Official Budget Thread

[Dave (Barra)]

My initial reaction....

What was the craic with pensions being liable for inheritance tax or somesuch?

I’m on avanti wifi/signal so this message might send before 4pm…. 🤷🏻‍♂️

[Mr Nice 2.0]

What was the craic with pensions being liable for inheritance tax or somesuch?

I’m on avanti wifi/signal so this message might send before 4pm…. 🤷🏻‍♂️

Yes, just saw that.

So, if you leave your pension in a drawdown account it will from April 2027 be included in the inheritance tax calculation when previously it was exempt.

Pension annuities will be unaffected as anything left is kept by the insurance company anyway.

[Ste B]

Good little budget that.

I have to pay a bit more NI but as pointed out elsewhere, if you can’t cope with a small increase in NI then do you have a viable business?

[Lenny Baryea]

What was the craic with pensions being liable for inheritance tax or somesuch?

I’m on avanti wifi/signal so this message might send before 4pm…. 🤷🏻‍♂️

"Inheritance pensions will be brought into inheritance tax from 2027". She moved on from that pretty quickly.

Good job you're not on Northern Rail, BTW, otherwise you might've had to send the previous message via fax.

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[Baldman]

Mad that people think taxing business is a free hit.

[Lenny Baryea]

Good little budget that.

I have to pay a bit more NI but as pointed out elsewhere, if you can’t cope with a small increase in NI then do you have a viable business?

Many businesses - whether viable or otherwise - will respond to the increase in National Insurance by passing the cost onto their employees and consumers.

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[Baldman]

Many businesses - whether viable or otherwise - will respond to the increase in National Insurance by passing the cost onto their employees and consumers.

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IFS assume 100% I believe

[Mr Nice 2.0]

Mad that people think taxing business is a free hit.

Agreed, though I believe the hope that committment to stabilty on corporation tax and massive increases in infrastructure spending will compensate.

But, as I said elsewhere I think they went a little too far and I think one of the personal NI cuts from the last government should have been reversed to contribute so not all of the burden fell on business.

[Mr Nice 2.0]

IFS assume 100% I believe

It will never be 100% as price competition will kick in.

[Baldman]

It will never be 100% as price competition will kick in.

Price for labour you mean? Maybe