Frozen Tax Thresholds and Bailiffs

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 6 April 2024

⏱️ 25 minutes

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Summary

The Chancellor has delivered his Spring Budget for 2024 announcing a 2p National Insurance cut for millions of working people under the age of 66. Jeremy Hunt says this will save the average worker £450 a year.

But, analysis by the Office for Budget Responsibility says maintaining a freeze on the personal tax allowance - the amount earned before tax is paid - will mean 3.7 million extra people paying income tax by 2028, when the freeze comes to an end. So will you be better or worse off? We'll be looking at the numbers.

What would you do if you got a letter through your door asking for almost £2000 owed by a complete stranger? That's what happened to one of our listeners who spent weeks trying to sort it out with a debt recovery company. We hear from a senior MP calling for tougher regulation.

And an investigation into car finance agreements taken out before February 2021 could eventually lead to compensation for millions of motorists. Discretionary commission agreements meant some lenders allowed car dealers to adjust interest rates on finance deals. The Finance and Leasing Association told us: "In practice, having discretion to move the interest rate often meant that dealers lowered it to be more competitive."

Presenter: Paul Lewis Reporter: Dan Whitworth Researchers: Sandra Hardial and Jo Krasner Editor: Sarah Rogers

(First broadcast 12pm Saturday 9th March 2024)

Transcript

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0:00.0	On a winter's night in 1974, a crime took place that would obsess the nation.
0:07.0	It was an extraordinary news story.
0:09.0	The story of an aristocrat, Lord Lucan, who's said to have killed the family Nanny,
0:14.0	mistaking her for his wife, then somehow just disappeared.
0:18.0	One of the great mysteries in English criminal history. We're still looking for
0:21.7	Lucan. It's honestly one of the most powerful stories of my lifetime. I'm Alex Fontunzelman.
0:27.4	This is The Lucan Obsession. Listen on BBC Sounds. BBC Sounds, music, radio, podcasts.
0:36.5	Hello, welcome to this Moneybox podcast.
0:39.1	We are fully authorised to attend your address.
0:42.0	The frightening letter one listener received from a debt collector
0:44.6	about £1,700 owed by a complete stranger.
0:48.5	If you bought a car on finance before February 2021,
0:52.0	an official investigation into how those deals were sold could mean a big
0:56.1	payout for millions of motorists. But first, in his 65-minute budget speech, Chancellor
1:02.5	Jeremy Hunt didn't mention the continuing issue of frozen tax thresholds, which the budget
1:07.7	watchdog says would leave taxpayers £23 pounds poorer in the next tax year.
1:14.6	He did announce that he will cut taxes for people who work by slashing the rate of national insurance.
1:20.0	Again, in January it fell from 12% to 10% and will go down to just 8% from April.
1:26.9	He said that will save workers on average pay £450. That's £900
1:31.9	£100 altogether compared with a year ago. Analysis by the official Budget watchdog, though, says the
1:37.5	freeze on the amount of income we can have before tax will mean nearly £4 million extra people
1:43.1	will pay income tax by the time it comes to an end in
	...

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