Anyone watching the Budget 2024?

[LadyofRutshire]

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

@HebburnPokemon I think that typo actually relates to you! Maybe read all that poster's posts

It is quite clear Labour hate business owners. So for us, GP practice with 90 employees ti will cost us about £120,000 a year. which is roughly what a FT GP costs us with on costs. So, less GPs going forwards then .. and before anyone says 'or less profits' ; I now take home significantly less that I did in 2010 and if it is cut any further I will just retire and lose the stress

Is that aimed at me? How would you interpret this from CityFM then? "Until now a spouse’s pension pot could be inherited without any tax, but Reeves confirmed that this would change."

@Flixon what's a gp practise

This! I bloody hate this! Entitled rich people who will face zero hardship from this budget acting like animals. At least have the decency to understand that there are real consequences to a lot of people and act like grown adults!

I follow along online, I can't bear to watch it

Thank you for all the helpful comments. Our solicitor is looking into things. We were looking to a simultaneous exchange and completion on Friday but I have asked for exchange immediately.

No

@dnasurprise can you explain what this means to a non tax lawyer

That website is wrong

Thank you, I understand now that CityAm are incorrect, I was taking issue with that poster's sneering comment about only people on Mumsnet suggesting it.

I suspect it's speedy reporting and they've used the wrong terminology. Pensions are now within an estate for IHT purposes. But the spousal exemption still exists so the IHT isnt payable upon the death of the first person if their pension is left to their spouse.

Upon the death of the second anything left will form part of the estate.

Thank you for that. I'd completely missed it.

Fucking knobs.

this. Affects what pension you get doesn’t it. I am surprised that people seem so foolish.

Sounds to me like RR will force farmers in the south into having to sell land in order to pay IHT, land that will then be used for building houses rather than for feeding people.

Stupid, short sighted, typical Labour.

Unless there is a way to sidestep this stupid change, we must hope for a change of govt ASAP.

The fuel crisis was bad enough. Labour are too dim to foresee just how bad a food crisis might be.

What happens to those who don't have a pet?

But perhaps this shows the wider issue of people not actually doing any research themselves and getting faux outraged?? I mean really “CityFM”?? Can think of more reliable sources.

It's not uncommon for people to build a pension pot for an income to provide not only for themselves, but for those who have and will continue to be dependant on them - a spouse who may not have been able to build up much of their own or an adult child who still needs care are fairly common examples - with the knowledge that it can be passed to beneficiaries if they die before they're able to use it so it can then be an income for them.

As mentioned by another, some have used them as alternatives to life insurance when medical reasons make getting life insurance not feasible on the grounds it can be passed on to beneficiaries.

I get the argument that it should be part of the estate like the rest, but it is a massive change that will be disruptive and I don't think all the potential consequences will have been considered. Those most impacted will likely be the 'working people' they claimed this is for, especially with the discussions that automatic pension enrolment may lead to more and more being brought into the IHT through pension that wouldn't have thought themselves otherwise over time.

His ex wife needs to buy him out or downsize/rent.

There ain't much to be optimistic about with Labour is there?

What a totally uninspiring, unmotivating and generally depressing lot they are. Literally not one moment of optimism or inspiration. Dullards with no real business experience and no apparent pride in the country - they actually seem to hate it?

We have a farm, and it is of no surprise that they have specifically targeted farms. Why they do that though is beyond me. You'd think a food supply is a basic requirement for a functioning country, but I think that might be conspiratorial nonsense or maybe far right thinking these days what wiv all the coos farting and all that

But obviously I'm pleased about the £3bn guaranteed to Ukraine "for however long it takes".

TBH I don't know why they struggled so much to define "working people" over the past few weeks. It's pretty clear "working people" means those who work in the (largely non-unionised) public sector.

GP practice. Where you go to see your GP ( doctor) entirely NHS, no private work.

You should be or where will it end with Russia.

I am optimistic about the NHS and education.
Though it will take a lot of reform.
I do agree the food supply is important obviously.

What the country needs is huge reform of state benefits, huge reform of the NHS, huge reform of social care, huge reform of public sector pensions, and huge reform of state pensions.

None of that is going to happen. So more and more taxes will be squeezed from a productive minority; to cover up all these systemic problems.

yes, same here, only going through probate at the moment, and based in SE.
£1m may seem a lot, but in a desirable area for development or near London, it doesnt get alot of land for a farm.

especially given the mean farm household income was calculated back in 2021 as £22K, and that was before the war in Ukraine sent all the inputs through the roof. Not many farmers could service a £500K inheritance tax bill if their land is valued around £2m

a couple of days ago I read this - The Exchequer Secretary to the Treasury, James Murray MP (Labour, Ealing North) noted that stakeholders have argued strongly against the reliefs being abolished but added that other organisations are in favour

Im assuming those 'other organisations' are the property / building companies who are probably rubbing their hands and all this prime area farmland potentially coming up for sale, especially if combined with reforms of planning.