Money Box Inheritance Tax Changes and Car Finance
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Nov 30, 2024 A historic budget introduces significant tax increases, including higher National Insurance and Capital Gains Tax. The freeze on Income Tax thresholds will finally end in 2028, while minimum wage rises are on the horizon. Experts also dissect a landmark Court of Appeal ruling that could secure millions in compensation for car finance buyers, exposing shady dealership practices. The discussion highlights the pressing need for transparency in financial dealings and the wider economic impacts on communities navigating these changes.
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Public Reaction to Budget
- Public reaction to the budget in Blackpool was mixed.
- Some welcomed the freeze on fuel duty, while others were concerned about rising bus fares and cigarette prices.
Pension Relief Remains
- Robert Salter highlights the significance of what the Chancellor didn't do in the budget.
- Avoiding changes to pension contributions and tax relief is a positive for most working people.
Capital Gains Tax Advice
- Increased capital gains tax rates mean individuals must now separate gains before and after October 29th, 2024.
- The first £3,000 of gains remains tax-free, and expenses can be deducted.