Wednesday, 28 March 2007

The Budget and what's in it for me?

Hey, I'm back! Been sick for the last week which hasn't been fun. Had an ear infection. I can recommend it if you enjoy severe pain and sleepness nights. Otherwise steer clear.

Anyway, last week there was a budget in Britain and while I'm living here that ultimately has an effect on my life and my efforts to be a millionaire. And that's the core of it - what was in it for me?

Well, a tiny amount of good news - cash ISA allowances are increasing to £3,600 a year. Which means I can stuff some more money aside and earn tax free interest on it. Some reshuffling today means I've got this money sitting waiting for the 5th April to tick over and I can put it in my monthly ISA account. I sold off a third of my BP holding today - the oil price is spiking because the silly Iranians have stolen some sailor boys from Britain. This won't ultimately lead to anything as the yanks don't give a toss about it, but some short term gain in the loser that has been BP is most welcome. The money will go to plenty better use in my ISA. I notice that two of the directors also took the time to bail out of some of their shares too. I would think they probably know better than the rest of us where BP is heading.

Secondly, income tax rates are changing and I think it could be good news. I might end up with about £15 / month extra. While not great, that's better than that skirt wearer normally does to me every year. The tricky thing is figuring out when all this is happening. Much of the budget seems to be announcing changes for 2009...odd. Anyway, if you want to know how it might affect your income tax, visit here: listentotaxman
It's a nice calculator that shows you how much income you'll keep in the coming tax years and you can compare against previous years.

Cricket's going well. As I speak the dirty ozralians have slaughtered our kind hosts in front of a crowd of 3 men and a dog, and the robot speakers are performing indignities to the poor old lankans. Who will stop these two? Who you gonna call? boys. Come on black caps!

Will try and post something new and interesting tomorrow. For those interested in good articles on investing, check out the FT's portfolio pages - got me thinking about strategies and my holdings at the moment.