Will the new Chancellor give pension tax relief the chop? This is Money podcast

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This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 14 February 2020

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week started with rumours of a pension tax relief cut and mansion tax, saw the Chancellor fall on his sword, and ended with people none the wiser about whether a Budget tax raid is more or less likely after all that.

Sajid Javid exited the stage to be replaced by one of his own men, Rishi Sunak, after an attempt by Boris Johnson and Dominic Cummings to take back control at the Treasury was rebuffed by the short-lived Chancellor.

The question now is just whose idea the pension tax relief and mansion tax plans were and whether they are now on the cards or not (or was the whole shebang just a bit of Machiavellian manoeuvring)?

What we do know is that a Budget is due in less than a month, so other than the national purse strings being loosened for the ‘levelling-up’ agenda what are we likely to see?

On this week’s podcast, Simon Lambert, Tanya Jefferies and Georgie Frost delve into the Chancellor saga, what we know about the new man, and what could happen in the Budget that will affect your finances, from a stamp duty cut, to IR35 easing and a tax raid on the wealthier.

Also on the show, the team discuss an inheritance puzzler where a reader asked if it’s possible to challenge his father’s will that would leave him £25,000, while his brother would get £5million.

Another reader problem about paying for care is answered too, where a reader fears losing the house they live in now his mother requires care for dementia.

And finally, on a lighter note, do you drive one of Britain’s most popular second hand cars? And what makes a car a contender to get onto that list?

Transcript

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0:00.0	This Is Money's podcast is brought to you in partnership with the financial services compensation scheme.
0:04.9	Check your financial products at FSCP protected at fscs.org.org.org.
0:09.6	Welcome to This Is Money. I'm Georgie Frost and alongside me and editor Simon Lambert today,
0:16.3	his pensions and investment editor Tanya Jeffries. And so we have a new Chancellor.
0:22.8	What will this mean for the budget?
0:24.3	Just three weeks away, will pension tax relief be hacked back to a flat 20%
0:29.5	and indeed should it?
0:31.7	Simon tackles this one.
0:33.3	Also, we hear about the inheritance tax and care fee nightmares facing two of your readers.
0:39.6	And do you drive one of the ten most popular second-hand cars?
0:44.2	And don't forget you to date with all the latest breaking money news,
0:46.6	just go to this ismoney.com.uk.
0:49.3	Or download the app the first.
0:51.3	Yes, indeed, we have a new chancellor.
0:54.9	Sajd Javid quit in the middle of a cabinet reshuffle.
0:58.2	I won't go too much into the politics.
1:00.8	There are plenty of journalists that will do that.
1:03.2	But now in Steps, Chief Secretary to the Treasury, Rishi Sunak.
1:09.1	Just seven months ago, he was a junior housing minister and now has three weeks to pull a budget
1:16.8	together, a budget that Boris Johnson, by the way, promised would bring a new dawn of spending.
1:22.6	So, Sajar Javid wanted to level up the economy.
1:26.4	There were mooted ideas of raids on pension tax breaks,
	...

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