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Money Box

Money Box Live: Will You Pay More Tax?

Money Box

BBC

Business

4.2804 Ratings

🗓️ 30 October 2024

⏱️ 29 minutes

🧾️ Download transcript

Summary

This month the new government will reveal its plans for the nation's finances in the Budget.

We've been told 'difficult decisions' lie ahead as the Chancellor Rachel Reeves seeks to plug what she says is a £22bn black hole left by the previous government.

There's been plenty of speculation around Capital Gains Tax, Inheritance Tax and pensions tax relief - but what are they and who pays them?

Our email inbox has been full of questions from listeners - so on this weeks Money Box Live we will be answering as many as we can.

Felicity Hannah is joined by Elsa Littlewood, Tax partner at accountancy and business advisory firm BDO and Kirsty Stone a financial planner at The Private Office.

We also have a new way to get in touch, WhatsApp Money Box on 03306 783183.

Presenter: Felicity Hannah Producer: Sarah Rogers Editor: Jess Quayle

(This episode was first broadcast on Wednesday the 2nd of October 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 Lucan.

0:22.1

It's honestly one of the most powerful stories of my lifetime.

0:26.0

I'm Alex von Tundselman.

0:27.4

This is The Lucan Obsession.

0:29.2

Listen on BBC Sounds.

0:32.7

BBC Sounds, music, radio, podcasts.

0:36.5

Hello, we're now just weeks away from the new government's first budget, and the speculation is skyrocketing.

0:43.1

There are lots of predictions, lots of suggestions, quite a few apprehensions as well.

0:47.9

And that's maybe not surprising when the Chancellor and the PM have both been warning of pain and difficult decisions,

0:53.8

as they take steps to plug

0:55.4

what Rachel Reeves says is a 22 billion pound black hole left by the previous government.

1:01.2

You have been sending us a lot of questions about what might be in the budget and what any

1:06.0

changes might mean for you, from inheritance tax to capital gains tax to pensions relief. So in this Moneybox

1:12.3

live podcast, we're going to try and clear out our inbox by answering as many as we can.

1:17.7

So how do people feel about potentially paying more? I think we've got a cheek actually,

1:23.1

because people are trying to save pensions and everything, you know, there's a big question

1:28.4

mark over that. I, myself, my high rate taxpayer, I don't mind paying more tax. I think at the

1:34.6

moment, I think it's lazy taxation. I think they're going for the low-hanging fruit. What I don't

...

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