Anyone watching the Budget 2024?

[LadyofRutshire]

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

A married spouse does not pay any inheritance and an unmarried partner pays the full inheritance amount due. Unless that was changed today—I didn’t listen to the entire budget.

Lobby for better private pension then?

Thanks very much for your explanations @MargoLivebetter @user8754387 and @Another2Cats , really appreciate it.

Everyone should care as the country needs farmers.
We’re just breathing a sigh of relief about carried interest, not exactly closed the alleged “loophole” have they? Like it or not the country also needs private equity. Will be leaving the thread now so bring the hate on 😂

Anyone sane would. I can’t believe anyone would fall for that.

Not even then as there is no inheritance between spouses. If your mum dies and leaves you her pension her estate (not you) will be taxed (the relief there might be a million or it might be less depending upon what happened with your dad and if she left you a house).

Read that poster's updates. There was significant information missing from her first post, understandably in her circumstances. She's not buying a holiday home or a buy to let property.

"CGT rates for Business Asset Disposal Relief and Investors’ Relief will rise gradually to 14% from 6 April 2025 and match the main lower rate of 18% from 6 April 2026, to allow business owners time to adjust to the changes"

Suggest you read all my posts

Tax and Spend; classic Labour.

All eyes on the bond market…

I'm reading the revenue notes (I am a tax lawyer) and she has not removed the spousal exemption. The only peiople who have even suggested that is possible is people on mumsnet who don't understand inheritance tax.

Plenty of jobs required the same level of training as those working in the public sector if not more...you are very blinkered

Don't worry. Given that a lot of schools haven't even been able to register for VAT yet, and Revenue & Customs seem unable to help, I still doubt the rise in school fees will happen in January.

Legislation has still to get through the house, which even if voted straight through, leaves only a few weeks given that Christmas is also in the way.

Personally I think it'll be April 6th 2025, ie start of new financial year, which is what they should have said from the start.

Inheritance from a spouse is tax-free so your pension should be fine.

Apologies for being morbid, but one thing that's worth knowing is if you have a terminal diagnosis and less than one year to live you can usually cash in your entire pension pot tax-free. This doesn't apply if you have already accessed your pension. It can help make those final few months far less financially stressful.

What’s a classic Tory budget btw ? How did the markets respond to truss’ budget which was a capitalist’s wet dream ?

Thanks for that, always handy to have more info on how pensions work

So how do we make nursing attractive then ? Can hardly moan about the state of the NHS if you’re not prepared to pay us enough or even give us decent pension.

Yes, in some parts of the country. Here is one example. I'm not too sure how much you're going to earn from 44 acres of cabbage.

House and land for sale (about 15 miles from where I live) for £1.3 million

https://www.rightmove.co.uk/properties/152580743#/?channel=COM_BUY

What does “tone death” mean?

Well yes, this is what the country needs right now.

Do you actually understand inheritance tax !! You have 6 months to pay, end off. Farms are generally land rich cash poor, if they sell the business to pay the inheritance tax then they are having to literally make themselves homeless and unemployed in one fell swoop. Farms are not a picture on a wall. That was one of the most ignorant posts I've seen in this thread.

I believe I have already answered that

It means that poster was so keen to stick the boot in that she didn't bother to read the whole of a very fast-moving lengthy thread to see if anyone else had already made her point, she didn't read the OP's subsequent posts and she didn't proofread her own two word post.

anyone who thinks that the decision on land/farming is reasonable should watch the first series of Clarksons farm. farmers are asset rich and cash poor. they dont make huge amounts whilst farming and all they have is what was passed on to them to pass on to their kids. or do we just want to import all of our food and put boxes on the land for people to live in.

I'm guessing it's probably a typo - tone deaf