A day - Pension u-turn by Brown

[DimPrawn]

http://news.bbc.co.uk/1/hi/business/4501138.stm

A pensions tax break which was due to be introduced in April will now not go ahead, the government has said.
The chancellor has decided that Self Invested Personal Pensions (Sipp) will not be given immediate tax relief for investments in residential property.

The proposal had been widely described as a tax break for the rich, who could use a Sipp to buy a second home or items such as fine wine.

The plan was first announced in last year's Budget.

It would have been introduced next April as part of a radical overhaul of all tax rules surrounding pension funds, known as A-day.

A Treasury spokeswoman described the new policy as "a proportionate response to an unintended consequence of simplification."


Anyone here affected by this u-turn by Brown (aka the fat ****)?

[Darren@UptonAccountants]

Sipps

Yes, not happy!!

[stackpole]

It was a feckin stupid proposal in the first place. It encouraged richer people to buy multiple houses, which would push prices up further, and go directly against Gordon Brown's professed desire to enable everyone to buy their own house.

Still, it captured several thousand middle-class votes for the election, didn't it.

Sorry Darren, I'm not pleased that he's been wasting your time and effort (and cash?).

But look! Now he has come out with another stupid proposal - the taxpayer helps people buy their own house, adding more capital to the market, pushing prices up further, and ... making it impossible for people to buy their own houses again!

You couldn't make this up.

[bfg]

Did what it was supposed to do

Got a few votes and kept the housing market trundling along supporting gross amounts of debt for the election.

[Darren@UptonAccountants]

Houses

I'm just pleased didn't go out and buy with the sole purpose of putting them into a SIPP, although I know a few people who did.

This guy really doesn't know what he's doing, he made a complete mess of the Finance Act last year as well.

[Rebecca Loos]

so what tax avoidances loopholes has he (attempted to) close this time? He usually blabbers on about a few of those. Can't find any details this time round though...

[wendigo100]

so what tax avoidances loopholes has he (attempted to) close this time? He usually blabbers on about a few of those. Can't find any details this time round though...

How about this one. He has removed the zero-rate corporation tax on very small businesses, you remember the one, zero up to £10K then a sliding scale up to 19% at £50K (have I got that right?).

He says he has done it brush away red tape - to simplify tax calculations for small business (and thus budding entrepreneurs).

What he doesn't say is that he introduced this complication himself in 2002, and removing it will cost embryonic businesses £1900 a year.

[Churchill]

'tis only fair after all!

Rejoice...

[Darren@UptonAccountants]

Own up

C'mon, own up....who voted for these clowns at the last election, we've now got another 4+ years of Gordon the Clown.

[DimPrawn]

That's the funny thing, I've never met anyone who will admit to voting New Lie.

WHO WAS IT!!!!!!!