The inheritance tax rise is awful imo. People were coerced into putting money into pensions as a benefit as it won't have IHT on it up to £1m and now they are coming to take 40% of those peoples estate. Ethically it's abhorrent.
The very wealthy latched onto pensions as a wrapper to pass on generational wealth so it's unsurprising it's in the chancellors' sights though I would be surprised if a relief to pass on a chunk isn't inbound at some point.
@@tancreddehauteville764 so someone passes on don’t get to use there pension the spouse gives 40%. Don’t be silly Labour government is screwing us over and giving it to others first than there own people !!!!
Employers’ national insurance contributions will impact everyone, depending on their business sector. Likely, these costs will be passed on to customers through price hikes. It all comes full circle.
@purplerings1969 lol working class pay virtually nothing in income tax. I can't remember the exact figures but I think the top 10 percent of earners pay 90 percent of all income tax.
She has also sneaked in increases on RFL. So if you have a petrol or diesel cars, you will be paying almost twice as much from next April. This supposed to stimulate sales of EV's.. The choice then is pay twice as much road tax or splash out £40k for a car that will be worth £20k in six months time plus paying ore for your electricity thanks to Ed Milliband's Net zero vanity project.
Another thing I just realized is they didn't say anything about the increase in stamp duty thresholds that is due to end in march, so presumably those are coming back down significantly.
In the end, consumers will end up paying for all this, leading to higher inflation. With minimum wages going up, like in California, businesses may lay off workers, go bankrupt, or raise prices to cover the extra costs. Higher taxes might push people to work for cash, which isn’t good for economic growth. Many landlords might sell their properties, reducing rental options and pushing up rent prices due to fewer landlords in the market. The ripple effects are obvious to most people, but it seems this government is ignoring them.
If you think IHT only affects the super rich kindly think again. With the rise in property prices and pension pots coming into the estate a LOT of people are going to be affected by this. The middle class included.
11:00 AIM shares currently qualify for business property relief and no IHT if you had held the for min 2 years at date of death. In future this will be taxed at 20 percent not 40 percent
Median house price in the SE is 365k, still well below the £1m iht allowance families will have. If you're lucky enough to have an estate over 1 million, I see no issues with people paying tax on that
@@fireat40the individual who bought the asset has already been taxed but not those who it is being left to. Inheritance tax should only be applied in the case of massive estates, say north of 10 million, maybe higher. 1 million is too low. High threshold, high rates
@jan2000nl Doctors who rely on the after school care, yes, now just for the super rich. Less than 50% of our pupils pay full fees. Very benevolent school. They've also adopted a no spend policy, so suppliers will be affected. They also create 1200 local jobs. You sound like a labour supporter?
Full low down tomorrow on a special itv show with Martin Lewis he will break this down in full on his show. What it means for us all. Must watch viewing
The inheritance tax rise is awful imo. People were coerced into putting money into pensions as a benefit as it won't have IHT on it up to £1m and now they are coming to take 40% of those peoples estate. Ethically it's abhorrent.
The very wealthy latched onto pensions as a wrapper to pass on generational wealth so it's unsurprising it's in the chancellors' sights though I would be surprised if a relief to pass on a chunk isn't inbound at some point.
Rubbish. IHT should always have applied to pension funds! Why should pension funds be exempt? Pension funds should be used, not passed on.
@@tancreddehauteville764 so someone passes on don’t get to use there pension the spouse gives 40%. Don’t be silly Labour government is screwing us over and giving it to others first than there own people !!!!
Employers’ national insurance contributions will impact everyone, depending on their business sector. Likely, these costs will be passed on to customers through price hikes.
It all comes full circle.
Would you rather they taxed the working class directly?
@purplerings1969 lol working class pay virtually nothing in income tax. I can't remember the exact figures but I think the top 10 percent of earners pay 90 percent of all income tax.
@prash_t exactly so why not raise income tax thresholds to fulltime minimum wage before paying tax
@Goady1000 because then everyone benefits. This party do not want anyone other than the 'working people' benefitting
@@purplerings1969try tax cuts for the working class.
She has also sneaked in increases on RFL. So if you have a petrol or diesel cars, you will be paying almost twice as much from next April. This supposed to stimulate sales of EV's.. The choice then is pay twice as much road tax or splash out £40k for a car that will be worth £20k in six months time plus paying ore for your electricity thanks to Ed Milliband's Net zero vanity project.
you have done a very good job in explaining and summarizing the budget
Thanks for this Andy
Another thing I just realized is they didn't say anything about the increase in stamp duty thresholds that is due to end in march, so presumably those are coming back down significantly.
Correct
In the end, consumers will end up paying for all this, leading to higher inflation. With minimum wages going up, like in California, businesses may lay off workers, go bankrupt, or raise prices to cover the extra costs. Higher taxes might push people to work for cash, which isn’t good for economic growth. Many landlords might sell their properties, reducing rental options and pushing up rent prices due to fewer landlords in the market. The ripple effects are obvious to most people, but it seems this government is ignoring them.
If you can't pay your workers minimum salary, your business does not work. That simple
Great in depth summary. Lots of increases in everything... the government just sucks more money from us year by year, aweful.
I hope the government are aware at how broken life time isa's are
what do you mean?
If you think IHT only affects the super rich kindly think again. With the rise in property prices and pension pots coming into the estate a LOT of people are going to be affected by this. The middle class included.
Why should the middle class be exempted from IHT?
@@tancreddehauteville764 read my comment again
Andy what about the council tax single person 25% discount ???
It wasn't mentioned so hopefully it won't be changed. This all came about because some Tory MP asked Starmer and he refused to rule it out
More tory lies
Fantastic summary Andy thank you. Who needs Martin Lewis?
On the ball sir as always ❤ Thankyou ⭐️
Thanks Andy, great summary!
Thanks Andy 😊
11:00 AIM shares currently qualify for business property relief and no IHT if you had held the for min 2 years at date of death. In future this will be taxed at 20 percent not 40 percent
Lifetime ISA premature withdrawal penalty is 25% I believe, not 6.5%-ish @22:50
It’s the penalty in real terms once the bonus is removed
The change in inheritance pension will bring alot of people into this, the reason is final salary or government pensions are worth alot.
Final salary pensions CANNOT be inherited except by the widow/widower, who doesn't pay IHT anyway.
@@tancreddehauteville764I agree my plan was to transfer to a sipp so it can
Penny off of beer,haven’t seen a penny for 5 years!
Brilliant vid
Have to disagree with you about ineritance tax if you own a home in the South East where property is expensive You will be paying
Median house price in the SE is 365k, still well below the £1m iht allowance families will have. If you're lucky enough to have an estate over 1 million, I see no issues with people paying tax on that
Ppl shouldn't pay inheritance tax end off
@@nickk8045 agreed. assets have been bought using savings and income which had already been taxed
@@fireat40the individual who bought the asset has already been taxed but not those who it is being left to. Inheritance tax should only be applied in the case of massive estates, say north of 10 million, maybe higher. 1 million is too low. High threshold, high rates
@@fireat40 it's disgusting
Cgt increases happen from TODAY not "next April" Geez. Basic stuff!
Great content - good job 👍
Thanks Andy very informative stream
They forgot the ISAs
Did they not raise the tax brackets
of course not!
No, but they raised minimum wage, so that they can get a bit of money from a large chunk of the population.
@@bufordmaddogtannen correct. given by one hand, taken away by the other!
Income tax thresholds are frozen until 2029.
As has been made clear by the OBR this budget will not change much due the 15% hit to economic growth caused BREXIT!!
Brexit was and is a disaster but Labour seems to want to ignore this elephant in the room.
I work in a private school, well, hopefully I do anyway....
so nice of you to work for a charity
@@OxidusMagicus-c9vThey employ 1300 people, a massive employer and job creator in the area.
A charity catering to the needs of wealthy people.
@jan2000nl Doctors who rely on the after school care, yes, now just for the super rich. Less than 50% of our pupils pay full fees. Very benevolent school. They've also adopted a no spend policy, so suppliers will be affected. They also create 1200 local jobs. You sound like a labour supporter?
Also I invest in a sipp I am in no way wealthy
Because you have savings you aren't a classified as working people
Full low down tomorrow on a special itv show with Martin Lewis he will break this down in full on his show. What it means for us all. Must watch viewing
Amazing, do you know what time this is on?
@martin096 it's on ITV1 at 8pm 👍
Buy gold… (not now). Hide it and live off the state… simples. It’s going to be a race to the bottom!
when would you buy gold nearer to retirement when it is at all time highs?
The long term history of gold is up and to the right. Same for silver 👍🏻
First