Money Box
Inheritance Tax Changes and Car Finance
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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Quick takeaways
- The recent budget includes a significant £40 billion tax increase, primarily through higher national insurance contributions paid by employers, affecting consumer costs.
- A landmark Court of Appeal ruling may lead to billions in compensation for consumers misled by hidden financing fees in car purchases.
Deep dives
Impact of the New Budget on Taxation
The recent budget introduced significant tax increases totaling approximately £40 billion a year by 2029-30, with a primary focus on raising national insurance contributions paid by employers. This change may affect consumers indirectly through increased costs to businesses that could be passed on to customers. Additionally, adjustments were made to capital gains tax, VAT on private school fees, and inheritance tax, with a key point being the extension of a freeze on inheritance tax thresholds until 2030. Although no direct increases in income tax rates were announced, the freeze on personal tax allowances will continue until 2028, raising concerns that many more individuals will be caught in the tax net over the coming years.
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