The Budget 2014 - Who Gives A *******

[KeithD]

Budgets are a waste of time, giveth in one hand, taketh back with the other.

Governments have very little control over the countries financial situations. Regardless of who was in power in this country, and what they did, the recession would have ended, and growth started.

Regardless of this government doing billions of pounds of cuts, they still have to borrow money every month, and yet they keep pointing out that Labour would only borrow money if they were in power!

Here's my budget:
No VAT on water, electric, gas, and food.
Fuel duty reduced by 50%.
VAT reduced to 10%.
NI cancelled.
Tax rate of 20% for everyone.
Benefits frozen for 5 years.
Sandra Bullock posters of her in a bikini on every billboard...... this is probably the most realistic out of all of them

[Arthur Little]

Benefits frozen for 5 years.

Well ... ... I suppose it's an improvement on thousands of housebound old critters - s and s - to death every winter because they're unable to afford heating costs.

Sandra Bullock posters of her in a bikini on every billboard...... this is probably the most realistic out of all of them

Oh ... but that could work the other way, though - a sudden surge of blood pressure among elderly males of the species leading to a real DANGER of hypertension.

[Michael Parnham]

Best budget ever for me, first time ever been in my favour!

[stevewool]

my thoughts too Michael,, just need to find £30000 a year to put into the isa , but i bet you all their rates will be soooooooooooooooooooooooooooo lowwwwwwwwwwwwwwwwwwwwwww

[Terpe]

Well I just got home and haven't fully studied the budget.........but on the face of it we (me and wife) shall benefit.
The pensions stuff looks interesting....have to study that.

[andy222]

Just hope and pray they dont stop you from transferring your pensions to the Philippines in the budget next time. I wouldnt put it past them.

[Terpe]

Just hope and pray they dont stop you from transferring your pensions to the Philippines in the budget next time. I wouldnt put it past them.

I'm not planning to transfer my pension. That's not possible for me anyway.
Don't know anyone who has done that.....

[andy222]

You must know other ways round it then Terpe.

[Michael Parnham]

You must know other ways round it then Terpe.

You don't have to transfer your Pension!

[mickcant]

I am with you on Sandra Bullock
Mick.

[andy222]

You don't have to transfer your Pension!

How would you receive your pension then Michael if you lived in the phils? My thought is that its got to be transferred from somewhere.

[Michael Parnham]

How would you receive your pension then Michael if you lived in the phils? My thought is that its got to be transferred from somewhere.

Do what I did whilst living there, my Pension was paid into my UK a/c as normal then used internet banking to transfer an amount we required from UK bank to our Philippine bank every month. Simple!

[bigmarco]

Not sure about the pension reforms. The cynic in me sees it as a way to raise even more taxes as people opt to take larger taxable lump sums although I'm open to persuasion by better qualified financial experts.
Delighted to see that for every 320 pints I buy at the local I will be getting 1 free
On the whole I agree with the OP it's mainly giving in one place and taking in another.

[jake]

Do what I did whilst living there, my Pension was paid into my UK a/c as normal then used internet banking to transfer an amount we required from UK bank to our Philippine bank every month. Simple!

Did you contact the international pension centre before you moved to the Philippines?

[Michael Parnham]

Did you contact the international pension centre before you moved to the Philippines?

Yes, just to give them my Address, and believe it or not they posted my annual pension increase. I also notified the tax office!

[Terpe]

There's really no need to even consider transferring a Pension to Philippines.
What would be the benefit?

Moving pension pots overseas can be a very expensive nightmare with no way back....
Besides it can only be done to a Qualifying Recognised Overseas Pension Scheme.

The newly announced pension regulations will however mean that any built up pension pot that would previously have needed to be used to purchase an annuity can now be used for whatever you want.

Investment in a overseas pension scheme perhaps?? No restrictions or additional tax.

[Bluebirdjones]

You could effectively take your pension pot & buy a portfolio of residential properties, rent them out & use the income as a pension.
You've also got the added advantage of owning the underlaying asset, which should (in theory) increase in value.

A consequence of this might be more rental properties on the market which could depress rental charges - but I very much doubt it.