Budget 2024

[Vic]

Yeah 100% it is a tax loop hole. At the end of the day the vast majority of descendants will be paying 40% tax on anything more than £1million. so they'll be receiving in excess of this no matter what. That is a ton of money to hand to someone one one go. How much wealth do people need?

Given the longer life expectancy of people in their own home with a good occupational pension, a lot of this inherited wealth will be going to people in their own home and already drawing their own occupational pension.

 

[hcblue95]

I suspect most of the people getting annoyed about it wouldn't actually be affected. They've just seen an angry article in one of the right wing publications, or they've misunderstood it.

 

[One Fan Clapping]

On one hand they want you to save for retirement and look after your family and on the other they want to take the lot with a death tax! I think I might get to the stage where I sell up and blow the lot in Vegas.

Hey don’t be hasty.

She’s knocked a whole one penny off the price of a pint of beer to much rowdiness from the back benchers.

Life is sweet. Forget the raid on the pension I’ve worked all my life for.

 

[KS55]

No. The proportion of people paying IHT is very small.

I'm not sure why there's so much fuss about it, personally I'd much rather be taxed after my death than while I'm alive!

It’s the inheritance factor where people want their children to have it all. My sister in law recently said: “I’m going to spend it all. I’m not letting those layabouts have anything.”

 

[Churchlawtonblue]

Reeves repeatedly stated that this was a budget for growth, we can all debate the ins and outs on here, but it's that growth that she will be judged on over the next few years.

As an aside, I have just come out of our monthly finance teams meeting with our group financial controller amongst others. In that meeting we raised the issue of increasing salary offers to attract the best staff as recruitment is currently difficult. He told us to hold off to see what impact the budget would have, but he was clearly concerned about the NI rises. It was agreed that we couldnt absorb these costs and they would have to be passed on. I suspect most companies are having similar conversations this morning.

 

[bluethrunthru]

I suspect most of the people getting annoyed about it wouldn't actually be affected. They've just seen an angry article in one of the right wing publications, or they've misunderstood it.

Fewer than 2000 farms are affected by the IHT changes but - like school fees - people unaffected directly are persuaded by others that the sky in their unaffected world is falling in.

Big complainers are Clarkson - not a farmer but a TV personality who has a farm to use as a vehicle to film a show about himself - also bought a farm with the intention he could stick his money in there to AVOID IHT. Also gobbing off is Kirstie Allsopp who is not a farmer but is also a TV personality and probably by dint of background and birth stands to benefit from the proceeds of a farm upon the death of a relative

 

[Churchlawtonblue]

Fewer than 2000 farms are affected by the IHT changes but - like school fees - people unaffected directly are persuaded by others that the sky in their unaffected world is falling in.

Big complainers are Clarkson - not a farmer but a TV personality who has a farm to use as a vehicle to film a show about himself - also bought a farm with the intention he could stick his money in there to AVOID IHT. Also gobbing off is Kirstie Allsopp who is not a farmer but is also a TV personality and probably by dint of background and birth stands to benefit from the proceeds of a farm upon the death of a relative

That doesn't seem to be the stance of the NFU?

Budget blow for British farming, says NFU

The Autumn Budget is a blow to British farmers and could lead to food price rises, the NFU has warned.

www.nfuonline.com

 

[BobKowalski]

That’s plainly untrue. The public sector gives us health, education and security. These all generate money in some guise or other.

What the right typically dislike is inefficiencies in the public sector. Ie they want to measure outcomes on money invested whereas the left measure outcomes on, erm, I’m not sure actually. What should we measure outcomes on? Happiness?

We can measure outcome on performance and productivity. Health is obvious. Length of waiting lists, A&E turn around, ambulance response times, mortality rates and so on. Education is measured in pupil performance but this can be a blunt instrument if you start excluding children simply to boost performance measures. Education should also focus on well being etc.

The primary focus of the Heath and Education sectors is not to make money but to oversee a healthy and educated population that can in turn lead productive lives, a productivity that is largely measured in monetary profit/growth.

And yes happiness is also a factor that is measured when rating countries and cities to live in. Nordic countries tend to do well. High tax rate countries historically.

 

[BobKowalski]

That doesn't seem to be the stance of the NFU?

Budget blow for British farming, says NFU

The Autumn Budget is a blow to British farmers and could lead to food price rises, the NFU has warned.

www.nfuonline.com

The amount of ‘business leaders’ including farmers, threatening us with not hiring more people and/or higher prices if we dare raise taxes is starting to sound like hostage demands.

Four events have scarred our economy and two of these were self imposed. Austerity and Brexit. Someone has to pay for our stupidity and with IHT it gets paid when I’m dead. I can live with that :)

 

[Churchlawtonblue]

The amount of ‘business leaders’ including farmers, threatening us with not hiring more people and/or higher prices if we dare raise taxes is starting to sound like hostage demands.

Four events have scarred our economy and two of these were self imposed. Austerity and Brexit. Someone has to pay for our stupidity and with IHT it gets paid when I’m dead. I can live with that :)

So you don't believe the NFU? Why? is it just more right wing press in your opinion?