Budget 2024

[Ron240]

This budget had been hyped up more than any other and I was prepared for it to be all doom and gloom...but as an employed person (actually class myself as semi retired) I am relieved and probably as happy as I could be with something like this.
I am amazed that fuel duty will continue to be frozen, and although it will take until 2028 to get it but an increase to the personal allowance will finally be restored.
I was watching it live on tv and loved the direct dig at Sunak with the massive increase to air passenger duty on private jets.

[Sparks]

Great Budget, not only good news on fuel but beer down as well.......

[Smartguy67]

Agree with the above and surprised.

If you use Edge as a browser there's been a lot of scaremongering done by The Telegraph and others. That could have been damaging for a lot of people. I thought about taking my 25% tax free allowance from my pension. I did it on a small one but could have been damaging perhaps on my main one.

I have another with Aviva and they gave me some good advice on how things work with a drawdown when you take you tax free allowance. Not easy to move pension funds around when you have taken money out. Luckily I didn't bite and left the larger pots where they are. I may consider moving everything to Aviva as they seem to be performing better than Prudential.

Only bad news in the budget I thought was employers NI at 1.2%. Most employers who give an annual pay rise will just knock it off but to be fair if it improves services I am not too bothered. I am happy with what I earn and so long as that keeps coming for the next 4 years until my pension kicks in, that's more important than a cost of living pay rise.

I loved the 50% duty for private jets. Does that include helicopters too. Now all we need is the government to spend more on fixing the roads, reduced the energy price cap to normal levels and raise the luxury car VED with the rate of inflation back dated to 2018. I wouldn't be buying a £40k new but it's within my grasp at a year or so old and don't see why it should cost me an extra £400 a year. It would stop me buying the car.

With EV owners having to pay VED from April, if their car was over £40k will they have to pay the extra £400 in luxury car tax.

[Ron240]

With EV owners having to pay VED from April, if their car was over £40k will they have to pay the extra £400 in luxury car tax.

While the standard rate of VED will apply to all existing EVs from April 2025, the luxury tax will only apply to new registrations from this date onwards.
This means that it will be 2026 before EVs will be required to pay the so called luxury tax.

[Ron240]

I need to add to my above post because these things can be hard to find, and it depends on where you are reading the information as to whether it is the most up to date and correct.
From 1st April 2025 newly registered EVs will pay the fist year rate of £10 and the original plan was for them the start paying the full flat rate (currently £190) at the first renewal, but this has been changed and they will continue to pay £10 per year up until 2029 - 2030.
The original plan was for all EVs already on the road to be subject to the full £190 flat rate at renewal after 1st April 2025, so presumably this means that they wil also pay the same £10 per year until 2029 -2030.
The luxury/expensive tax was to apply to new EV registrations from 1st April 2025 which would kick in at the first renewal, but this could change with a bit of a non committal statement being made -
"The Budget documents also state that the Government would consider raising the threshold for zero emission cars only at a future fiscal event, to make it easier to buy electric cars in relation to the Expensive Car Supplement.
This is as a result of the Government recongising the "disporportionate impact" of the the current VED Expensive Car Supplement threshold for those purchasing zero emission cars"

[Smartguy67]

Should be a "like" option on here I think @Ron240

[Mike]

I wonder when the government( any government) is going to start trying to pay some of the debt back instead of adding to it.
Not sure why EV's aren't having to pay more road tax, apart from trying to make them more attractive to potential buyers.

[Stoopo]

Great Budget, not only good news on fuel but beer down as well.......

Beer down? Wait until they have to pay the extra wages, extra NIC’s and extra business rates.

I guess up by at least 5p a pint and maybe fewer staff to serve us all.

[Stoopo]

Plus the amount of borrowed money and the amount of money we are printing will mean only one thing - inflation.

Not the budget for growth they promised at all.

[Sparks]

Great Budget, not only good news on fuel but beer down as well.......

Beer down? Wait until they have to pay the extra wages, extra NIC’s and extra business rates.

I guess up by at least 5p a pint and maybe fewer staff to serve us all.

Estimate from the industry is another 40p on a pint. Time to dig out the old home brew kits methinks...
We've all survived worse times and we'll survive these........Life's too short to let it get us down.....Onward and upward....