After a long wait. The Autumn Budget is finally here!!! 💰

[Cosywintervibes]

https://news.sky.com/story/budget-2025-raft-of-tax-hikes-expected-today-as-more-policies-confirmed-13475413

Anyone like to join me in watching the budget today?

Sorry, I'm not clear what you mean by 'take the hit'?

Cash ISA down to £12,000, 2% extra tax on savings income. Mansion tax on property over £2M.

Yes I thought it would be odd to just target pensions when there’s so many other schemes but everything is specifically mentioning pensions and I can’t find anything to confirm either way!

I have a salary sacrifice scheme where I sacrifice more than £2,000 per year and would like to know if I’ll be impacted.

The “logic” is that it’s the private sector which is impacted by pension salary sacrifice whereas other salary sacrifice schemes are also used in the public sector (e.g. lease cars).

Just pensions

Good. Hitting the rich finally.

That’s such a low cap. £2k a year isn’t going to build anywhere near the pension you’d need for a semi decent retirement.

I sacrifice 10% of an approx. £80k salary (I’m 40) and was vaguely hoping I’d be okay if I managed to carry on working until my retirement age of 68. I’m not expecting a state pension by then. This is a real
blow. Maybe I should just stick to the cap and hope for the best 😕

Meanwhile current wealthy retirees don’t have to pay NI at all…

Pensions seems like a mad thing to go after!! We are building up a real crisis for the future.

“Feckless parents.”

Tells me everything I need to know.

Does any of it impact you?

Face to face assessments for benefits is a positive. That will make a big difference.

Such an ill-informed comment.

We need more money in the economy, not just in the hands of the government. Tax hikes only stifle growth. Growth is what we need, not ever-increasing and complicated taxes.

What would you suggest instead to describe parents who have more than 2 children, knowing that they never had the means to support them.

I have no issue with you disagreeing with me. If you think that parents shouldn't have any responsible for their children that is your call.

One thing that I do agree with, it's taken so long for families to receive compensation.

All the budget appears to be encouraging is to aim low, pop out as many children as you can and don’t save because it’s pointless. Having children is a lifestyle choice. The end.

Well done Labour. As a lifelong voter I think you just lost me.

Exactly. Another stitch up on private sectors workers.

Trying to work out how they will ascertain which properties are over £2m. We live in a Band G. It has been valued twice this year by different surveyors for remortgage reasons, and also by an estate agent, and all 3 independently of each other so NOT consider this property to be anywhere near £2m. So, surely the cost of re-evaluating every property in band f-g - and then the costs of disputes [cos we will def be disputing it if they try to charge us] - will potentially cost more than they will raise?

I think the salary sacrifice changes are only to the NI relief part of salary sacrifice.

So the income tax relief still remains.

It just means that employees and employers NI will be payable on amounts sacrificed over £2000. But in some cases, the 'salary sacrifice' is also partly a compulsory employer contribution.

Does the change to salary sacrifice pension, limit the ability to put money in pension to reduce taxable income? I.e. if you earn over 100k can you still put money in pension to access free child hours and tax free child care? Thanks if anyone knows.

Confused as it doesn’t mention tax just NI, but unclear if that’s a major difference.

You’ll still get the tax relief, though. That’s not going as far as anyone’s said.

It’s likely a give people something to hang on to rather than much in £

No, because that is a separate thing applying to pension contributions regardless of whether done through salary sacrifice. It’s just an NI change

Plus nothing is worth anything until it's sold. So who are they going to enlist to give a realistic market value in a fluctuating market?

Also if you discover some fatal issue with your home like subsidence can you reclaim all the extra tax as your home was actually never worth £2million?

Than you x

I sacrifice 10% of an approx. £80k salary (I’m 40) and was vaguely hoping I’d be okay if I managed to carry on working until my retirement age of 68. I’m not expecting a state pension by then. This is a real blow. Maybe I should just stick to the cap and hope for the best

Have you worked out what this will actually cost you? I sacrifice 8% of 160k and it's certainly not going to make me stop!