0:00
well we have promised a consequential
0:01
budget and we got it today as the
0:03
chancellor Rachel Reeves unveiled 40
0:05
billion worth of tax Heights in her
0:08
first outing as Chancellor there had
0:10
been weeks of speculation surrounding
0:12
the government's fiscal plans after
0:14
Reeves claimed a spending order had
0:16
Unearthed a fiscal black hole of 22
0:19
billion so what was in the budget to
0:22
fill that home which taxes have been
0:25
lifted well that 40 billion pound figure
0:27
marks the second biggest tax Rising
0:29
budget in history forecast to take the
0:31
country's tax burden to its highest
0:33
level since records began with a series
0:36
of sweeping charges across the economy
0:39
this includes increasing national
0:41
insurance tax for employers this is the
0:43
the big Revenue Razer in this
0:45
announcement and will make up around 25
0:48
billion of that total 40 billion pound
0:51
figure we've had an increase in capital
0:53
gains tax reveal today the lower rate of
0:55
capital gains tax moving from 10% to 18%
0:58
and the higher rate moving from 20% to
1:01
24% this was however someway below some
1:05
of the worst fears over the past few
1:06
weeks there was talk at one stage of
1:08
that rate nearly doubling to 39% Rachel
1:11
Reeves did also unveil a sweeping
1:13
overhaul of the inheritance tax regime
1:16
today and an easing of some exemptions
1:18
to that charge the headline change there
1:20
we'll see inherited pension pots subject
1:22
to inheritance tax from April 2027 as
1:26
well as the closing of various loopholes
1:28
which ministers are hoping will raise
1:30
around two billion pounds for the
1:32
treasury there was however a slight sigh
1:34
of relief in the city as the chancellor
1:36
revealed she would not entirely scrap an
1:39
exemption for London's junior stock
1:41
market aim where shares currently enjoy
1:43
exemption from inheritance tax the
1:46
contentious non-dom status which gave
1:48
foreign Nationals favorable tax
1:50
treatment has also been ditched as labor
1:52
did promise in its election Manifesto
1:55
and we've also seen reforms to the way
1:57
that profits made in the private Equity
1:59
sector are taxed as well this all came
2:01
alongside a number of other Revenue
2:03
raises across the economy including a
2:04
new levy on Vapes rise in smoking Duty
2:07
and a much anticipated 20% vat charge on
2:11
private school fees from January 2025 it
2:15
hasn't all been tricks though in this
2:16
Halloween budget Reeves did promise a
2:18
few treats as well the chancellor
2:20
revealed she will not extend a freeze on
2:23
income tax threshol announced by the
2:24
previous government these will now end
2:26
in 2028 to 29 and will be uprated in
2:29
line with inflation after that and what
2:32
she said was a bid to protect working
2:34
people the chancellor announced a 6.7%
2:37
minimum wage increase to 12221 an hour
2:41
£1.8 billion was also set aside to
2:44
compensate those affected by the
2:46
infected blood Scandal and 1.8 billion
2:49
for victims of the post office Horizon
2:51
Scandal an increase on fuel Duty next
2:54
year has been ruled out with reev saying
2:56
it would be the wrong choice for working
2:58
people she has instead EXT extended the
3:00
freeze foure and will maintain the last
3:03
government's 5p cut and in a welcome
3:05
surprise for punters at the pub Rach
3:07
Reeves said she'll be cutting the duty
3:10
on draft beer by 1.7% saying it would
3:12
lead to a penny off the Pint at the pub
3:15
here at CM we'll be trolling through the
3:17
budget over the next few days to bring
3:19
you extensive coverage and Analysis of
3:21
all the latest announcements and what
3:23
they mean for you head over to cm.com
3:25
for more this video is brought to you by
3:28
RBC Wealth Management ideas happen here
