Well, did Phil make the earth move for you

Budget- what caught your eye

Didn't find your answer?

Must admit for  us in the wastes of the North, the difficulty re satisfaction is large chunks (especially the housing bits) do not refresh the parts other budgets  reach, we need to await what (if anything) our beloved leader does with the extra dosh she will no doubt get given, are we  to see more funding re SME housebuilders and Land and Building Tax thesholds raised, hmnn, will wait and see how the SNP decide to go.

Thought the sentiments re house building were fine, but whether they deliver or it is yet more red tape to access funding re SME housebuilders will just have to wait. Training re construction is certainly right way to go though I thought allocation re this element was a little light compared with other housebuilder generosity.

The most interesting  development re investment property companies seemed to be the freezing of indexation, that is a nicely timed punch to all who incorporated their BTL portfolios re the interest debacle, not sure the benefits are  now quite as good given CGT rates re individuals and double tax on exit of companies, given inflation is likely to rise indexation was going to be pretty valuable.

Re chasing up higher rate theshold, well, can't see that one being passed on to us up here, we might get a little but somehow expect SNP will snaffle the difference as is their wont.

Appreciate Phil tried to satisfy with a shrunken package, but really not convinced the earth moved for anyone.

Replies (22)

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Portia profile image
By Portia Nina Levin
22nd Nov 2017 14:18

3.30!

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By DJKL
22nd Nov 2017 14:24

Que.

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Portia profile image
By Portia Nina Levin
22nd Nov 2017 14:27

CGT (or should I say CT on CGs) for non-residents on ALL UK immoveable property.

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Replying to Portia Nina Levin:
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By DJKL
22nd Nov 2017 14:33

Not sure will directly impact any of my clients though suspect may have some impact re economic activity in UK.

I had missed this though:

"Starting rate for savings – The band of savings income that is subject to the 0% starting rate will be kept at its current level of £5,000 for 2018-19. "

Now that one is useful re my sort of client.

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Replying to DJKL:
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By Briar
22nd Nov 2017 15:58

Dividend Allowance reduced to £2,000 though (as first proposed in March 2017). I had hoped he might have forgotten about it.

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Replying to Portia Nina Levin:
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By Wanderer
22nd Nov 2017 14:37

Portia Nina Levin wrote:

CGT (or should I say CT on CGs) for non-residents on ALL UK immoveable property.

I'm reading it as CGT as well.
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Replying to Wanderer:
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By DJKL
22nd Nov 2017 14:45

Is it not both:-

2.3. Where a non-resident person is a body corporate or would otherwise be in scope for corporation tax were they UK resident, then any gain will be chargeable to corporation tax. This will apply equally to both closely- and widely-held companies.

2.4. For other persons the charge will be to capital gains tax, using the normal UK rules

https://www.gov.uk/government/uploads/system/uploads/attachment_data/fil...

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By Portia Nina Levin
22nd Nov 2017 14:53

I was referring to 3.32 non-resident companies becoming liable to corporation tax, rather than income tax and capital gains tax, from April 2020.

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By Wanderer
22nd Nov 2017 18:37

DJKL wrote:

Is it not both:-

Yes, that's what I was referring to in the 'as well' comment.
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By Duggimon
22nd Nov 2017 14:31

He fair teased out his bit on VAT before confirming the current threshold, squeaky b um time all round.

e: can't believe b u m is censored!

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By Portia Nina Levin
22nd Nov 2017 14:37

You can't say [***] either. It's terrible.

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By Adam12345
22nd Nov 2017 18:00

Freezing indexation relief for companies from Jan 2018, especially with a lot of landlords incorporating as a result of the changes to mortgage interest tax relief.

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Portia profile image
By Portia Nina Levin
22nd Nov 2017 18:09

[***] [***] [***]

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By ireallyshouldknowthisbut
22nd Nov 2017 18:14

My headline in my clients review was "nothing much happened"

Still I managed to get 11 sides of A4 out of it. Christ knows how. My eyes hurt and I need alcohol.

Edited to add you can blaspheme but not say swear words my infant school kids are allowed to say in the house. The swear filter is b*llocks.

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Replying to ireallyshouldknowthisbut:
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By I'msorryIhaven'taclue
22nd Nov 2017 22:41

Half a page of A4 for yours truly, some of which was passive doodling. I doodle a mean boat, which I'm reliably informed signifies a desire to escape; perhaps a desire to escape listening to the open debate that passes for the Chancellor's speech these days.

The VAT threshold steadying for two years - if I heard correctly - got one or two seriously minded startups buzzing my ialarmclock. Well, not exactly buzzing; more a quick text or two. Good news - for them, at least - travelled quickly; I wonder whether they were actually listening to the budget speech, or maybe just picked it up from their whatscrapp app. Yes, yes, continue running all your penny share income streams through a single company, if that leaves you thrilled sick.

I've forgotten why the budget brought forward its unveiling to November. Maybe the old date clashed with too many March skiing trips. Can anyone remember the reason(s)?

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Replying to I'msorryIhaven'taclue:
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By DJKL
22nd Nov 2017 23:00

So that it could announce things to go live the following April? The March date was far too close to 5th April?

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By davehome
23rd Nov 2017 09:39

Hidden away was the abolition of Certificates of Tax Deposit as of today. Was a useful way of putting money aside especially in cases of tax enquiries to stop interest accruing. Now must put money into personal tax account where it will get lost with general tax liabilities, and can't see HMRC working out the interest correctly.

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Replying to davehome:
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By Annetax
24th Nov 2017 12:32

We have just applied for one for a client (14/11) - does this means that when they eventually open the post it will be too late? Or will they honour an application made prior to the date? Will they return the dosh? So many questions!!!

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Replying to Annetax:
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By davehome
24th Nov 2017 14:32

I eventually spoke to the CTD team. They said that applications received before the cut-off date would be honoured. Assuming they haven't lost it of course!
Check if the client's cheque has cleared.

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By Justin Bryant
23rd Nov 2017 11:03

It's quite interesting how a couple earning c£90k p.a. each can now (with pension contributions) have an effective income tax rate of less than 20%, so that's nearly £200k p.a. in total before they start paying 20% income tax . The situation for a family business of 4 is that they can pretty easily extract around £200k p.a. now on that same basis (without pension contributions), so that's around £1 m at less than 20% income tax extracted in just 5 years. People used to typically charge fees of 13% (plus VAT) for £1m+ profit extraction strategies around 10 years ago (that aren't needed so much now), so that's a big gradual change I think and will encourage people to work harder (together with the VAT limit remaining).

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By justsotax
23rd Nov 2017 16:14

well there is nothing like a none story to be the headline....VAT threshold will not move.....and?!

I thought papers were bad at making headlines out of non stories- it appears politicians just keep on adding to the way in which they will try and deceive people. That said, non of the targets will be met and soon enough the SDLT will be repealed because it doesn't actually address the problem. (seriously....first time buyers who can afford a £500k house do not need help....)

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By JasonRodwell
27th Nov 2017 16:18

I moved to the kettle to make tea and then returned to work.

Didn't feel blown away by anything at all, personally and in a work capacity either.

Probably a good thing, means we can focus on the objectives ahead such as Brexit and MTD without any additional major obstacles getting in the way.

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