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.
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.
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.
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
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.
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.
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
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
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.
Thanks for this Andy
you have done a very good job in explaining and summarizing the budget
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.
Fantastic summary Andy thank you. Who needs Martin Lewis?
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
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
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
I hope the government are aware at how broken life time isa's are
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
Thanks Andy 😊
Thanks Andy, great summary!
On the ball sir as always ❤ Thankyou ⭐️
The change in inheritance pension will bring alot of people into this, the reason is final salary or government pensions are worth alot.
They forgot the ISAs
I work in a private school, well, hopefully I do anyway....
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.
Penny off of beer,haven’t seen a penny for 5 years!
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
Great content - good job 👍
Thanks Andy very informative stream
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!
Also I invest in a sipp I am in no way wealthy
Because you have savings you aren't a classified as working people
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!
Buy gold… (not now). Hide it and live off the state… simples. It’s going to be a race to the bottom!
First