Those were the words of chancellor Rachel Reeves, speaking to BBC political editor Chris Mason on 30 October 2024. At that time, we had just been enlightened on a raft of impending tax changes, including around inheritance tax (IHT), a lower-than-feared capital gains tax hike, and employers’ national insurance hikes.
It was a seismic Autumn Budget, Labour's first in 14 years, intended to plug what had been described by those recently propelled into power as a £22bn "black hole". The headline of the budget for financial planners had to be pensions being brought into IHT's scope. Even as further clarity has emerged on what this will look like, shocks have continued to follow. The latest, confirmation from HMRC that IHT will indeed apply to pension pots of under 55s. This is a move that has been described as "brutal", with experts warning it could have the chilling effect of putting people off long term...
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