Odd system, it is odd because it rewards them for keeping their money outside the uk, which we think is the opposite of what we should do. What has changed with that . What has changed with that . What has changed is that any weird concept of domicile has been abolished, there will be a simple definition based on how many years you have been resident in the uk, which is sensible, and a complete exemption from tax on the foreign assets of someone who has recently arrived in the uk, which is simpler, and i think federer. It will only last forfour years. For a last for four years. For a professional person arriving to the uk from abroad gives the four years in which they can sort their Foreign Affairs and learn to live in the uk, but it is much less useful for the very wealthy. We have got jake here who has written and, as a young person, soon to on slightly above average income, what are the longer term effects of the budget, will i be better off . I will come to the longer term peace in
Vaping products will come in october 2026 and the existing tax on tobacco will increase. The chancellor says thats in order to maintain the financial incentive to choose over smoking. Windfall tax on the profits of energy firms draw will be extended into 2029 even that was previously scheduled to end in 2028. Increase in flight duty for Business Class tickets, non dom tax free dream on People Living overseas and didnt that it will be replaced with new rules from april 2025. Bigger picture the uk economy now. The obr, office of budget responsibility predicts the economy is going to grow and add 1. 9 we are currently on a technical recession. Inflation rate forecast to fall below 2 target this year but the underlying debt. But the underlying debt, excluding Bank Of England debt, is forecast to be 91. 7 of gdp this year, rising to 92. 8 next year. The government also kept a freeze on alcohol duty, there is a lot to chew over and we have tried to bring up to date on the main headlines but
Announcements from the budget starting with tax. The chancellor has announced that National Insurance will be cut by another 2p. He says the cut which will begin next month is worth £450 a year for each worker. Mr hunt also announced. 0n taxes there will be a new tax on vaping products that will start in october 2026. The chancellor says thatis october 2026. The chancellor says that is to maintain the financial incentive to choose vaping over smoking. The chancellor finished his statement by Attacking Labour for the economy. We statement by Attacking Labour for the economy the economy. We today put this country back the economy. We today put this country back on the economy. We today put this country back on the the economy. We today put this country back on the path the economy. We today put this country back on the path to the economy. We today put this | country back on the path to lower taxes. Allowed to grow the economy versus no plan. A plan to Better Public Services versus no p
British ice are tax Free Allowance to invest in uk listed companies. British isa tax Free Allowance. Moving on to the uk economy. The Office For Budget Responsibility predicts uk economy will grow by 0. 8 this year and 1. 9 next year. The uks Inflation Rate is also forecast to fall below 2 target this year. But the underlying debt, excluding Bank Of England debt, is forecast to be 91. 7 of gdp this year rising to 92. 8 next year. The government also kept a freeze on alcohol duty, which had been due to end in august, which will now continue until february 2025. There will be a new tax on vaping products to start in october 2026, and the existing tax on tobacco will increase. The chancellor says is in order to maintain the financial incentive to choose vaping over smoking. 0n transport and energy, the government has frozen the fuel duty again and kept the 5p cut in fuel duty on petrol and diesel, due to end later this month for another year. A windfall tax on the profits of energy firms,
Hello there, welcome to newcastle, on the Dayjeremy Hunt delivered his budget, in what is almost certainly, a general election year. Were on the citys Iconic Quayside Overlooking the magnificent river tyne, an area steeped in industrial history, and weve been gauging reaction, to the chancellors plans. Among todays annoucements, the government is to cut National Insurance, by 2p in the pound for employees and the Self Employed. Full Child Benefits will be paid to households, where the highest earning parent, is getting up to £60,000. The current limit is £50,000. And, the non dom tax regime, for uk residents whose permanent home is overseas, is to be replaced with new rules, from april next year. Well, the office for budget responsibility, says the average tax payer, is going to pay more in the coming years. It predicts 37 pence of every pound will go in tax by 2029, which would be the highest level since 1948. While the government says public spending on some services will rise by 1