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Envelope-to: okey@brownbrommel.com
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From: Ekanem Etim-Offiong <ekanem_etimoffiong@yahoo.co.uk>
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Subject: What the Budget means for your money
Message-Id: <45A6C3D4-BC3B-431E-AC73-9E59DD62DB71@yahoo.co.uk>
Date: Wed, 30 Oct 2024 21:56:15 +0000
References: <45A6C3D4-BC3B-431E-AC73-9E59DD62DB71.ref@yahoo.co.uk>

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<html><head><meta http-equiv=3D"content-type" content=3D"text/html; charset=3D=
utf-8"></head><body dir=3D"auto"><div dir=3D"ltr">=EF=BB=BF<meta http-equiv=3D=
"content-type" content=3D"text/html; charset=3Dutf-8"><div dir=3D"ltr"><base=
 href=3D"https://www.ft.com/content/1ca07d39-1aa1-4c46-9a7f-1df970f62a05?ema=
ilId=3Db9751a09-177a-4982-84f2-35c8ab607e53&amp;segmentId=3Dce31c7f5-c2de-09=
db-abdc-f2fd624da608"><style id=3D"print"></style><title>What the Budget mea=
ns for your money</title><div class=3D"original-url"><br><a href=3D"https://=
www.ft.com/content/1ca07d39-1aa1-4c46-9a7f-1df970f62a05?emailId=3Db9751a09-1=
77a-4982-84f2-35c8ab607e53&amp;segmentId=3Dce31c7f5-c2de-09db-abdc-f2fd624da=
608">https://www.ft.com/content/1ca07d39-1aa1-4c46-9a7f-1df970f62a05?emailId=
=3Db9751a09-177a-4982-84f2-35c8ab607e53&amp;segmentId=3Dce31c7f5-c2de-09db-a=
bdc-f2fd624da608</a><br><br></div><div id=3D"article" role=3D"article" style=
=3D"-webkit-locale: &quot;en&quot;; z-index: 2; text-rendering: optimizelegi=
bility; font-family: -apple-system-font; font-size: 1.2em; line-height: 1.5e=
m; margin: 0px; padding: 0px;" class=3D"system exported">
        
    <div class=3D"page" style=3D"text-align: start; overflow-wrap: break-wor=
d; max-width: 100%;"><h1 class=3D"title" style=3D"font-weight: bold; font-si=
ze: 1.95552em; line-height: 1.2141em; margin-top: 0px; margin-bottom: 0.5em;=
 text-align: start; hyphens: manual; display: block; max-width: 100%;">What t=
he Budget means for your money</h1><h2 class=3D"subhead" style=3D"font-weigh=
t: normal; text-align: start; hyphens: manual; display: block; color: rgba(2=
7, 27, 27, 0.65); font-size: 1.46664em; margin-top: -0.35em; line-height: 1.=
27275em; max-width: 100%;">Key measures on tax, investments, pensions and pr=
operty</h2><figure data-component=3D"image-set" style=3D"max-width: 100%; fo=
nt-size: 0.75em; line-height: 1.5em; font-family: -apple-system-font; color:=
 rgba(0, 0, 0, 0.65); margin: 0px;"><picture style=3D"max-width: 100%;"><sou=
rce media=3D"(min-width: 700px)" srcset=3D"https://www.ft.com/__origami/serv=
ice/image/v2/images/raw/ftcms%3Af914f2fa-7861-4725-9344-862a2632d694?source=3D=
next-article&amp;fit=3Dscale-down&amp;quality=3Dhighest&amp;width=3D700&amp;=
dpr=3D1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A=
f914f2fa-7861-4725-9344-862a2632d694?source=3Dnext-article&amp;fit=3Dscale-d=
own&amp;quality=3Dhighest&amp;width=3D700&amp;dpr=3D2 2x,https://www.ft.com/=
__origami/service/image/v2/images/raw/ftcms%3Af914f2fa-7861-4725-9344-862a26=
32d694?source=3Dnext-article&amp;fit=3Dscale-down&amp;quality=3Dhighest&amp;=
width=3D700&amp;dpr=3D3 3x" width=3D"2465" height=3D"1386" src=3D"" style=3D=
"max-width: 100%;" data-unique-identifier=3D""><img src=3D"https://www.ft.co=
m/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfr=
ont.net%2Fproduction%2Ff914f2fa-7861-4725-9344-862a2632d694.jpg?source=3Dnex=
t-article&amp;fit=3Dscale-down&amp;quality=3Dhighest&amp;width=3D700&amp;dpr=
=3D1" alt=3D"Illustration of a street scene" data-image-type=3D"image" width=
=3D"2465" height=3D"1386" loading=3D"eager" class=3D"" style=3D"max-width: 1=
00%; margin: 0.5em auto; display: block; height: auto;" data-unique-identifi=
er=3D""></picture><figcaption style=3D"max-width: 100%; margin-top: 0.8em; w=
idth: 100%; font-size: 0.75rem; color: rgba(0, 0, 0, 0.8);"><span style=3D"m=
ax-width: 100%; margin-top: 0.25em; margin-bottom: 0.25em;"></span><span sty=
le=3D"max-width: 100%; margin-top: 0.25em; margin-bottom: 0.25em;">=C2=A9 Cl=
are Mallison/FT</span></figcaption></figure><p style=3D"max-width: 100%;">He=
re=E2=80=99s our summary of the key measures in the Budget and how they will=
 affect your personal finances.</p><h3 style=3D"font-weight: bold; font-size=
: 1.25em; max-width: 100%;">Tax</h3><p style=3D"max-width: 100%;">In the lar=
gest tax-raising Budget in living memory, Reeves announced big tax increases=
 for employers and wealthier people. </p><p style=3D"max-width: 100%;">The k=
ey measure was a 1.2 percentage point increase in employer=E2=80=99s nationa=
l insurance to 15 per cent. The threshold at which employers start paying th=
e tax was also reduced from =C2=A39,100 to =C2=A35,000. The changes will com=
e into effect from April next year and are expected to raise =C2=A325bn a ye=
ar by the end of the OBR=E2=80=99s forecast period.</p><p style=3D"max-width=
: 100%;">In perhaps the biggest surprise of the Budget, Reeves announced she=
 would not extend a freeze on personal income tax thresholds introduced by t=
he previous government in April 2021, which has dragged millions of workers i=
nto higher tax bands. </p><p style=3D"max-width: 100%;">=46rom 2028-29, thes=
e thresholds will once again rise in line with inflation, giving workers mor=
e headroom for salary growth before they hit the next income tax band.</p><p=
 style=3D"max-width: 100%;">Until then, the income tax personal allowance (P=
A) will remain frozen at =C2=A312,570 and the higher rate threshold (HRT) at=
 =C2=A350,270. Additional rate tax (at 45 per cent) will start at =C2=A3125,=
140.<br style=3D"max-width: 100%;"><br style=3D"max-width: 100%;">Reeves als=
o made substantial changes to inheritance tax. =46rom April 2026, full relie=
f from IHT on agricultural property and business property will be capped at =C2=
=A31mn. Assets beyond that level will receive 50 per cent relief, resulting i=
n an effective tax rate of 20 per cent. </p><p style=3D"max-width: 100%;">Re=
eves also said she would extend the freeze in the IHT tax-free allowance of =C2=
=A3325,000 from 2028 to 2030, even though she opted not to do so on income t=
ax thresholds. </p><p style=3D"max-width: 100%;">Labour=E2=80=99s plans to e=
nd the tax non-dom rules and replace them with a new system have led to repo=
rts of wealthy foreigners fleeing the UK. Reeves confirmed she would =E2=80=9C=
abolish=E2=80=9D the regime from 2025, instead introducing a new residence-b=
ased scheme, which she said would be =E2=80=9Cinternationally competitive=E2=
=80=9D. </p><p style=3D"max-width: 100%;">Reeves also confirmed increases to=
 the taxation of profits earned by private equity fund managers, known as ca=
rried interest. The chancellor said this would be taxed at a rate of 32 per c=
ent from April, up from 28 per cent now.</p><p style=3D"max-width: 100%;">Sh=
e also confirmed that the VAT exemption on private school fees will be remov=
ed from January.</p><p style=3D"max-width: 100%;">Air passenger duty rates w=
ill be uprated, adding =C2=A31 to the cost of domestic flights in economy cl=
ass, =C2=A32 more for short-haul overseas destinations and =C2=A312 for long=
-haul. Premium economy and business class passengers will pay relatively mor=
e and all rates will be increased by retail price inflation from 2027 onward=
s. The chancellor also said the higher rate applicable to large private jets=
 will rise by 50 per cent in 2026.</p><p style=3D"max-width: 100%;">The chan=
cellor also promised a clampdown on rogue <a href=3D"https://www.ft.com/cont=
ent/12a6cac4-d651-4fd0-b338-a1a6d3229b38" data-trackable=3D"link" style=3D"c=
olor: rgb(65, 110, 210); max-width: 100%; text-decoration: underline;">umbre=
lla companies</a>. These are payroll agencies that take on a contractor=E2=80=
=99s financial administration, managing their tax and pay =E2=80=94 but the s=
ector is currently unregulated.</p><h3 style=3D"font-weight: bold; font-size=
: 1.25em; max-width: 100%;">Pensions</h3><p style=3D"max-width: 100%;">Reeve=
s announced she would close the =E2=80=9Cloophole=E2=80=9D on inherited pens=
ions from April 2027 to prevent them being used as IHT avoidance vehicles. <=
/p><p style=3D"max-width: 100%;">According to Budget documents, bringing pen=
sions into a person=E2=80=99s estate for IHT will raise =C2=A3640mn in 2027-=
28, =C2=A31.34bn in 2028-29 and =C2=A31.46bn in 2029-30. Transfers to spouse=
s and civil partners remain exempt.</p><p style=3D"max-width: 100%;">The cha=
ncellor also confirmed the state pension would increase by 4.1 per cent in A=
pril 2025, meaning 12mn pensioners would gain up to =C2=A3470 a year from ne=
xt year. </p><p style=3D"max-width: 100%;">Reeves said the standard minimum g=
uarantee for pension credit would also rise by 4.1 per cent next year, from a=
round =C2=A311,400 per year to about =C2=A311,850 a year for a single pensio=
ner. </p><p style=3D"max-width: 100%;">She added that the increases, which a=
re substantially more than the 1.7 per cent rise in working-age benefits, wo=
uld help make up for the <a href=3D"https://www.ft.com/content/208e844e-1f47=
-4848-9530-efd69c36c2f0" data-trackable=3D"link" style=3D"color: rgb(65, 110=
, 210); max-width: 100%; text-decoration: underline;">loss of winter fuel pa=
yments </a>for many pensioners this November and December.</p><figure data-c=
omponent=3D"image-set" style=3D"max-width: 100%; font-size: 0.75em; line-hei=
ght: 1.5em; font-family: -apple-system-font; color: rgba(0, 0, 0, 0.65); mar=
gin: 0px;"><picture style=3D"max-width: 100%;"><source media=3D"(min-width: 7=
00px)" srcset=3D"https://www.ft.com/__origami/service/image/v2/images/raw/ft=
cms%3Abd1dbfc0-b1bb-4150-a4df-951289a74be3?source=3Dnext-article&amp;fit=3Ds=
cale-down&amp;quality=3Dhighest&amp;width=3D700&amp;dpr=3D1 1x,https://www.f=
t.com/__origami/service/image/v2/images/raw/ftcms%3Abd1dbfc0-b1bb-4150-a4df-=
951289a74be3?source=3Dnext-article&amp;fit=3Dscale-down&amp;quality=3Dhighes=
t&amp;width=3D700&amp;dpr=3D2 2x,https://www.ft.com/__origami/service/image/=
v2/images/raw/ftcms%3Abd1dbfc0-b1bb-4150-a4df-951289a74be3?source=3Dnext-art=
icle&amp;fit=3Dscale-down&amp;quality=3Dhighest&amp;width=3D700&amp;dpr=3D3 3=
x" width=3D"2615" height=3D"1337" src=3D"" style=3D"max-width: 100%;" data-u=
nique-identifier=3D""><img src=3D"https://www.ft.com/__origami/service/image=
/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fbd=
1dbfc0-b1bb-4150-a4df-951289a74be3.jpg?source=3Dnext-article&amp;fit=3Dscale=
-down&amp;quality=3Dhighest&amp;width=3D700&amp;dpr=3D1" alt=3D"" data-image=
-type=3D"image" width=3D"2615" height=3D"1337" loading=3D"lazy" class=3D"" s=
tyle=3D"max-width: 100%; margin: 0.5em auto; display: block; height: auto;" d=
ata-unique-identifier=3D""></picture><figcaption style=3D"max-width: 100%; m=
argin-top: 0.8em; width: 100%; font-size: 0.75rem; color: rgba(0, 0, 0, 0.8)=
;"><span style=3D"max-width: 100%; margin-top: 0.25em; margin-bottom: 0.25em=
;"></span><span style=3D"max-width: 100%; margin-top: 0.25em; margin-bottom:=
 0.25em;">=C2=A9 Clare Mallison/FT</span></figcaption></figure><h3 style=3D"=
font-weight: bold; font-size: 1.25em; max-width: 100%;">Investment</h3><p st=
yle=3D"max-width: 100%;">In a move affecting investors, the chancellor annou=
nced that the lower rate of capital gains tax (CGT) will rise from 10 per ce=
nt to 18 per cent, and the higher rate from 20 per cent to 24 per cent. That=
 change, which applies from October 30 2024, brings the higher rate in line w=
ith the rate on property assets, which remains unchanged.</p><p style=3D"max=
-width: 100%;">Meanwhile, a feared removal of inheritance tax relief on Aim-=
traded shares, used by some investors to mitigate IHT, has only partially ma=
terialised. =46rom April 2026, relief on Aim shares will be capped at 50 per=
 cent, resulting in a 20 per cent effective tax rate.</p><p style=3D"max-wid=
th: 100%;">Marcus Stuttard, head of Aim and UK primary markets at the London=
 Stock Exchange, recently estimated that =C2=A36.5bn of investment in Aim co=
mpanies were held through funds specifically marketed towards customers seek=
ing to limit inheritance tax bills. That compares with Aim=E2=80=99s current=
 total market capitalisation of =C2=A345.6bn.</p><h3 style=3D"font-weight: b=
old; font-size: 1.25em; max-width: 100%;">Property</h3><p style=3D"max-width=
: 100%;">The stamp duty surcharge for buy-to-let and second homes will incre=
ase by 2 percentage points to 5 per cent. The chancellor said this change wi=
ll apply from Thursday, which would stop people trying to rush through deals=
 before the rates change. </p><p style=3D"max-width: 100%;">The chancellor l=
eft the capital gains tax rate on residential property unchanged at 24 per c=
ent, the level to which her predecessor reduced them earlier this year. </p>=
<p style=3D"max-width: 100%;">With no mention of stamp duty thresholds, temp=
orary tax breaks introduced in 2022 are set to end in April 2025 =E2=80=94&n=
bsp;meaning that stamp duty will become due on purchase amounts over =C2=A31=
25,000, rather than =C2=A3250,000 at present. For first-time buyers, stamp d=
uty will become payable on purchase amounts over =C2=A3300,000 rather than =C2=
=A3425,000.</p><p style=3D"max-width: 100%;">The Treasury, ahead of the Budg=
et, set out proposals for above-inflation rent increases for people living i=
n social housing in a long-term deal with affordable housing providers. </p>=
<p style=3D"max-width: 100%;">The chancellor also confirmed plans to restric=
t the right for social housing tenants to buy their own homes, which had bee=
n blamed for reducing the UK=E2=80=99s stock of affordable homes. She said c=
ouncils would be allowed to keep all of any receipts from the so-called =E2=80=
=9Cright-to-buy=E2=80=9D sales. Local authorities had previously been oblige=
d to hand over a proportion of the receipts to the Treasury.</p><h3 style=3D=
"font-weight: bold; font-size: 1.25em; max-width: 100%;">Childcare</h3><p st=
yle=3D"max-width: 100%;">The government has committed =C2=A31.8bn to expand c=
hildcare services in a move that represents a continuation of its predecesso=
rs=E2=80=99 plan to roll out 30 hours of free childcare for parents with chi=
ldren aged over nine months in England from September 2025. </p><p style=3D"=
max-width: 100%;">Education secretary Bridget Phillipson said last month tha=
t 300 new state-funded nurseries would open ahead of the planned rollout, la=
rgely by converting empty classrooms in schools. </p><p style=3D"max-width: 1=
00%;">The sector has already warned it lacks the resources needed to deliver=
 the expansion due to a crippling mix of rising costs, shortages of qualifie=
d staff and years of underfunding.</p><h3 style=3D"font-weight: bold; font-s=
ize: 1.25em; max-width: 100%;">Other measures</h3><p style=3D"max-width: 100=
%;">The national living wage for workers aged 21 and above will <a href=3D"h=
ttps://www.ft.com/content/1b892263-7843-49ea-8e20-06093121eb00" data-trackab=
le=3D"link" style=3D"color: rgb(65, 110, 210); max-width: 100%; text-decorat=
ion: underline;">increase to =C2=A312.21 per hour </a>from April next year. A=
nnounced on Tuesday, the rise represents a 6.7 per cent increase for those a=
ged over 21. For 18- to 20-year-olds, the hourly rate will rise by =C2=A31.4=
0 to =C2=A310.00 per hour as the government moved towards a single adult rat=
e. The NLW was introduced in 2016 at =C2=A37.20 per hour for those 25 and ov=
er.</p><p style=3D"max-width: 100%;">Universal credit and other benefits wil=
l increase by 1.7 per cent in April, in line with September=E2=80=99s inflat=
ion figures. This will see around 5.7mn households gain =C2=A3150 on average=
 in 2025 and 2026.</p><p style=3D"max-width: 100%;">Fuel duty will remain fr=
ozen next year and the chancellor will maintain a =E2=80=9Ctemporary=E2=80=9D=
 5p per litre cut that was introduced in 2022 after energy prices rose follo=
wing Russia=E2=80=99s invasion of Ukraine. The duty will remain at 52.95p pe=
r litre. </p><p style=3D"max-width: 100%;">However, there will be changes to=
 the amount of vehicle excise duty or =E2=80=9Ccar tax=E2=80=9D payable in t=
he first year after a vehicle is registered. Zero-emission vehicles will pay=
 =C2=A310, but there will be hefty increases for all other vehicles, with dr=
ivers of the most polluting vehicles facing a =C2=A35,490 bill. Rates after t=
he first year will rise with retail price inflation from April 2025. </p><p s=
tyle=3D"max-width: 100%;">Alcohol duty on most products will increase from Fe=
bruary in line with retail price inflation, while a temporary wine =E2=80=9C=
easement=E2=80=9D will also end, resulting in higher duty for wines with an a=
lcohol content above 11.5 per cent. However, duty on draught products will b=
e reduced in a concession to the hospitality industry, reducing the price of=
 an average pint by a penny. </p><p style=3D"max-width: 100%;"><em style=3D"=
max-width: 100%;">FT reporting team: Mary McDougall, Joshua Oliver, Alan Liv=
sey, Emma Agyemang, Rafe Uddin, Robert Wright</em></p></div></div></div><br i=
d=3D"lineBreakAtBeginningOfSignature"><div dir=3D"ltr"><div>Ekanem Etim-Offi=
ong&nbsp;</div><div><br></div>Sent from my iPhone</div></div></body></html>=

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