The Budget 2003

Well, it's that time of year again when the clock ticks over from Midnight 5th April taking us into the new tax realm that is April 6th 2003 and beyond.. At the risk of people's eyes glazing over (pleeeeeeease stick me just a little longer), I hope everyone realises that this is one of the biggest influences of wealth that will affect folks second only to your annual pay review (assuming you get one). OK, start with basics - why have a budget at all (move on if you know this stuff already)? Right, well, basically, the Government needs to balance the books based on planned incoming and outgoings. It's income will be derived from borrowing from other ...  Read the complete review

Where does all the money go? Since 1990, the tax bill as a percentage of earnings has increased year on year. Some examples of how your tax bill has grown are listed below: Council tax rises SIGNIFICANTLY greater than the rate of inflation. Are your local services any better? Insurance Premium Tax. For having the sense to protect yourself against the effects of crime or illness, your elected government asks you to pay 5% extra. 17.5% for holiday insurance!! Dividend Tax Credit Reduction. If you do not earn enough to pay income tax, but happen to invest in stocks and shares, HM Government tax the dividend income at the rate ...  Read the complete review

I believe more money needs to be spent in the NHS and therefore a tax increase is required. The only problem I have is that Labour promised NOT to increase income tax. Okay Labour didn't increase income tax, but they increased National Insurance instead. This affects your salary in exactly the same way as an increase on Income Tax. NATIONAL INSURANCE IS SIMPLY INCOME TAX UNDER A DIFFERENT NAME! I think income tax and national insurance should have been merged into a single income tax years ago, making the system much easier. If Labour had been up front before the General Election about increasing National Insurance, I would have fully ...  Read the complete review

First of all, unlike others, I do not hold strong affiliation to any given party, I like to judge policies and actions on their merits. For those who have not read my ops before,I am a doctor working in London, so I suppose you could say I have a vested interest in the changes effected by the budget. In this op I will be focusing on the main policy change in the budget that affects all of us, specifically the rise in national insurance for the purposes of paying for better healthcare. On the face of it, Gordon Brown seems to have produced a classic labour budget. An increase in tax to pay for public services. Whether you approve of that political ...  Read the complete review

The budget is new territory for me and I will try my best but if this opinion turns out pretty lame then I will stick to what I know. So Gordon Brown has upped the national insurance then, but of course he hasn't broken labours manifesto about raising income tax. Good man you may think but then you have been fooled by his underhand tactics. You see all the money from income tax and national insurance goes into the same pot. All this money is not categorised or used differently but thrown together. So it's an almost fraudulent claim when you look at it. Did Gordon Brown look into the effects of this though? Of course he did but I will let you ...  Read the complete review