Vir Cantium

I'm right, you know …

Oh Yeah, The Budget

Dull was it? Well what did I tell you.So what was buried away in the press releases?

  • Big hike in National Insurance (boo!)
    • The upper limit for Class 4 NI (which the self employed pay) has jumped by £5,200 – that is, £5,200 being taxed at 8% instead of 1% (£364 since you ask). (Update – ah yes, the Class 1 (employees’) threshold has increased also – and that’s a £520 per year tax increase.)
  • Attacks on independent taxation of married couples postponed for a year (meh)
    • Darling has postponed until April 2009 measures which aim to stop the disgraceful behaviour of a spouse sharing their income with their other half. Apparently this practice is “unfair” according to the government. Frankly, I wouldn’t dare trying that argument with my better half.

And a load of stuff we already new about, but the media needed to fill airtime and space, so we had (again) the corporation tax rate cut to 28% (though not so much mention of the small companies rate going up to 21%), the Capital Gain Tax changes … oh, and the public finances are screwed.


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