Finance Choices
Budget 2006: How it affects you
Today Gordon Brown delivered his tenth and possibly last Budget as chancellor. Finance Choices brings you a breakdown of how it will affect your bank balance.
In what was very much a campaign speech for his predicted future role as prime minister as well as an announcement of key financial measures, the chancellor announced relatively little in terms of major changes to UK taxes - but what he did say will have a hefty impact on millions of Britons.
The headline-grabbing measure was undoubtedly the increase in road tax for more polluting vehicles, but there were a number of other measures announced that will impact the finances of the Great British public.
In what was very much a campaign speech for his predicted future role as prime minister as well as an announcement of key financial measures, the chancellor announced relatively little in terms of major changes to UK taxes - but what he did say will have a hefty impact on millions of Britons.
The headline-grabbing measure was undoubtedly the increase in road tax for more polluting vehicles, but there were a number of other measures announced that will impact the finances of the Great British public.
- Personal tax allowances were raised £140 to £5,035
- Sin taxes: Nine pence more tax was put on a packet of cigarettes, four pence on a bottle of wine, one pence on a pint of beer. Cider, whisky and champagne were unaffected.
- Stamp duty threshold was raised from £120,000 to £125,000.
- The inheritance tax minimum threshold is up £10,000 to £285,000 from April, rising to £325,000 by 2009-10.
- Road tax will be free for low pollution vehicles, and range from £40 to £210 depending on the petrol consumption of cars.
- Child tax credit is to be raised 14 per cent over three years - making it worth as much as £88 a week by 2009, with child benefit raised to £17.45 a week from April 10th.
- Children eligible for child trust funds would receive an extra £250 or £500, depending on their parent's income when the child is age seven, as well as their original child trust fund voucher.
- Legislation for Real Estate Investment Trusts (REITs) would be published, creating a new form of fund for people to invest in.
- Shared equity to be piloted/expanded to help first-time buyers. Shared equity schemes are to be piloted where investors have to pay just 25 per cent of the value of some properties.
- Help to make homes more energy efficient, providing insulation for all pensioners and low-income families. Also help to get 250,000 more homes insulated. Micro-generation to cut fuel bills for 25,000 buildings.
posted by Bruce Wayne at 9:51 AM
Budget 2006: How it affects you
13 Comments:
If you?re a middle-income child-free earner is there any way out of this mess? Gordon will always help those who?re traditional Labour voters with backhanders. Those on the council estates, those having children they can?t afford because they have no career, those who don?t put any effort into their education and then wonder why employers don?t even want to pay them the minimum wage. Then there are the "Low income" public sector workers getting a different pension provision. Two thirds of the UK population are on some form of benefit or the gravy train depending how you look at it. Those like me paying the bills don?t matter we only make up the other third of mainly conservative voters.
A report in the Daily Express today shows where all the money is going. A young mother has thirteen children and receives benefits to the tune of £27,000. No mention of the father(s) of course. The mother, according to the report, will be having more offspring "to support her forty-a-day fag habit." Our taxes are being wasted on irresponsible people who can't keep their pants on.
Brown is a sleazy con artist. The economic record that he talks of is a global phenomenon. That's why global equities and bonds are at all-time highs and inflation is at generational lows all over the world. What he has done, is fleece the successful and force them to prop up a failed, bankrupt welfare state that only benefits New Labour politicians and public sector employees. The less well off need often genuinely need help. But forcing them to rely on incompetent state monopolies is a national disgrace.
Thanks Gordan, a combination of my car tax being raised, the council sticking 5% on their bill and gas raising by 20% means I really dont know why I go to work.
Why should I pay more for my 4x4 when it is probably more economial and greener to run than most 5 year old small cars.
This government really knows how to penalise people that work hard!
A typical socialist budget, artificially make the middle classes poorer, by overly taxing them to prop up the lifestyles and wants of those parasitic benefit chasing people in our society, who live and thrive on welfare state housing and social support subsides. The middle classes are over taxed ever more, with nothing given back in return, to pay these ever increasing bills.
I'm fed up with the anti-child-tax-allowance brigade grumbling about how they are paying for other people's children. They are badly informed and very naive if they think that families are showered with riches the minute children arrive. I'm a single parent with a child, pay about £13,000 a year in tax and get nothing back in tax credit.
Most families, except those on very low incomes, are net contributors - like everyone else. Check the facts. Don't believe the New Labour hype.
The moment of this section of Brown's budget speech passed in a heartbeat but I'm wondering what it means...
Has Brown finally decided to start raiding dormant bank accounts?
Quote:
We must also do more to invest in youth and community facilities-both for the future where the banks and building societies have agreed unclaimed assets, once realised, will go to finance new facilities.
I heard this...is it ethical?
Probably about as ethical as half the other things they have been doing !
Apart from ethical how legal is it ? It stinks to me , and the banks have already agreed so that Mr Brown does not need to get a law passed for him to do it. This makes me wonder why ? have banks been threatened in some way , maybe they have been told that there businesses will be looked at more thoroughly if they don't agree ? and you can bet the banks don't want that.
I do hope however that when Mr Brown does his apparently legitimate version of a Bank Robbery that all those accounts and funds that are taken , that he will insist the banks try and contact the people who it belongs to before hand. After all this rule that after 15 years the money is fair game to my mind is a bit much.
Yet another sign of New Labour raiding the general publics purse to fund their cock ups.
We have invested £££ billions in schools
Translation
We have wasted £££ billions in schools
Banging on about sef employment and entrepreneurial Britain. Reminds me of the whistleblower BMV developer: "I'm a businessman." Er no, you are a crook.
As for inward investment, presumably much of that will be takeover of UK companies, as seen in the ftse.
What brilliant developments in our economy.
Another headline grabbing unfair budget, i cannot believe that I am expected to pay taxes in this country to give children a savings account! people choose to have children and should ensure they can provide for them. And as a load of whinging parents who have become state hand out grabbing whingers will no doubt moan about my comments, well guess what I have a child and yes they are our future, but lets give our past (our OAPs) a decent standard of living before wasting money on saving accounts! We are all here now in this country because of the older generation, they deserve to be looked after they have done there bit.
Another budget reflecting Brown?s destruction of society?s values.
These incentives will assist the growth in skill shortages, with many young adults being unable to read or write properly or do mental arithmetic when they leave school. Parents who are not lovers who disregard the needs of their children and rely on beggars? belief will cause most of this due to the financial incentive to take this path.
Brown is contributing towards breeding a nation of unscrupulous morons to take over society.
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