesn't understand how using contractors works then. Inside IR35 contractors pay their own employer's NI effectively, and therefore their day rate is greater than an outside IR35 contractor. So contractor day rates will be higher and employers will still end up paying more, whether using a contractor or a permanent employee. Not increasing fuel duty is a miss, I agree.  G
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