The everything tax raid: Will the threat of higher taxes backfire?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 11 November 2022

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

‘If they could tax the air you breathe they’d do it.’ That age-old moan about taxes going up has sprung to mind over the past week, as rumours about pretty much any tax you can think of being hiked were spread about.

So many kites were flown about potential tax rises that even taxing selling your own home and bringing back the 50p rate were floated as potential Autumn Statement ideas troubling Jeremy Hunt and Rishi Sunak’s minds.

If all this came to pass it would surely become known as ‘the everything tax raid’.

But will it come to pass? Probably not. You get the sense this is a massive exercise in softening up the nation, so that when some but not all taxes go up on Thursday, people breathe a sigh of relief.

Yet could this bout of not-officially-encouraged-but-definitely-not-discouraged speculation do lasting harm to the economy?

Simon Lambert argues that case on this week’s podcast, where he says with sentiment already heavily depressed going into a recession, striking the financial fear of God into the population might not be the best move.

Simon, Georgie Frost and Tanya Jefferies discuss the tax hikes that have been rumoured and how likely they are to happen: one gets a minus two in five chance of occurring but others seem more likely.

Also on this week’s podcast, will Hunt stage a raid on pension, either via tax relief or the triple lock?

Plus, the story of how Tanya helped a podcast listener win back money after paying over the odds for her mother’s care home.

And finally, if among all this gloom you’ve still got room to save, should you save or invest the money, or overpay your mortgage?

Transcript

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0:00.0	Welcome to This Is Money podcast. I'm Georgie Frost out in Charmel Shea for the Got Climate Conference.
0:07.7	And joining me and editor Simon Lambert in London today is Pensions and Investments editor Tanya Jeffries.
0:12.8	And coming up, the everything tax raid, any tax you can think of is rumoured to be hiked, capital gains, inheritance, even the 50p tax return.
0:20.3	But why are
0:21.4	those ideas being floated and what could really happen? And will pension relief get raided?
0:26.8	Also today we ask, should you still de-risk your pension? Victory over care home fee top-ups. And
0:32.8	should you overpay your mortgage now that rates are rocketing? Don't forget you to date. With all the latest breaking money news, just go to this ismoney.com.
0:40.5	Dot UK or download the app.
0:42.6	Market updates and conversations around the financial world don't have to be boring.
0:46.9	The Digest and Invest podcast by Eatoro is a great way to tune into what's happening in a fun
0:51.6	and easily digestible format.
0:53.9	Discover the Digest and Invest podcast at Eitoro.com forward slash academy forward slash podcasts.
0:59.3	But first, I mentioned that I'm in COP, not because we are massively going to talk about it too much,
1:03.7	but for the fact that there might be some noise here.
1:07.4	I am in one of the halls with pretty scratchy internet. But here we are plowing on.
1:13.6	All right, Georgie. So right, I'm going to turn the table to you. It's my turn to ask you the questions.
1:18.6	Right. So what's it like then?
1:21.6	What's it like? Yeah. It's my first time here. And it is a little bit like a cross between a political party
1:29.2	conference, don't if you ever been to one of those, and a travel expo. Actually, look, you know,
1:34.0	as someone whose dad is a geophysicist and finds oil, there was, I wouldn't say, necessarily
1:40.6	neutral on the climate debate, but certainly not necessarily someone whose job and
1:46.5	life was revolving around it. I have to say coming out here has changed my perspective. I've got a
	...

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