Anyone watching the Budget 2024?

[LadyofRutshire]

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

The thing is, defined benefits pensions often have a children’s or dependents’ element on death.

Most people don’t have huge pots. They just have the money they have built up during their work life (just like defined benefit workers) and if/when they die, they allocate a percentage to spouse and a percentage to children - just like the defined benefit, but less advantageous. It is a really small section of society that use this as a way to escape IHT.

I wanted to point out, that it is generally accepted that the Labour Party in the form of Gordon Brown’s actions means most people not working for the state are now in defined contribution schemes and will be further disadvantaged (against State sector benefit schemes) because of this change.

it is being sold as “tax the rich” but the majority of people affected are ordinary workers, or their families.

Also pensions are for the owner and their family!

Sunak just sounds so shouty and desperate.

Farms feed the country, we need farms for food security.

It you put IHT on farms then food prices will go up.

If it is sold it won't be as a working farm as there isn't the money in farms to do that.

Thankyou
This I am not keen on. I think it’s a step too far and gives the impression we are criminals

Who said "he's wiped the floor with Rachel"? 😁

How about you don't jump to conclusions then?

Female voice in ear shot of the mic had just said "He's wiping the floor with Rachel" 🤣🤣🤣 On what planet?

Good budget I thought. The opposition was struggling to come up with a convincing critique.

The Covid and Benefit fraud teams need to deliver

Sorry for the impact on your family and business
Although I broadly agree with the budget, it's not without consequences. It will impact business, prices, and the workforce

@timetodecide2345 I didn't realise I owed anyone an explanation. To further 'drip feed' because yes I am panicking!, we rented until our landlord wanted to sell. We are moving to an apartment as that's all we can afford to buy and we thought getting on the housing ladder would be more stable than renting.

I can't feel sorry for the farmers. I come from a family with many farmers and some of my friends married farmers too. I can't think of a single instance where a family member will be carrying on. Without exception they are selling up for mind boggling sums and having a great time on the proceeds. The younger generations in thee families would rather have the money for a nice house and a 9-5 job than a hard day to day life on the farm.

Have you exchanged? If so, you must complete and will have to find the money somehow. Otherwise, pull out. If it’s a large difference between the 3% and 2% then it’s clearly a high value property and you must be really wealthy to be able to afford it. I earn a good salary and couldn’t afford a second property. I don’t actually feel bad for you as we can’t all have what we want and you’re hardly going to be in hardship if you don’t get your second house.

I don't really care about your second home. I care about funding for health services and education. Pay an accountant if you are worried!

@deflatedbirthday im sorry this is happening to you. Whilst I agree with the increased tax on second homes generally, to bring it in this quickly doesn’t really seem fair. I can understand why you are upset by this and I hope it works out for you.

I hope they do get access to benefit claimants bank accounts.... I bet there is a lot of extra money going in them that the Gov don't know about.

One of the desperate Tory bum lickers

Yes they are. Where would you suggest they live?

Quite...

How bitter do you sound?

I did not watch the broadcast but saw this pop up on BBC News.

Social housing providers to be allowed to increase rents above inflation under multi-year settlement

Won't this just increase the Housing benefit bill or was their more to this.

Beth Rigby says she hasn't ever seen anything like this budget. Big tax and big spend. She's also pointing out that the massive tax rises (her words) weren't in the manifesto. 41 million pounds of extra tax on business.

Why should farmers and their families be exempt from IHT? Most of the farmers I know send their children to private school. Having a 20% rate is very generous compare to us peasants who are not massive land owners and our children have to pay 40% of anything over 1 million inc our pension pots.

Read the book ‘Die with Zero’. It is all about passing wealth on or enjoying your wealth rather than hoarding it.

cyclingmum67 · Today 13:14
Showing her utter lack of class by constant cheap jibes against Sunak and Hunt.

I thought this was quite fun. Especially when she joked that her colleagues looking for new jobs (addressing the opposite side) needn't worry, because she had their back. I thought that was hilarious.

It's a bit crap for you, but Labour did say it was going to reform SDLT in its manifesto, so anyone buying a second home should have been aware that the budget could introduce something like this.