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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Budget Overview
- Rachel Reeves' budget included significant tax rises, totaling around £40 billion annually by 2029-30.
- These increases primarily target employers' national insurance contributions, capital gains tax, private school fees, and inheritance tax.
Inheritance Tax Changes
- Inheritance tax thresholds will remain frozen until 2030, extending a 20-year freeze.
- Inherited pensions will also be subject to inheritance tax starting April 2027.
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.