Many Happy Returns Devil in the Details: Is the Budget Worse Than Imagined for Investors?
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Dec 3, 2025 Exploring the recent budget, the hosts unveil a major overhaul of ISAs and introduce stealth taxes targeting those living off their assets. They critique the reasoning behind changes to cash ISA allowances and discuss bizarre age-related rules. The podcast delves into higher taxes on passive income, the impact on small businesses from dividend tax changes, and how these shifts influence landlords and renters alike. Wrapping up, they tackle the provocative question of whether high earners should consider emigrating due to the financial landscape.
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ISA Overhaul Breaks Simple Asset Allocation
- The ISA overhaul forces age-based and asset-type constraints that break simple asset allocation choices.
- Ramin Nakisa and Michael Pugh warn this complexity undermines ISAs' original simplicity and global uniqueness.
Cash-Like Investments Face New Scrutiny
- Treasury may ban 'cash-like' assets inside stocks and shares ISAs and tax any cash interest held there.
- Michael Pugh calls this move crazy and says it punctures the fundamental tax-free purpose of ISAs.
Explore Alternatives Before ISA Rules Change
- Act now to consider alternatives before the 2027 ISA changes and consultations conclude.
- Explore indirect cash exposures (eg. gilts) and be ready for industry-designed products to respond.