Anyone watching the Budget 2024?

[LadyofRutshire]

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

I know lots of people who will not be happy about any of this . Mind you , they are mostly Conservative / reform voters.

On mumsnet after the Southport post etc that went there’s a lot of farage type supporters who hate labour on so don’t matter what they say

They certainly deserve them though 😆and I'm pretty sure her jibes are tame compared to the absolute nonsense and lies that the Tories have spouted about labour and its MPs for years and years.. .

I've been pleasantly surprised with her.
No more non Dom's
COVID corruption
Higher min wage
Much better carers allowance rules
Less debt off benefits
Business rates relief for SMEs

... presumably spouse exemption will apply, as with other IHT measures.

Surely the same as other inheritence? The first £1m is free of IHT.

Seems fair to me.

It will only be those pensions that are able to be inherited, and it's from 2027, so you'll have time to make plans. Not sure why it's "horrifying".

We're used to seeing baldy blokes or swept back blokes?

Sometimes I miss Michael Heseltine's eyebrows tbh.

What was the inheritance rule over pensions?

@SWbungalowlady her hair is a lovely sharp cut. It sits really well. Lovely and shiny.

She’s a politician. Of course she’s going to critique the architects of the mess she’s having to navigate.

wow, they’ve gone quite quiet since the Private School VAT announcement!

This is a great budget for tax accountants!

So , if my dh dies and I am entitled to half his pension , I'll be taxed on it ?

"Reeves says she will extend the inheritance tax threshold freeze for a further two years to 2030.

That means the first £325,000 of any estate can be inherited tax-free, rising to £500,000 if the estate includes a residence passed to direct descendants, and £1m when a tax free allowance is passed to a surviving spouse or civil partner, she says.

She says she will bring inherited pensions into inheritance tax from April 2027, she says, adding she will reform Agricultural Property Relief and Business Property Relief.

From April 2026, the first £1m of combined business and agricultural assets will continue to attract no inheritance tax at all, but for assets over £1m, inheritance tax will apply with 50% relief, at an effective rate of 20%, she says."

I bet they heard loud and clear!

I don't see anything to moan about except maybe the winter fuel threshold.

If it's more than £1m.

Sigh. Increase in NI increase + increase in national minimum wage is going to result in people being laid off eventually - including in my DPs business.

No, because everything he leaves to you is exempt of tax.

Seems very sensible to me

No extension to the income tax freeze thresholds! Bloody hell. I expected them to be extended so that's a (pleasant) shock.

That's a totally different thing, you're already going to be taxed on that because it's income.

Not for small businessses she said a million won’t be paying more insurance

Yes, she surprised me too