Inheritance Tax Changes and Car Finance

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 30 November 2024

⏱️ 25 minutes

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Summary

Wednesday saw the first Budget from a Labour government for nearly 15 years and the first ever delivered by a female Chancellor. Rachel Reeves wasn't the first to stand up in the Commons and announce tax rises, but the scale of them was large by historical standards - about £40bn a year by 2029/30.

The bulk of that will come from raising National Insurance contributions paid by employers. There will also be higher rates of Capital Gains Tax, VAT on private school fees, changes to Inheritance Tax and a rise in stamp duty in England and Northern Ireland.

As promised, there was no rise in the rates of Income Tax, VAT or National Insurance in what the government called the payslips of working people. There was some welcome news as the freeze on Income Tax thresholds will end in April 2028, minimum wages will rise, and the tax on petrol and diesel will not. Paul Lewis discusses the details with a panel of experts.

And, could a landmark ruling by the Court of Appeal pave the way for millions of pounds of compensation for people who bought their cars on finance?

Presenter: Paul Lewis Reporter: Sarah Rogers and Neil Morrow Researchers: Emma Smith and Jo Krasner Editor: Jess Quayle

(First broadcast 12pm Saturday November 2nd 2024)

Transcript

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0:00.0	You're about to listen to a BBC podcast, but this is about something else you might enjoy.
0:05.4	My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds.
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0:34.1	life, check out BBC Sounds.
0:41.3	BBC Sounds, music, radio, podcasts. Hello, welcome to this Moneybox podcast.
0:43.3	A surprising ruling by the Court of Appeal could mean compensation
0:47.3	for millions of people who bought their cars on finance.
0:50.3	And carers will be able to earn more before losing their benefits. But first,
0:55.5	inevitably, the budget. The first from a Labour government for nearly 15 years and the first
1:00.0	ever by a female Chancellor. Of course, Rachel Reeves wasn't the first to stand up in the
1:05.0	Commons and announce tax rises, but the scale of them was pretty huge, about 40 billion a year by
1:10.5	20292930,
1:12.1	and most of that will come from raising national insurance contributions paid by employers.
1:17.6	That change could cost all of us more money in the long run.
1:21.2	But billions of pounds more will be raised directly from individuals
1:24.7	by higher rates of capital gains tax, VAT on private school fees,
1:29.8	a rise in stamp duty in England and Northern Ireland,
1:32.9	and by changes to inheritance tax announced here by the Chancellor on Wednesday.
1:37.6	The previous government froze inheritance tax thresholds until 2028.
	...

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