That is why everyone says tax is the biggest scam in the world. It's the way you pay money to politicians to fill their pocket, pay for their kids lavish parties, education, even their businesses.
@@Sussex_Seagull only some descendants from farmers but pretty sure many landlords of farmers remember the very vast majority of the farmland in the uk is in very few hands. And anyways the weather s ucks so productivity it's extremely challenging not to mention the hard work and long hours
@@Lewis_Standing he can only hand his business down if his children work in it. His personal estate will be taxed normally. Remember big corporations don’t pay IHT
They think they will collect 40 billion ..... more tax raid next year ..... your employers will pass the cost on to its customers depending on the sector
Good old Labour - we won't tax working people...immediately put a tax policy in place which will indirectly impact working people in the form of lower wage growth, fewer jobs and higher prices. Excellent work.
@mikegolfwhiskey71 it's not indirect it is very direct at least on minimum wage and the very only thing it had to he done was to rise the minimum allowance at the very least inflation adjusted they do what freeze it till you death :? who knows what's between now that is needed and 2028 or whatever that's another very direct and painful way to collect money and very likely not the best just imo
@ChrisLee-yr7tz Well, the tories did, didn't they. They slashed everything to the bone. And yet, they still ended up raising taxes. It's almost as if it was a total waste of time and human suffering. And you want to do it again? We're in this position because the last lot did all the things you wanted. Doing it all over again isn't the answer kid
the only real tax that I wanted them to charge they haven't charged and that is exit tax, where large net worth individual can't just take all their money at once an leave.
Contractors working through umbrella companies will now be paying 15 percent employer NI. These aren’t only IT contractors earning six figures but includes call centre staff, supply teaches etc. many of these are on zero hours contacts.
Labour should tax the big corporates which earn billions, common man in the previous tax system is already high and they are struggling to meet ends needs.
I,m not a Farmer but the Govnt assumptions are miles off, eg a 500 acre Farm makes approx £60 k per annum, however in the south especially the Land and Farm machinery required to manage said Farm is approx £6 to £8 million so thats min 20% on £5 million tax balance so a tax debt of £1000000 payable off £60 k per annum wage the maths dont add up , Farms will close the Land sold to investors and turned into warehousing ect ….to go after the very people that put food on the table is beyond stupid!
This budget kills motivation for business owners, not good for the economy. Labour do not understand economics. Better to reduce costs, 3 billion on hotel costs for illegal migrants 2022-2023. 8 million a day!
Thank you for this very informative video, Kiran. You presented all the changes precisely and clearly - very helpful. Look forward to seeing more such videos from you. Best wishes, Amanpreet
What are they going to build with all this tax? Are they going to bring utilities and infrastructure back into public ownership? Or are we just going to get fucked harder next year and forever after with nothing to show for it? They have killed my ambition
They are giving it to illegal immigrants. 41k a year to keep in hotels. 100k year once they are on full benefits, housing etc. 49% muslim immigrants are on benefits so just a net drain on the country. The benefits system needs to be stopped for all but legitimate natural born citizens and only when they have validated health issues. Society should look after its sick, not its lazy!
I think the impact of IHT will feel wider than the percentages suggest. That is because in a couple, the first death will not result in a bill, but when the spouse dies then IHT may be incurred. (So 50% of larger estates appear not to attract attract IHT even if the assets ultimately get caught by IHT).
Thanks for your videos. Decided to open an ISA account after the budget.What are your thoughts on the 170 paged document 'Technical consultation-Inheritance Tax on pensions:liability.reportng and payment ' published by HMRC on 30 October 2024 and on GOV UK website,Pls? Would you be creating videos on 'Annex A : Case Studies 1 to 7' and 'Part 5:Summary Of Consultation Questions ' and of course,the three examples in Part 2 of the same document,Pls?Also, Would you and other finance content creators be sending email/written responses to Assets,Residence and Valuation team, HMRC on behalf of the populace?
I'm pretty young and just started my portfolio with around $80K. Dividends drew me in right away! Slowly trying to create significant passive income and manage my Stock Portfolio. how do I invest to deal with markets ups & downs?
Having an investment advisor is the best approach to the stock market right now. I was going solo without much success until my wife introduced me to an advisor.
Caroline Suzan Olson is the licensed CFP I use, and I'm just putting this out here because you asked. You can just search the name. You'd find necessary details to work with to set up an appointment.
@@uwerathsackThanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
@@KiranKaurFinance I live abroad and keeping up with all the latest is very important for me. I like your straight forward shows, factual and useful for all of us. Keep it going 😊Thank you!
Good video. Perhaps you could ask TH-cam to do a better job at keeping your Comments thread clear of the scammers. I've reported two of them. The Budget? Economy-harming. The increased tax take will be wasted.
Thanks for the last point about still paying IHT even if one has left the UK for less than 10 years. Yet ,did I understand you correct that even if my son is living abroad for more than 20 years he still would need to pay IHT on my 2 London flats?
IHT is the most unjust tax. Part of it is tax on taxed assets, like savings which have already been taxed but still under IHT. It even may tax on losses. For example, if you own a property at a loss, still need to pay IHT on the balance (outstanding value) of the property. Here assume that already above the threshold. Should abolish IHT and use capital gain tax. On death, calculate the gain of all assets based on the market value and tax accordingly on any gain. IHT would not hurt the rich much because they have experts to advise them on how to lower or avoid the IHT. It hurts the middle class most. With the property price so high now, especially in London, the threshold can be crossed easily.
8%seems like a very low estimate 😅. Seems more like the richest generation isn't going to be allowed to pass down the money to easily. This left feels very unleft. And like they think money is gold standard still.
Same here., I strongly agree that the Bitcoin ETFs approval will be greatly life opportunity for us, with my current portfolio of $102,500 from my investments with my personal financial advisor Steve Miley I totally agree with you😊
YES!!! That's exactly his name (Steve Miley) so many people have recommended highly about him and am just starting with him from Brisbane Australia...🇦🇺
Labour didn't increase CGT rate enough. The increase is like chicken feed. Why not equalise CGT rate with Income tax rate for tax equity. Or maybe they should have raised the lower rate to 20% from 10% rather than 18%, and the higher rate to 30% from 20% rather than 24%. 4% increase on the higher rate isn't enough, it's chicken feed increase. And as for the employer NI, it's ok that they raised the rate to 15%, but they should have left the threshold to £9100, rather than lowering it to £5000.
I disagree, what hasn't been discussed is the tax free capital gains tax allowance has been significantly cut down over the years. We all need to invest or we're just getting poorer day by day
Unlike other countries, UK has no ANNUAL property tax. (Council tax is not a property tax) That's why buying second, third or fourth properties are still too advantages. Stamp Duty for second home could be added mortgage amount and renters would pay it. Young generation is less likely to buy a property, but mid and old ones have multiple.
for those complaining about the 3B spent on ilegal immigrants costs what you say about the 100B on national debt interests paid in a year :? just out of interest
Yes.... we could have had bigger increases to capital gains tax.... don't worry.... we probably will because this is only the first budget of this government .......... the lions haven't stopped feeding!
40bn… much of which will go to Ukraine and other lost causes! No growth… fewer jobs… tax on taxed money, taxed savings for people’s futures… higher costs… wtf
What?! UK inheritance tax on world wide assets ? So, Spain wants tax ,france wants tax etc ,so all inheritance will be taxed and gone and might end up owning money 😅 suppose uk wants 45%,france 40% and spain 20% . 105% tax ,lol.
No it doesn’t work like that.. if they die in England and are registered in England then they pay uk IHT on world assets.. But if they’re non resident in England at time of death they don’t pay UK IHT..
Employers NI is a deductible payroll cost to employers so Corporation tax will be much lower. 25 billion increase NI reduces CT by 6.25 billion. I don't think tax revenues will rise significantly
@BillyTheKid-l5j once national insurance minimum amount lowers the chunk for the percentage increases so it's a fallacy the employee will not pay our payslip has been updated hours before the wed announcement and we're losing I guess what will be compensated next april by the wage rise I'm talking minimum wage here which btw most millennials would freak out if knew how recent that has been in place
@BillyTheKid-l5j the part of immigration that nobody talks about I'm afraid brexiters are not very literate about how the pension systems work and that one worker can't pay for two pensioners it's the other way around where that worker is from ain't the issue as long as there's somebody actually working being tick tockin or whatever makes an income and it's not organised crime although there's a thin line nowadays between that and so called gov
Tax = nhs, roads, courts, justice, schools etc. How much trouble are the country’s finances in when most money is going to US-based companies such as deliveroo, uber, airbnb… who pay no tax to us. Daylight robbery and we are fighting over a few scraps.
And how much if this extra money will be funnelled into free housing, healthcare, etc for illegal migrants, that the UK/Europe are determined to bring in?
The comment around income tax thresholds is not accurate. The tax threshold freezes were introduced by the Conservative government, not Labour. Labour just didn't change them.
xactlly call it relay doesn't matter still responsable I didn't know that detail if true either thanks for sharing it's a shame if that's the case they didn't adjust it to inflation to the very least when they could, and can do
That is why everyone says tax is the biggest scam in the world. It's the way you pay money to politicians to fill their pocket, pay for their kids lavish parties, education, even their businesses.
Obviously no farmers in the govt.....but as Bill Gates and Starmer had a meeting last month I think the agenda is clear.
@@Sussex_Seagull only some descendants from farmers but pretty sure many landlords of farmers remember the very vast majority of the farmland in the uk is in very few hands. And anyways the weather s ucks so productivity it's extremely challenging not to mention the hard work and long hours
@@gofiodetrigo8756utter rubbish
Yes to tax billionaires like Dyson buying up farmland as a tax avoidance scheme.
@Lewis_Standing Dyson is actually doing a good thing have you actually seen what he's up to :?
@@Lewis_Standing he can only hand his business down if his children work in it. His personal estate will be taxed normally. Remember big corporations don’t pay IHT
They think they will collect 40 billion ..... more tax raid next year .....
your employers will pass the cost on to its customers depending on the sector
Good old Labour - we won't tax working people...immediately put a tax policy in place which will indirectly impact working people in the form of lower wage growth, fewer jobs and higher prices. Excellent work.
@mikegolfwhiskey71 it's not indirect it is very direct at least on minimum wage and the very only thing it had to he done was to rise the minimum allowance at the very least inflation adjusted they do what freeze it till you death :? who knows what's between now that is needed and 2028 or whatever that's another very direct and painful way to collect money and very likely not the best just imo
Any other suggestions as to how they should raise the money then?
@@tortozza Spend less instead. We had the highest tax burden in 70 years even before they came into government. Their answer? Tax even more.
@@tortozza windfall tax on energy companies. reduce bonuses and fine water companies who are wrecking our waterways
@ChrisLee-yr7tz Well, the tories did, didn't they. They slashed everything to the bone. And yet, they still ended up raising taxes. It's almost as if it was a total waste of time and human suffering.
And you want to do it again?
We're in this position because the last lot did all the things you wanted. Doing it all over again isn't the answer kid
the only real tax that I wanted them to charge they haven't charged and that is exit tax, where large net worth individual can't just take all their money at once an leave.
Contractors working through umbrella companies will now be paying 15 percent employer NI. These aren’t only IT contractors earning six figures but includes call centre staff, supply teaches etc. many of these are on zero hours contacts.
Umbrella companies should be illegal
Labour should tax the big corporates which earn billions, common man in the previous tax system is already high and they are struggling to meet ends needs.
I,m not a Farmer but the Govnt assumptions are miles off, eg a 500 acre Farm makes approx £60 k per annum, however in the south especially the Land and Farm machinery required to manage said Farm is approx £6 to £8 million so thats min 20% on £5 million tax balance so a tax debt of £1000000 payable off £60 k per annum wage the maths dont add up , Farms will close the Land sold to investors and turned into warehousing ect ….to go after the very people that put food on the table is beyond stupid!
Labour and the press keep telling us Rachel reeves was ex Bank of England. What they don’t tell you is she was a junior clerk and not too bright😂
The issue is there is no "British Dream" while America has "American Dream". In the UK people just accept the bad wages and bad economy.
No America dream there either.
Dream on. .just don't become ill in USA .
@Les-i7e you are right, America dreams
A small one no one has mentioned is for company owned vehicles making twin cab pickup trucks company cars to steel my basic tax allowance.
This budget kills motivation for business owners, not good for the economy. Labour do not understand economics. Better to reduce costs, 3 billion on hotel costs for illegal migrants 2022-2023. 8 million a day!
@@AngliaDecor the ones making the invoices for those hotel costs I don't think they're mad about it
This is the first time EVER that a Chancellor is actually qualified in economics...
@@hrhpauland what a disaster it is …… never had a real job.
Thats nothing your government sending billions and billions to ukraine and israhell😂😂
All by design
Its loads of tax on inflation, which isnt wealth increase.
Thank you for this very informative video, Kiran. You presented all the changes precisely and clearly - very helpful. Look forward to seeing more such videos from you. Best wishes, Amanpreet
What are they going to build with all this tax? Are they going to bring utilities and infrastructure back into public ownership? Or are we just going to get fucked harder next year and forever after with nothing to show for it? They have killed my ambition
They are giving it to illegal
immigrants. 41k a year to keep
in hotels. 100k year once they are on full benefits, housing etc.
49% muslim immigrants are on benefits so just a net
drain on the country. The benefits system needs to be stopped for all but legitimate natural born citizens and only when they have validated health issues. Society should look
after its sick, not its lazy!
You'll own nothing and be happy. Kier Starmer only following the pre-approved agenda
My employer has told us they are reducing our working hours next year
Very informative and well explained. Thank you very much.
Politicians must pay
The way the BoE has reacted shows how corrupt the entire system is.
Putting up employers' NI means less funds for pay rises, research, investment and growth.
Labour really are a bunch of clueless idiots.
Cost push inflation after we have struggled to reduce over last year
If you have been hit with one or more of these tax hikes, you are considered rich according to the labour government.
I think the impact of IHT will feel wider than the percentages suggest. That is because in a couple, the first death will not result in a bill, but when the spouse dies then IHT may be incurred. (So 50% of larger estates appear not to attract attract IHT even if the assets ultimately get caught by IHT).
This is an interesting point - thanks for sharing
Thanks for your videos. Decided to open an ISA account after the budget.What are your thoughts on the 170 paged document 'Technical consultation-Inheritance Tax on pensions:liability.reportng and payment ' published by HMRC on 30 October 2024 and on GOV UK website,Pls? Would you be creating videos on 'Annex A : Case Studies 1 to 7' and 'Part 5:Summary Of Consultation Questions ' and of course,the three examples in Part 2 of the same document,Pls?Also, Would you and other finance content creators be sending email/written responses to Assets,Residence and Valuation team, HMRC on behalf of the populace?
Meanwhile our services are a total joke.
Pay tax for the weapons ?
I'm pretty young and just started my portfolio with around $80K. Dividends drew me in right away! Slowly trying to create significant passive income and manage my Stock Portfolio. how do I invest to deal with markets ups & downs?
It's wise to seek expert assistance when beginning your financial portfolio. market is volatile, so professional guidance is so important.
Having an investment advisor is the best approach to the stock market right now. I was going solo without much success until my wife introduced me to an advisor.
Hey friend, How can I work with your Fiduciary?
Caroline Suzan Olson is the licensed CFP I use, and I'm just putting this out here because you asked. You can just search the name. You'd find necessary details to work with to set up an appointment.
@@uwerathsackThanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Is it true that private schools once registered for VAT will be able to claim backdated up to 4 years of VAT paid on goods bought?
Thanks for sharing, I understand that road tax will be doubling as well, no one is talking about it, so not sure if it’s true.
are you sure about that?
The OBR are wrong; I run a small business and 0% will be absorbed.
Thank you for the very informative video and keeping us up to date. Enjoy your show very much...
I'm glad this was helpful, thanks for watching
@@KiranKaurFinance I live abroad and keeping up with all the latest is very important for me. I like your straight forward shows, factual and useful for all of us. Keep it going 😊Thank you!
Why didn't the stock market crash? Like Truss budget?
Good video. Perhaps you could ask TH-cam to do a better job at keeping your Comments thread clear of the scammers. I've reported two of them.
The Budget? Economy-harming. The increased tax take will be wasted.
Hear hear
Thanks for the last point about still paying IHT even if one has left the UK for less than 10 years. Yet ,did I understand you correct that even if my son is living abroad for more than 20 years he still would need to pay IHT on my 2 London flats?
IHT is on the dead, not on the recipient. Tax is paid out from the assets of the dead. So it is whether you are under IHT, not your son.
IHT is the most unjust tax. Part of it is tax on taxed assets, like savings which have already been taxed but still under IHT. It even may tax on losses. For example, if you own a property at a loss, still need to pay IHT on the balance (outstanding value) of the property. Here assume that already above the threshold.
Should abolish IHT and use capital gain tax. On death, calculate the gain of all assets based on the market value and tax accordingly on any gain.
IHT would not hurt the rich much because they have experts to advise them on how to lower or avoid the IHT. It hurts the middle class most. With the property price so high now, especially in London, the threshold can be crossed easily.
8%seems like a very low estimate 😅. Seems more like the richest generation isn't going to be allowed to pass down the money to easily. This left feels very unleft. And like they think money is gold standard still.
I'm favoured financially with Bitcoin ETFs approval, Thank you buddy.$28,600 weekly profit regardless of how bad it gets on the economy.
Same here., I strongly agree that the Bitcoin ETFs approval will be greatly life opportunity for us, with my current portfolio of $102,500 from my investments with my personal financial advisor Steve Miley I totally agree with you😊
YES!!! That's exactly his name (Steve Miley) so many people have recommended highly about him and am just starting with him from Brisbane Australia...🇦🇺
The very first time we tried, we invested $1000 and after a week, we received 4500. That really helped us a lot to pay up our bills.
This sounds so good and i would like to be a party to this, is there any way i can speak with him?
Thanks for the update I'll get in touch with him right now😊
so they are taxing the poor again only indirectly
Labour didn't increase CGT rate enough. The increase is like chicken feed. Why not equalise CGT rate with Income tax rate for tax equity. Or maybe they should have raised the lower rate to 20% from 10% rather than 18%, and the higher rate to 30% from 20% rather than 24%. 4% increase on the higher rate isn't enough, it's chicken feed increase.
And as for the employer NI, it's ok that they raised the rate to 15%, but they should have left the threshold to £9100, rather than lowering it to £5000.
I disagree, what hasn't been discussed is the tax free capital gains tax allowance has been significantly cut down over the years. We all need to invest or we're just getting poorer day by day
@mdabu486 Ideally the threshold/allowance and rate of CGT should be equalised with Income Tax for tax equity.
Unlike other countries, UK has no ANNUAL property tax. (Council tax is not a property tax) That's why buying second, third or fourth properties are still too advantages. Stamp Duty for second home could be added mortgage amount and renters would pay it. Young generation is less likely to buy a property, but mid and old ones have multiple.
Stamp duty??
We left the EU for a reason. And should not compare their taxes to ours.
So lady advisor explain why they need so much money for?
for those complaining about the 3B spent on ilegal immigrants costs what you say about the 100B on national debt interests paid in a year :? just out of interest
Shush poor people and foreigners are the problem not fractional reserve banking and the political (parasite) class
Yes.... we could have had bigger increases to capital gains tax.... don't worry.... we probably will because this is only the first budget of this government .......... the lions haven't stopped feeding!
The lions are just eating the starter!
They are starting to lick their lips at the main courses!
Change your code to UTIN tax code state is running a racket upon all
They want farm lands. They changing all of the laws which ever way they like it. That means we can change them too.
Inheritance tax is evil for all people first line of family kids should never pay any bul... S inheritance tax! All governments are evil
40bn… much of which will go to Ukraine and other lost causes! No growth… fewer jobs… tax on taxed money, taxed savings for people’s futures… higher costs… wtf
tax on top of tax on top of tax
Lovely clear explanation as always.
Thank you for watching!
Kept their promise its just deception!!
What?! UK inheritance tax on world wide assets ? So, Spain wants tax ,france wants tax etc ,so all inheritance will be taxed and gone and might end up owning money 😅 suppose uk wants 45%,france 40% and spain 20% . 105% tax ,lol.
No it doesn’t work like that.. if they die in England and are registered in England then they pay uk IHT on world assets..
But if they’re non resident in England at time of death they don’t pay UK IHT..
Employers NI is a deductible payroll cost to employers so Corporation tax will be much lower. 25 billion increase NI reduces CT by 6.25 billion. I don't think tax revenues will rise significantly
Tax The Rich (£10 mill and above)
Great video if I was to buy btc and never sell it will I be taxed? Regards uk slave.
Businesses have become greedy with mega profits and big dividends. As an activist i and others will fight to get a fair pay deal.
this coumtry is cooked.
Kiran, you know prev govt introduced frozen tax bands (fiscal drag), not new one.
Yes that's right, the labour Gov chose not to 'unfreeze' the tax bands in this budget. Sorry that wasn't clear
I'm already paying
You not kidding !
@BillyTheKid-l5j once national insurance minimum amount lowers the chunk for the percentage increases so it's a fallacy the employee will not pay our payslip has been updated hours before the wed announcement and we're losing I guess what will be compensated next april by the wage rise I'm talking minimum wage here which btw most millennials would freak out if knew how recent that has been in place
@gofiodetrigo8756
According to gov figures millennials won't retire as there will be no state pension + other disadvantages !
@BillyTheKid-l5j wars are paying pension funds as we speak so yes dunno how but some biz models need some readjustment I'm afraid or else...
@BillyTheKid-l5j the part of immigration that nobody talks about I'm afraid brexiters are not very literate about how the pension systems work and that one worker can't pay for two pensioners it's the other way around where that worker is from ain't the issue as long as there's somebody actually working being tick tockin or whatever makes an income and it's not organised crime although there's a thin line nowadays between that and so called gov
Tax = nhs, roads, courts, justice, schools etc. How much trouble are the country’s finances in when most money is going to US-based companies such as deliveroo, uber, airbnb… who pay no tax to us. Daylight robbery and we are fighting over a few scraps.
And how much if this extra money will be funnelled into free housing, healthcare, etc for illegal migrants, that the UK/Europe are determined to bring in?
i habe never claimed any benefits during my 25 yr employment in the uk. i will now make sure i claim every benefit possible
The comment around income tax thresholds is not accurate. The tax threshold freezes were introduced by the Conservative government, not Labour. Labour just didn't change them.
Yes that's right, labour chose not to change the thresholds! Sorry that wasn't clear
xactlly call it relay doesn't matter still responsable I didn't know that detail if true either thanks for sharing it's a shame if that's the case they didn't adjust it to inflation to the very least when they could, and can do
There should be tax equality between wealthy and working people. Wealthy are still paying less tax as a percentage of their income.
No they don’t…..