Hello Money to the Masses, thanks for this great video! Could you please provide a list of best bank accounts for those starting a small business? Thank you!
Hi Damian, it’s the DB pension thorn in your side again 😂. You mentioned a possible budget target might be capping the tax-free allowance to say £100k for DC pensions. I know it’s all speculation atm, but d’you think if the Chancellor does go here she might also cap NHS DB pension, tax-free amounts? Excellent podcast 👍🏻
Some of my guesses guesses (and they are speculation, no one outside of government knows until the budget)- 1) I don't think that the tax-free lump sum from pensions will be changed. If they do this a lot of people over 55 takes all of their tax free some in one go, what will this do to the bond and stock markets? The pension providers would certainly be hit. I expect Pensions to be classified as part of an individuals estate. 2) When inflation spiked a few years ago, there was a temporary 5p reduction in petrol Duty, this may be reversed. 3) There are 8 council tax bands. This has not changed since 1991. In parts of London, a three bedroomed house may be in the same tax bracket as a Mansion with several acres of land. Maybe this will be reviewed with one or more higher tax bands for more expensive properties added.
