Autumn Budget 2024 - how will it affect you?

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  • Опубліковано 30 жов 2024

КОМЕНТАРІ • 82

  • @lolmeercatz10
    @lolmeercatz10 День тому +40

    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.

    • @anthonybrown4874
      @anthonybrown4874 День тому +1

      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
      @tancreddehauteville764 9 годин тому +2

      Rubbish. IHT should always have applied to pension funds! Why should pension funds be exempt? Pension funds should be used, not passed on.

    • @Williamrisdon
      @Williamrisdon Годину тому

      @@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 !!!!

  • @issiewizzie
    @issiewizzie День тому +17

    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
      @purplerings1969 День тому +2

      Would you rather they taxed the working class directly?

    • @prash_t
      @prash_t День тому

      ​@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.

    • @Goady1000
      @Goady1000 23 години тому

      ​@prash_t exactly so why not raise income tax thresholds to fulltime minimum wage before paying tax

    • @prash_t
      @prash_t 15 годин тому

      @Goady1000 because then everyone benefits. This party do not want anyone other than the 'working people' benefitting

    • @redbison6417
      @redbison6417 14 годин тому

      ​@@purplerings1969try tax cuts for the working class.

  • @cestrian5294
    @cestrian5294 7 годин тому +1

    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.

  • @Bel989-rc3lx
    @Bel989-rc3lx День тому +4

    you have done a very good job in explaining and summarizing the budget

  • @Sheena1234ization
    @Sheena1234ization День тому +9

    Thanks for this Andy

  • @lolmeercatz10
    @lolmeercatz10 День тому +4

    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.

  • @vtp-uk
    @vtp-uk День тому +8

    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.

    • @Marenqo
      @Marenqo День тому +1

      If you can't pay your workers minimum salary, your business does not work. That simple

  • @lavayuki
    @lavayuki 23 години тому

    Great in depth summary. Lots of increases in everything... the government just sucks more money from us year by year, aweful.

  • @benrussell9474
    @benrussell9474 День тому +2

    I hope the government are aware at how broken life time isa's are

    • @jkly495
      @jkly495 23 години тому +3

      what do you mean?

  • @Thehungrywolf999
    @Thehungrywolf999 День тому +4

    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.

  • @johnregan6078
    @johnregan6078 День тому +4

    Andy what about the council tax single person 25% discount ???

    • @patpalloon
      @patpalloon День тому +1

      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

    • @stephen3654
      @stephen3654 13 годин тому

      More tory lies

  • @patpalloon
    @patpalloon День тому +1

    Fantastic summary Andy thank you. Who needs Martin Lewis?

  • @Contentibus
    @Contentibus День тому +1

    On the ball sir as always ❤ Thankyou ⭐️

  • @mst4314
    @mst4314 День тому +1

    Thanks Andy, great summary!

  • @James-qy3py
    @James-qy3py День тому +2

    Thanks Andy 😊

  • @prash_t
    @prash_t День тому

    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

  • @chris-c1l4u
    @chris-c1l4u 2 години тому

    Lifetime ISA premature withdrawal penalty is 25% I believe, not 6.5%-ish @22:50

  • @waldi4523
    @waldi4523 День тому

    The change in inheritance pension will bring alot of people into this, the reason is final salary or government pensions are worth alot.

    • @tancreddehauteville764
      @tancreddehauteville764 9 годин тому

      Final salary pensions CANNOT be inherited except by the widow/widower, who doesn't pay IHT anyway.

    • @waldi4523
      @waldi4523 9 годин тому

      ​@@tancreddehauteville764I agree my plan was to transfer to a sipp so it can

  • @seansweeney7643
    @seansweeney7643 День тому +1

    Penny off of beer,haven’t seen a penny for 5 years!

  • @tekkennady1662
    @tekkennady1662 20 годин тому

    Brilliant vid

  • @francesboyce3221
    @francesboyce3221 День тому +10

    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

    • @ethan_c223
      @ethan_c223 День тому +4

      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

    • @nickk8045
      @nickk8045 День тому +7

      Ppl shouldn't pay inheritance tax end off

    • @fireat40
      @fireat40 День тому +5

      @@nickk8045 agreed. assets have been bought using savings and income which had already been taxed

    • @badgasaurus4211
      @badgasaurus4211 День тому +5

      @@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

    • @nickk8045
      @nickk8045 День тому +3

      @@fireat40 it's disgusting

  • @viiccd
    @viiccd День тому +1

    Cgt increases happen from TODAY not "next April" Geez. Basic stuff!

  • @JimNoname-mf8jm
    @JimNoname-mf8jm День тому

    Great content - good job 👍

  • @manjitdeo1966
    @manjitdeo1966 День тому

    Thanks Andy very informative stream

  • @christopherhubbard602
    @christopherhubbard602 День тому

    They forgot the ISAs

  • @nickk8045
    @nickk8045 День тому

    Did they not raise the tax brackets

    • @fireat40
      @fireat40 День тому

      of course not!

    • @bufordmaddogtannen
      @bufordmaddogtannen День тому +1

      No, but they raised minimum wage, so that they can get a bit of money from a large chunk of the population.

    • @fireat40
      @fireat40 День тому +1

      @@bufordmaddogtannen correct. given by one hand, taken away by the other!

    • @rezwhap
      @rezwhap 22 години тому

      Income tax thresholds are frozen until 2029.

  • @sid35gb
    @sid35gb 14 годин тому +1

    As has been made clear by the OBR this budget will not change much due the 15% hit to economic growth caused BREXIT!!

    • @tancreddehauteville764
      @tancreddehauteville764 9 годин тому

      Brexit was and is a disaster but Labour seems to want to ignore this elephant in the room.

  • @SoloSi2024
    @SoloSi2024 День тому +1

    I work in a private school, well, hopefully I do anyway....

    • @OxidusMagicus-c9v
      @OxidusMagicus-c9v День тому +1

      so nice of you to work for a charity

    • @SoloSi2024
      @SoloSi2024 14 годин тому

      ​@@OxidusMagicus-c9vThey employ 1300 people, a massive employer and job creator in the area.

    • @jan2000nl
      @jan2000nl 13 годин тому

      A charity catering to the needs of wealthy people.

    • @SoloSi2024
      @SoloSi2024 12 годин тому

      @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?

  • @francesboyce3221
    @francesboyce3221 День тому +2

    Also I invest in a sipp I am in no way wealthy

    • @prash_t
      @prash_t День тому

      Because you have savings you aren't a classified as working people

  • @Chris-Corcoran
    @Chris-Corcoran День тому +1

    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

    • @martin096
      @martin096 День тому

      Amazing, do you know what time this is on?

    • @Chris-Corcoran
      @Chris-Corcoran День тому

      @martin096 it's on ITV1 at 8pm 👍

  • @seansweeney7643
    @seansweeney7643 День тому +2

    Buy gold… (not now). Hide it and live off the state… simples. It’s going to be a race to the bottom!

    • @jkly495
      @jkly495 23 години тому

      when would you buy gold nearer to retirement when it is at all time highs?

    • @indicatorhunter4500
      @indicatorhunter4500 Годину тому

      The long term history of gold is up and to the right. Same for silver 👍🏻

  • @jakegeng22
    @jakegeng22 День тому +1

    First