Anyone watching the Budget 2024?

[LadyofRutshire]

I couldn't find a thread on today's budget. Anyone watching live?

It's not a raid on pension though, is it? It's a raid on a pension that wasn't going to be drawn by a pensioner (given they are dead). OK, some people may have planned to put money into their pension to shelter from IHT, for their kids, but that means they have received tax relief in their lifetime, so taxing it later when it crystalises seems right to me, especially if it doesn't happen between spouses but only on secondary inheritances or to other people.

Maybe it should be at 20% though.

As for not impacting MPs. It would not impact their MP pension, or any minister pensions. But most of them will also have earlier DC pensions, or will later have. I'd be surprised if it actually didn't impact any MPs.

I have missed the bit about access to bank accounts. Could someone tell me what was said about that please (UC related I assume)

Public sector pensions can not be inherited by a child. A child who is orphaned by the death of the pensioner is paid 50% of the monthly pension until they are 21 when it stops.

www.gov.uk/government/topical-events/autumn-budget-2024

Agree but at least it’s not that odious little toad John Bercow

Where is lyndsay hoyle? He was there earlier

Most animated I have ever seen Rishi. What I'm concerned about is growth. So Labour (and I voted labour) have really emphasised growth and does this budget prioritise growth. Isn't taxing business more likely to reduce growth or is that too simplistic a view?

We are due to complete on a property which attracts the second property stamp duty fee on Friday!! The new 5% comes into effect tomorrow!! What on earth do we do?! We didn't factor in for an additional 2%. I'm beyond devastated that we might lose our property

Bleating about the last Labour government. Laughable.

I think this measure is fair enough (assuming spouse exemption will apply). The IHT-free pension pot has tended to be a surprise bonus for beneficiaries, so I don't think adding it to the estate for IHT will make much difference to families but it will raise a modest amount of IHT.
The detail in the legislation bringing it into effect will be interesting and could have unintended consequences.
Pensions are still attractive from an income tax POV, so there is no point making them IHT free as well.

I agree with you providing there is a spouse exemption (I would do wouldnt I!).

I am not sure they will be an exemption because they could claim that pensions are 'different' and its nothing really to do with the spouse and their ability to be left it tax free

@deflatedbirthday don't buy second properties. The kill local communities.

Well done Rachel Reeves! Overall a better budget than I thought it would be!

Yeah I thought it was unfair that it takes place from tomorrow, when people will be mid buying a property and won’t have budgeted for it

Gilded pension 😂 So crap working conditions, years of working shifts, weekends, Christmas, dealing with bereaved families, violent patients, likely to develop work related illnesses at a younger age, and a pretty shite wage until recently, we don’t deserve a slightly better pension ?

What is Sunak on? A Labour budget bringing “fear” vs a Truss budget??

Yeah heart bleeds

If your finances are that tight then maybe you should have considered whether a second property was affordable for you in the first place tbh

She just mentioned that she was the 1st female chancellor, I think it was completely fine.

Oh, you're in trouble, go to the naughty corner

Sorry @FriendOrNo, think I replied to you by mistake!

What are you saying is 'just not true' about which she's lying?

If it's the 75% then that would appear to relate to the claims for agricultural relief rather than the value of what consitutes 'working farms' which probably doesn't have a legal definition. Every farming family I know has family members with earnings outside the farm, given how terrible the farming economy is and the changes over the last half a century.

In terms of the Chancellor's statement, is it impossible that 75% of claims for agricultural relief involve land with a value of less than £1m?

It doesn't seem implausible that there is a long tail of smaller value and acreage land holdings that feature in the assets of estates. Perhaps for every high value farm that features in an estate involving a claim for agricultural relief, there might be three estates that invvolve the deceased owning farmed land with a value below £1m?

She said there will be “a crackdown on fraud in our welfare system, often the work of criminal gangs”, using “innovative new methods to prevent illegal activity and provide new legal powers to crack down on fraudsters, including direct access to bank accounts to recover debt”.

Oh no, can't you afford a second house? Me neither 🤷🏻‍♀️

A proper Labour budget, delivered by an impressive chancellor.

Fair and measured, though the Sunak jabs were excessive.

FFS. Even people with some money, buying a holiday home, a BTL or second property for any other reason, are allowed to be disappointed when their plans get scuppered without warning.