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Market Oracle FREE Newsletter

Category: UK Tax & Budget

The analysis published under this category are as follows.

Personal_Finance

Thursday, January 26, 2017

HMRC Self Assessment Online Filing System Down as Tax Return Deadline 2017 Looms / Personal_Finance / UK Tax & Budget

By: N_Walayat

HMRC's online system has been down for many if not most users for several hours today as the deadline for filing self assessment tax returns looms large (31st of Jan 2017). Tax payers trying to log into the system are typically met with the following message -

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Politics

Monday, November 21, 2016

UK Autumn Statement: The Longest Tax Freeze in History Must be Turned into a Cut / Politics / UK Tax & Budget

By: Submissions

Pre-Autumn Statement releases and announcement rumours of a continuing freeze in fuel duty till April 2018 show that the Chancellor of the Exchequer in his first ‘Mini-Budget’ is undeniably listening to FairFuelUK’s overwhelming economic evidence that lower prices at the pumps are hugely beneficial to the economy.

However, following the Autumn Statement UK petrol drivers will remain the 5th most fuel taxed in the world with diesel drivers being punished more than all other countries in 1st position. UK drivers will still pay £33bn in fuel taxes each year to the Treasury for little investment return into roads infrastructure.

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Politics

Monday, March 21, 2016

Budget 2016: Borrowing, Lifetime ISA, House Prices, Economy, Syria, Brexit and Stocks / Politics / UK Tax & Budget

By: Nadeem_Walayat

Budget 2016 and its aftermath has given a window into the politics of the Conservative Party as Britain counts down to the EU Referendum (June 23rd). The plan was supposed to be for George Osborne to play ultra safe in the run up to the vote, but he appears to have been well and truly duped by Ian Duncan Smith (IDS), Britain's welfare minister who apparently whilst in agreement with the proposed benefits cuts before the budget speech that includes £1billion of cuts for the disabled. Instead now, suddenly after 6 years in the job of delivering benefits cuts he apparently has developed a conscious and decided to resign as he cannot go along with the latest series of cuts.

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Personal_Finance

Wednesday, March 16, 2016

Moneyfacts Comments on Savers and Borrowers Budget 2016 / Personal_Finance / UK Tax & Budget

By: MoneyFacts

The 2016 Budget was announced today and has now been reviewed by Moneyfacts.co.uk. So what does the new Budget mean for savers and mortgage borrowers?

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

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Politics

Wednesday, March 16, 2016

George Osborne's EU Referendum Bribes Budget 2016 Full Text / Politics / UK Tax & Budget

By: Submissions

George Osborne full budget statement: Mr Deputy Speaker, Today I report on an economy set to grow faster than any other major advanced economy in the world. I report on a labour market delivering the highest employment in our history. And I report on a deficit down by two thirds, falling each year and – I can confirm today – on course for a budget surplus. The British economy is stronger because we confronted our country’s problems and took the difficult decisions.

The British economy is growing because we didn’t seek short term fixes but pursued a long term economic plan. The British economy is resilient because whatever the challenge, however strong the headwinds, we have held to the course we set out.

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Personal_Finance

Tuesday, March 15, 2016

Help to Save - Regular Savings Account to Pay 25% Interest per Year for FOUR Years! / Personal_Finance / UK Tax & Budget

By: Nadeem_Walayat

Last year the conservative led government bribed the grey vote in the run up to the UK general election by way of their Pensioner Bonds that paid a high 4% interest fixed for 3 years for the over 65's, near double the market rate of the time. We'll with the about to be announced 'Help to Save' scheme then soon it will be the turn of the low paid to reap a minimum return of 25% per annum for 4 years on regular savings of £50 per month!

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Politics

Wednesday, November 25, 2015

George Osborne’s Autumn Statement and Spending Review Full Text / Politics / UK Tax & Budget

By: Submissions

Mr Speaker, this Spending Review delivers on the commitment we made to the British people that we would put security first. To protect our economic security, by taking the difficult decisions to live within our means and bring down our debt. To protect our national security, by defending our country’s interests abroad and keeping our citizens safe at home. Economic and national security provide the foundations for everything we want to support. Opportunity for all. The aspirations of families. The strong country we want to build.

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Politics

Wednesday, October 28, 2015

George Osborne Capitulates Following Working and Child Tax Credits Cuts Defeat / Politics / UK Tax & Budget

By: Nadeem_Walayat

Britain's un-elected House of Lords has forced George Osborne to effectively capitulate on the scale and time table of £4.4 billion in cuts to the tax credits system that were due to be introduced from April 2016. The Working and Child Tax Credits monster is a legacy of the last Labour government that had grown out of control over a decade of attempting to bribe an ever increasing number of low paid workers to vote Labour as the budget had mushroomed from an annual cost of £1 billion to £32 billion that first the Coalition and now the Conservative governments have been attempting to get to grips with, and so far failing abysmally to do so.

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Personal_Finance

Thursday, July 09, 2015

Budget 2015 - New 7.5% Tax on Dividends, Government Targets Small Limited Company Owners / Personal_Finance / UK Tax & Budget

By: Nadeem_Walayat

Whilst most eyes are on the deep tax credits cuts that amount to an average of £2k for 4 million households from April 2016 onwards. The Chancellor also announced changes to the taxation of dividends which will impact on small company owners who through limited companies currently are able to vastly reduced their tax bills through by a minimal salary so as to soak up the annual £10k tax free allowance and then pay the reminder of upto an additional £30k in dividends without paying any extra tax, due to the 10% dividend tax credit rule i.e. that for basic rate tax payers no additional tax is due on dividend income.

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Personal_Finance

Thursday, July 09, 2015

Working Child Tax Credit Cuts Average £2k per Household From 2016-17 / Personal_Finance / UK Tax & Budget

By: Nadeem_Walayat

As expected the Chancellor George Osborne took a hatchet to the Labour legacy Working and Child Tax Credits system that had mushroomed from an initial budget of £2 billion a year to £30 billion today, succeeding in creating a pool of some 4 million vested interest families and acting as a huge inducement for a 15 year long mass immigration trend into Britain which remains out of control as illustrated by the most recent immigration statistics (+318k).

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Politics

Wednesday, July 08, 2015

Budget 2015 - Child Tax Credits to Be CUT, Payments Limited to 2 Children / Politics / UK Tax & Budget

By: Nadeem_Walayat

The newly elected Conservative government is finally about to take grip of Labours benefits culture voter bribes Working and Child Tax Credits black hole that has grown far beyond its initial budget of £2 billion to today's annual monster of £30 billion, that also plays a large part in Britain's immigration crisis as being one of the primary reasons well over one hundred thousand families annually relocate from Eastern Europe to the UK to profit from low paid jobs coupled with generous in work benefits such as tax credits and housing benefit that results in doubling or even tripling of family incomes that typically approaches TEN times similar family incomes of right across Eastern Europe.

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Personal_Finance

Wednesday, March 18, 2015

MONEYFACTS on Budget 2015 - Help to Buy ISA, £1000 Savings Allowance, Pensions Freedom... / Personal_Finance / UK Tax & Budget

By: MoneyFacts

Sylvia Waycot, Editor at Moneyfacts.co.uk, comments:

“This is a great budget for savers. After years of being left out of the cold they can finally enjoy the warmth of being under the Chancellor’s new roof.”

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ElectionOracle

Wednesday, March 18, 2015

George Osborne Budget 2015 Election Bribes - Buying Votes with Borrowed Money / ElectionOracle / UK Tax & Budget

By: Nadeem_Walayat

With the election just 50 days away, to imagine that George Osborne would not attempt to bribe the electorate today is delusional and so George Osborne huffed and puffed of how he has managed to find an extra £6-£7 billion behind the sofa to give away to the grateful masses. Those that say that pre-election budgets don't matter, well that may usually be the case but not this time as, as few as a 10 seat swing from Labour to Conservative could make all the difference between which party forms the next government. So THIS pre-election budget definitely DOES matter!

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Economics

Wednesday, March 20, 2013

Employers NI £2,000 Cut UK Jobs Boost - Budget 2013 Analysis / Economics / UK Tax & Budget

By: Nadeem_Walayat

George Osborne several years late has eventually got around to targeting the real engines for economic growth and employment in the UK that are small businesses as large multinationals are easily able to evade taxes on profits generated in the UK which they then pull out of the British economy and deposit in tax havens, though the tax haven of Cyprus won't be getting any new deposits any time soon.

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Personal_Finance

Wednesday, March 21, 2012

Child Benefit Cut Cliff Edge Tapered, Middle Class Can Continue to Have Babies / Personal_Finance / UK Tax & Budget

By: Nadeem_Walayat

Best Financial Markets Analysis ArticleAs widely expected, George Osbourne performed a major u-turn today on the proposed cliff edge Child Benefit cuts that would have seen any family with a higher rate tax payer (Gross income of £42k) have their child benefit scrapped (£2,450 per year for a 3 child family) whilst a family with two joint earners on £41k per annum (total £82k) would have retained their child benefit payments in full.

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Politics

Wednesday, October 20, 2010

Public Sector Spending Cuts, George Osbourne Speech Full Text Transcript / Politics / UK Tax & Budget

By: Submissions

Best Financial Markets Analysis ArticleMr Speaker. Today's the day when Britain steps back from the brink. When we confront the bills from a decade of debt. A day of rebuilding when we set out a four-year plan to put our public services and welfare state on a sustainable footing - for the long term. So that they can do their job - providing for families, protecting the vulnerable and underpinning a competitive economy. It is a hard road, but it leads to a better future. We are going to bring the years of ever-rising borrowing to an end. We are going to ensure, like every solvent household in the country: that what we buy, we can afford; that the bills we incur, we have the income to meet; and that we do not saddle our children with the interest on the interest on the interest of the debts we were not ourselves prepared to pay. Tackling this budget deficit is unavoidable. The decisions about how we do it are not. There are choices. And today we make them. Investment in the future rather than the bills of past failure. That is our choice.

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Politics

Wednesday, June 23, 2010

Housing Benefit Illustrates Britains Disgraceful Wasteful, Benefits Culture / Politics / UK Tax & Budget

By: Nadeem_Walayat

The Coalition government's measures to cut spending on Britians huge £110 billion benefits bill by £11 billion per year by 2014-15 is being met with much outrage and indignation by vested interests. However it is ordinary tax payers who should feel the real indignation when they find out that people are able to claim upto £1,000 per week, that's £52,000 per year in housing benefits alone, which is more than twice the average salary.

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Economics

Tuesday, June 22, 2010

UK Budget 2010 Analysis, Consumers, Public Sector and Benefit Claimers to Carry the Weight / Economics / UK Tax & Budget

By: Nadeem_Walayat

Best Financial Markets Analysis ArticleGeorge Osbourne delivered his first budget flanked by Liberal Democrats Nick Clegg and Danny Alexander on either side, and clearing the uncertainty of the past 6 months which allows business's and individuals to make long-term decisions. The primary objective of the emergency budget is to address the unsustainable £156 billion annual budget deficit that risks bankrupting Britain, in this respect the budget appears to have succeeded in projecting that over the term of the parliament this deficit will be reduced to £20 billion per year.

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Economics

Monday, June 21, 2010

UK Emergency Budget 2010: George Osbourne's Wage Inflation Price Spiral VAT Increase / Economics / UK Tax & Budget

By: Nadeem_Walayat

Best Financial Markets Analysis ArticleGeorge Osbourne, the Coalition governments chancellor looks set to announce deep spending cuts and significant tax rises in tomorrows budget. However what will be the lasting impact of the budget will be the changes to the rate and scope of VAT with the aim of raising at least £15 billion extra revenue per year, that will come to be seen as the budget that sparked the wage price spiral.

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Politics

Tuesday, May 18, 2010

U.K. Capital Gains Tax Rise From 18% to 50% Would be Legalised Theft / Politics / UK Tax & Budget

By: Mike_Shedlock

Those hoping that any good would come out of the alliance between Conservatives and Liberal Democrats making Conservative party leader David Cameron the UK Prime Minister (replacing Labour Leader Gordon Brown), just might need to think again.

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Politics

Tuesday, May 13, 2008

UK Tax U-turn Rebates to Buy Votes- Personal Allowances Up by £600 / Politics / UK Tax & Budget

By: Nadeem_Walayat

Gordon Browns Darling today made clear of how he will perform the Tax U-turn alluded to in recent weeks. The U-turn will take the form of an across the board increase in the personal allowances of every tax payer by £600, thus those on the standard tax code of 543L will see their tax allowance rise from 5435 to 6035. This has the effect of handing very tax payer a tax cut of £120 at the basic rate of 20%. The estimated cost of this measure is put at some £2.7 billion which is substantially more than the £700 million of the original extra tax burden placed on the 5 million low paid workers that were hit by the abolition of the 10% tax band.

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Personal_Finance

Thursday, January 31, 2008

Inland Revenue Extends Tax Filing Deadline to Midnight 1st Feb 08 / Personal_Finance / UK Tax & Budget

By: Shahla_Walayat

Due to technical difficulties which included the crash of the online self assessment filing system, the Inland Revenue announced earlier today that the penalty free deadline has been extended to midnight 1st of february. However as I highlighted in yesterdays article - UK Tax Filing Deadlines - 31st Jan 2008, 1st Feb 2008 and 4th Feb 2008! , earlier court rulings had already ensured that people could submit tax returns up to midnight on 1st of Feb without incurring the £100 penalty.

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Personal_Finance

Wednesday, January 30, 2008

UK Tax Filing Deadlines - 31st Jan 2008, 1st Feb 2008 and 4th Feb 2008! / Personal_Finance / UK Tax & Budget

By: Shahla_Walayat

The UK Tax filing deadline is 31st January 2008, any return that is received on the 31st of January i.e. upto Midnight subject to tax office opening hours or online submission confirmation.

However, returns received upto midnight 1st of February despite being considered as late will not incur an automatic penalty.

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Personal_Finance

Monday, December 10, 2007

Children's Savings Accounts Could Be Costing Parents Over £6,000 In Tax / Personal_Finance / UK Tax & Budget

By: Nationwide

Nationwide calls for tax reform on children’s savings as Christmas approaches.

As 2007 draws to a close, Nationwide Building Society calls on the Government to bring about tax reform on children's savings in 2008. The Society reveals that parents who regularly pay money into their child's savings account could be faced with a tax bill of more than £6,000 over 18 years.1

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ConsumerWatch

Tuesday, November 20, 2007

UK Public Sector Incompetence Sinks to New Low - Loss of 25m UK Child Benefit Records / ConsumerWatch / UK Tax & Budget

By: Nadeem_Walayat

The UK Public sector, renowned for gross incompetence and negligence sinks to a new low today as the government announces that the HMRC (Tax and Customs Department) has lost what tantamount's to ALL of the financial records and personal information of ALL of the UK Child Benefit Claimants. This now puts 25 million people at the potential risk of identity theft.

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Personal_Finance

Thursday, October 25, 2007

UK 2008-09 Income Tax Allowances, National Insurance Contributions, Child and Working Tax Credit Rates / Personal_Finance / UK Tax & Budget

By: Sarah_Jones

Best Financial Markets Analysis ArticleThe UK Government's published 2008-09 rates and allowances for Income Tax, National Insurance Contributions, Working and Child Tax Credits, Child Benefit/Guardian's Allowance and State Pension and Pension Credit. These are set out below. Rates for other benefits will be announced later this year by the Secretary of State for Work and Pensions.

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Personal_Finance

Monday, April 02, 2007

UK Tax 2006-07 Self Assessment Tax Return Filing Deadlines - 31st Jan 2008 / Personal_Finance / UK Tax & Budget

By: Shahla_Walayat

UK Tax 2006-07 Self Assessment Tax Return Filing Deadline - 31st January 2008With the new tax year starting, this is a good time for a reminder of the key self assessment deadlines for the 2006-07 tax year, to ensure you plan well ahead and don't miss the key dates and end up with extra work or penalties.


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Politics

Friday, March 23, 2007

The British state is at war – on terror, poverty, manufacturing and light bulbs... / Politics / UK Tax & Budget

By: Adrian_Ash

FAT TONGUE placed firmly in cheek, the British chancellor – Gordon Brown – pulled off his greatest feat of magic in 10 years of trickery at Westminster on Wednesday.

"Abracadabra," he shouted for 54 minutes...and poof!

Nothing had changed except the detail – and the press coverage. He got the headlines alright. Even the press knows to watch his sleight of hand these days.

Now that's magic!

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Personal_Finance

Wednesday, March 21, 2007

Gordon Brown's Budget 2007 - Basic Rate Income Tax cut to 20p! / Personal_Finance / UK Tax & Budget

By: Sarah_Jones

Gordon Brown delivered his 11th and final budget, these are the key highlights

Personal Taxation & Allowances

  • Basic Rate Income Tax cut from 22p to 20p (April 08)
  • 10% Tax Band abolished - Will mean low earners pay more tax.
  • NI upper limit raised £37,440 (April 08) - A large tax rise for middle class.
  • 40% Tax band threshold raised from £38,000 to £43,000 (April 09).
  • Further £1 billion to be spent on working tax credits.
  • Pensioners - Guarantee to rise to £130 per week by 2010.
  • Pensioners - TAx free allowance for under 75's to rise to £9,770 by 2011. And £10,000 for over 75's
  • Child Benefit to rise from £17.45 to £20 by 2010.
  • Childcare cash back will rise from 70% to 80%.
Read full article... Read full article...

 


Economics

Tuesday, March 20, 2007

Gordon Brown's Budget 2007 - Likely to be his Last and Green / Economics / UK Tax & Budget

By: Shahla_Walayat

Gordon Brown will later today deliver his 11th and last budget, given that Tony Blair is expected to make way for Gordon Browns premiership within the next 3 months.

The budget is likely to adopt many green initiatives following the conversion of the conservative party from blue torch to green tree. The chancellor is expected to appeal to home owners by giving incentives to install energy efficient products and possibly even home power generators such as solar panels and wind generators. The chancellor is expected to hit gas guzzling vehicles by raising the annual duty on 4X4's to as high as £400.

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