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Post by Mr Stabby on Mar 6, 2024 21:00:29 GMT
Oh, and punitive taxation of vaping, the widespread adopton of which, instead of smoking, has very possibly saved more lives than any medical advancement in my lifetime. There is going to be tax on vaping products but not until 2026.
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Post by Aloysius on Mar 6, 2024 21:15:14 GMT
Anyway I'm glad to see the there has been a lull in hostilities in Gaza to allow the BBC to focus on the budget instead. Good show.
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Post by Clinton Cool on Mar 6, 2024 23:21:02 GMT
One thing of interest to me but wasn't made clear: the 0% starting rate for savings for the first £5,000 (in addition to the 1,000K tax free allowance for savings) was maintained for the year 2024-2025. I was under the impression that this policy was backed by open ended legislation but if that had been the case it seems a surprise that this announcement was made. I can't find any reference to its withdrawal, pending withdrawal or that the legislation that brought it in was only for a specific period of time.
Anyone know? The next financial year looms, decisions to be made...
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Post by ianali on Mar 7, 2024 8:24:12 GMT
One thing of interest to me but wasn't made clear: the 0% starting rate for savings for the first £5,000 (in addition to the 1,000K tax free allowance for savings) was maintained for the year 2024-2025. I was under the impression that this policy was backed by open ended legislation but if that had been the case it seems a surprise that this announcement was made. I can't find any reference to its withdrawal, pending withdrawal or that the legislation that brought it in was only for a specific period of time. Anyone know? The next financial year looms, decisions to be made... I was told, and was hoping, that it may possibly be increased in the near future. The mention of it in the budget was a clarification that it remains as it is. Fingers crossed for next year 🤞👍
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Post by Clinton Cool on Mar 7, 2024 9:29:28 GMT
One thing of interest to me but wasn't made clear: the 0% starting rate for savings for the first £5,000 (in addition to the 1,000K tax free allowance for savings) was maintained for the year 2024-2025. I was under the impression that this policy was backed by open ended legislation but if that had been the case it seems a surprise that this announcement was made. I can't find any reference to its withdrawal, pending withdrawal or that the legislation that brought it in was only for a specific period of time. Anyone know? The next financial year looms, decisions to be made... I was told, and was hoping, that it may possibly be increased in the near future. The mention of it in the budget was a clarification that it remains as it is. Fingers crossed for next year 🤞👍 I saw a table produced by government which showed a projected net increase in tax receipts related to this, for future years. This suggests that the measure won't run beyond 24-25. It's a bit of a niche one this because only those with earnings of less than £12.5K can fully benefit from this, and only those earning less than £18.5K benefit at all. You need significant savings as well. I wouldn't expect Labour to approve of such a scheme.
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