Budget Changes and Tax Implications

Wednesday saw the first Budget from a Labour government for nearly 15 years and the first ever delivered by a female Chancellor. Rachel Reeves wasn't the first to stand up in the Commons and announce tax rises, but the scale of them was large by historical standards - about £40bn a year by 2029/30.

The bulk of that will come from raising National Insurance contributions paid by employers. There will also be higher rates of Capital Gains Tax, VAT on private school fees, changes to Inheritance Tax and a rise in stamp duty in England and Northern Ireland.

As promised, there was no rise in the rates of Income Tax, VAT or National Insurance in what the government called the payslips of working people. There was some welcome news as the freeze on Income Tax thresholds will end in April 2028, minimum wages will rise, and the tax on petrol and diesel will not. Paul Lewis discusses the details with a panel of experts.

And, could a landmark ruling by the Court of Appeal pave the way for millions of pounds of compensation for people who bought their cars on finance?

Presenter: Paul Lewis Reporter: Sarah Rogers and Neil Morrow Researchers: Emma Smith and Jo Krasner Editor: Jess Quayle

(First broadcast 12pm Saturday November 2nd 2024)