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Money Box
Money Box Live: Will You Pay More Tax?
Oct 30, 2024
In this discussion, guests Elsa Littlewood, a tax partner at BDO, and Kirsty Stone, a financial planner at The Private Office, illuminate the looming budget changes. They tackle listener concerns about potential tax hikes, particularly on capital gains and inheritance tax. The conversation delves into the implications of these taxes for higher earners and discusses the challenges of pension tax relief. They also offer insights on navigating financial anxiety in uncertain times, ensuring listeners are informed about their obligations and potential reforms.
28:06
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Quick takeaways
- The upcoming government budget reveals anxiety about potential tax increases, particularly affecting citizens recovering from COVID-19 financial strains.
- Discussions on capital gains and inheritance tax highlight public frustration over perceived double taxation and concerns for single heirs facing higher burdens.
Deep dives
Impending Budget Concerns
The upcoming government budget is causing significant anxiety among citizens, with concerns about potential tax increases and cuts to financial relief. The Chancellor and Prime Minister have hinted at the need for tough decisions due to a substantial deficit left by the previous administration, prompting questions about how this will impact everyday people. Many individuals, particularly those recovering from the financial strains of the COVID-19 pandemic, are worried about how their personal finances might be affected by proposed changes to inheritance and capital gains tax, as well as pension relief. Public sentiment reflects a common belief that raising taxes on those already struggling may not be the fairest approach.
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