Original Broadcast: This is Money
There were a number of ways Kemi Badenoch could have tackled the much-hated issue of inheritance tax. The Tory leader could have promised to cut the rate, remove gifting allowances from the deep freeze, raise thresholds, or stop pensions being pulled into the net. Instead, she decide to announce family homes would be completely exempt under a Conservative government — and couples would still get to give away £1 million tax-free on top of that. Was that a good idea, or has Kemi just promised to make a bad tax even more complicated? Georgie Frost and Simon Lambert talk inheritance tax and, as well as looking at Kemi's plan, they discuss what you need to do to beat IHT now. Plus, the Lifetime ISA is on the way out but savers are still being stung with penalties. Will the new first-time buyer ISA be an improvement? In the stock market story of the week, Simon reveals why Tesco says it will be a less boozy Christmas. We explain how to get a free will and what you should consider putting in it. And finally, the new electric Jaguar has finally been revealed. It's very big, very fast and £120,000 — would you want one? Time stages: 01:07 – Kemi Badenoch’s inheritance tax plans; 08:25 – What can you do now to reduce an inheritance tax bill? 12:13 – The £3,000 gifting allowance and other gift exemptions; 17:06 – Gifting out of surplus income; 21:53 – Lifetime ISA penalties and the new First Time Buyer ISA; 29:41 – Stock Market Story of the Week: Tesco, GLP-1s and alcohol; 32:30 – Free Wills Month: why you need a will and how to get one free; 38:39 – Jaguar’s £120,000 electric gamble; 46:00 – Stat of the Week: families £2,900 worse off.
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Original Broadcast: Thought for the Week
Quids in — Quids out: last week HM Treasury published its annual savings statistics, including their assessment of 827,000 unclaimed Child Trust Funds as at 5th April. Allowing for unilateral transfers into Junior ISAs by account providers and another six months, the current total is now very close to one million — over £2 billion in value. But the big challenge is to get CTF accounts delivered to their low-income owners, whose accounts represent 60% of this value. The Share Foundation has thus far linked over 145,000 applicants, but there's still a long way to go. Please read their annual report, also published last week. Background music: 'Missing Persons' by Jeremy Blake
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Original Broadcast: This is Money
Could the personal allowance be raised to £15,570 in the Budget? That's the off-the-wall idea that emerged this week as a way of Labour nudging ahead if Andy Burnham called an early election. Georgie Frost, Simon Lambert and Lee Boyce discuss that and Simon's idea for how you could start to reform the tax system. In this episode: personal allowances, energy bills, buy-to-let and working from home, with the following timing: 2:01 — could the personal allowance rise to £15,570? 12:13 — How could Britain fix its tax system? 18:52 — Why are UK energy bills so high? 26:17 — Stock market story of the week: Airtel Money’s London listing 27:47 — Can landlords still make money from buy-to-let? 30:47 — Airbnb cameras: what are the rules? 35:55 — Working from home: is it time to get back to the office? and 45:45 — Simon’s stat. of the week: the rising cost of diesel.
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Original Broadcast: This is Money
NS&I has just boosted the Premium Bonds underlying rate again to its highest level in nearly two years. The odds of winning are better too, with more £50,000 and £100,000 prizes to boot. More than 22 million of us hold Premium Bonds but after years of being beaten by the best savings accounts, are they suddenly looking like a good option again? And why raise the rate at all? Lee Boyce, Georgie Frost and Helen Crane discuss. Imagine you bought a house years ago, pay your mortgage every month ... only to discover the Land Registry still hasn’t registered it in your name. It could mean you can’t remortgage and are subsequently out of pocket. We discuss a case where this happened, why, and a deluge of cases we are hearing about. Inflation is heading the wrong way again - up from 2.6% to 2.9% in July, largely thanks to higher energy costs. What does that mean for base rate? Energy bills are likely to head higher still, with forecasts of another rise price cap rise in October. Is it time to fix? And finally, plug-in solar panels can be legally sold from next week. But before we all rush out to buy them, we explain what you need to know.
Guests: Helen Crane
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Original Broadcast: Modern Mindset
New research by The Royal Mint suggests that many of us are feeling anxious about our finances, with concerns about global instability and the cost of living leading a third of us to reflect on the money we could have made from precious metals like gold and silver. Despite gold’s value rising by around 128% in the last five years, most people still keep their savings in a bank account rather than precious metals. Joining Rory McGowan to discuss the findings is Stuart O’Reilly from The Royal Mint.
Guests: Stuart O'Reilly
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Original Broadcast: This is Money
After years of stagnant sales and plummeting prices…is the housing market about to take off again? Lee Boyce, Helen Crane and Georgie Frost discuss what's going with property values and hunt for green shoots of recovery. Some of Britain's biggest banks are offering far better savings rates under different brands. We look at where the deals are hiding and how much more you could earn. Crane is back on the case — this time, she resolves a reader problem with an £11,500 heat pump. It left some rooms at just 12°C – and their energy bills went up. A-level results day was this week — do the younger generation need to go to university? We talk about the pressures facing school leavers and why a degree isn't the only route to a successful career, running through best apprenticeships and jobs that don't require a degree.
Guests: Helen Crane
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Original Broadcast: Modern Mindset
The summer can be truly exciting for families, with lots of extra time together and travel on the cards. But what about those operating from a two-house co-parenting model? Alternative parenting arrangements such as these can experience friction, disagreements, and even further dysfunction down the line. Joining Rory McGowan to discuss some new research exploring the issue is Daniel Ryan, a Family Law Solicitor.
Guests: Daniel Ryan
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Original Broadcast: The Financial Outlook for Personal Investors
If you'd like to help a child, grandchild, or other young person get started investing, you have a few options when it comes to the type of account to open. Starting this month, a new option is available: Trump Accounts. Fools Robert Brokamp and Joel O’Leary discuss the details, pros, and cons. Topics covered: eligibility and contribution limits for Trump Accounts, the tax advantages, including potentially converting them to Roth accounts, the drawbacks, limitations, and potential penalties if money is withdrawn before age 59 1/2. Also, the best use cases for Trump Accounts, and other types of accounts that might be more appropriate for the youngsters in your life. Host — Robert Brokamp; Guest — Joel O’Leary.
Guests: Joel O’Leary
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Original Broadcast: Modern Mindset
With a review of unmarried couples’ inheritance rights announced by the government, new research has revealed widespread confusion about what the current law actually says. Luckily, I’ve got the perfect guest to clear this up, though: Chief Legal Officer of Simpler Law, Helen Claydon, joins Rory McGowan to discuss.
Guests: Helen Claydon
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Original Broadcast: This is Money
Twice as many households could be forced to pay a new 'mansion tax', latest speculation suggests — the threshold may fall from £2 million to £1.5 million. That rumour comes with Andy Burnham expected to be Prime Minister before the end of the month. So, exactly who will be affected, which regions are most at risk and is the High Value Council Tax Surcharge fair? Georgie Frost and Lee Boyce discuss as more middle-class homeowners potentially face an annual bill, which won't be ring-fenced for local services. Also, the scourge of cowboy builders — trust in traders falls as millions grappled with shoddy home repairs in the past 18 months. How can you find a good tradesperson, and what are your rights if things go wrong? NS&I is in panic mode, as it is far below the amount required to meet its financial targets. As such, it has boosted rates across all products since April. Which ones should you open and which should you avoid?And lastly, the tricks to get you into VIP airport lounges for less this summer — even if you've booked economy.
Guests: Lee Boyce
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