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VAT to be cut by 2.5%!!

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V8MoneyPit:

--- Quote from: muddyjames on November 26, 2008, 15:53:25 ---
--- Quote from: littlepow on November 25, 2008, 17:22:58 ---
--- Quote from: crazymac on November 24, 2008, 19:30:45 ---
And on top of that, NATIONAL INSURANCE IN INCREASNG BY 0.5%

--- End quote ---

Thas the bit I like best, so If you are finding the present market hard on your income and expenditures, they'll just take more money so you have to cut back even more!

--- End quote ---

so really VAT is going down by 2% not 2.5!

--- End quote ---

Plus a huge hike in income tax for high earners to more than compensate for the 2.5% cut in VAT. You don't get anything for free in the world.

And what about this.....?
http://www.telegraph.co.uk/finance/financetopics/budget/3521525/Pre-Budget-report-Secret-plan-for-VAT-increase-to-18.5-per-cent.html

POTASH:
The move to increase fuel duty by 2p has been introduced to offset the rate cut in VAT from 17.5% to 15%. However, although the VAT holiday will last 13 months, the 2p duty rise is permanent.

When VAT returns to 17.5% motorists will still be paying the higher rate fuel tax of 52.35p per litre and the higher rate VAT, making tax 74% of the total cost of a litre of fuel, and instantly boosting the cost of fuel by 2p a litre.

muddyjames:

--- Quote from: muddyjames=topic=66087.msg563983#msg563983 date=1227722131 ---
so really VAT is going down by 2% not 2.5!

--- End quote ---

Plus a huge hike in income tax for high earners to more than compensate for the 2.5% cut in VAT. You don't get anything for free in the world.

[/quote]

Something I dont need to worry about being a bin man :lol:

crazymac:

--- Quote from: V8MoneyPit on November 26, 2008, 17:55:31 ---
Plus a huge hike in income tax for high earners to more than compensate for the 2.5% cut in VAT. You don't get anything for free in the world.


--- End quote ---

What huge hike in income tax? 1st of all this "45%" rate does not come in till 2011!! After the VAT has been increased back up again! And ontop of that, there are already lots of different rates for income tax

for incomes above £43,875 to £100,000, the rate of tax will be 40%.

For incomes from £100,000 to £106,475 the rate will increase to 50%.

For incomes above £106,475 up to £140,000, the rate drops to 40% again.

For incomes of £140,001 to £146,475 the tax rate is again 50%

and for incomes above £150,000 the rate will be 45%

zebidee:

--- Quote from: POTASH on November 26, 2008, 18:09:57 ---The move to increase fuel duty by 2p has been introduced to offset the rate cut in VAT from 17.5% to 15%. However, although the VAT holiday will last 13 months, the 2p duty rise is permanent.

--- End quote ---

Bwuh!?!???!

That's totally out of order - I know they've been looking to bring that in for months but that's totally by the back door.

I'll be surprised if they somehow get back in at the next election - not that I think the Tories would be any better.

Z~

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