Original Broadcast: This is Money
Britain is suffering from an epidemic of people who are theoretically rich saying that they don't feel flush at all. If you're a higher-rate taxpayer on more than £50,000 then you are up in the top chunk of the country's earners, but chances are that unless you are well into six figures you don't feel particularly wealthy. Even many of those on £100,000-plus complain that they aren't comfortably living the lifestyles they expected when they dreamed of that kind of money. So, what's going on, what income does it take to make someone rich, does wealth matter more, or is it all to do with how much you have going out? As This is Money launches a new calculator that tells you how you compare, Georgie Frost, Lee Boyce and Simon Lambert discuss the state of the nation's incomes. Also, where are the best places to retire to and how does Britain score, how hard is it to take your mortgage with you when you move and are EPCs a swizz. Plus, listen to Lee speak to Ross Kemp for a special 'Me & My Money' interview.
Published:
Original Broadcast: This is Money
It’s September, it’s back to work, back to school and back to mild chaos. This week saw a delayed Budget announced, with a raft of speculation that will only mount over what bad news that could mean, Deputy Prime Minister Angela Rayner forced to quite after underpaying stamp duty to the tune of £40,000, and long-term UK borrowing costs hit the highest level in 27 years. So, what on earth is going on? And aren’t we in the phase of the plan to get Britain’s economy back on track where things meant to be getting better not worse? Georgie Frost, Lee Boyce and Simon Lambert do their best to keep the politics out of it while discussing the Budget, the stamp duty row and the gilts wobble. They explain what this all means for the UK’s national finances and our personal finances and look at whether things could really be about to improve. Plus, should the biggest take away from the Angela Rayner stamp duty situation be that it’s a terrible tax that needs to be reformed so bills are slashed for all, as soon as possible? And finally, if your pre-booked Uber fails to turn up, you miss a flight that the airline dragged forward by half a day, and end up paying £475 for new flights, should you be able to get someone other than you to foot the bill?
Published:
Original Broadcast: This is Money
We’re still a couple of months away from the Autumn Budget, but already the rumour mill is in overdrive. But while pensions, inheritance and even cash ISAs have taken the spotlight in the past year, this week, a new tax target has emerged ... property. Helen Crane, Lee Boyce and Georgie Frost look at the wild ideas being bandied about when it comes to reform on how we pay tax on homes. The Treasury shut down the idea of a ‘seller tax’ on homes above £500,000, but other plans appear to be on the table. This includes an annual property tax to replace stamp duty, replacing council tax with an annual local tax based on property values and a potential ‘mansion tax’ — AKA, levying a capital gains tax bill on properties sold over a certain value. Elsewhere, we warn over the rise of a sophisticated deepfake scam involving well-known investment gurus — and how people were ensnared into a 'pump and dump' ruse. We investigate the airport currency rip-off. Sure, most of us know we’ll get a poorer rate by leaving it until the last minute, but did you know the sneaky tricks being used? And, sticking with the holiday theme, Lee transports you to the brocantes of France… and talks through the stats that show we have no idea how to tip abroad.
Guests: Helen Crane
Published:
Original Broadcast: This is Money
While the average household pays £16,700 in direct tax on income, our audit shows this is just the tip of the iceberg. We all pay a multitude of other taxes, from air passenger duty to environmental levies on our energy bills. Lee Boyce, Simon Lambert and Georgie Frost discuss what the total sum is - and that our tax rate is more like 57%. And tax rises don't always bring in more cash for the Treasury coffers. As the Government weighs up introducing yet another tax — this time a wealth tax — we explore why despite the allowance being slashed the capital gains tax take is down and what it means for the Chancellor's plans. How much you need to feel wealthy in different areas of Britain? Does £1 million still cut it? The six burning questions everyone is asking financial advisers right now… and their expert answers. And we answer a reader query: 'Could I give £250 gifts to 400 people who then pay them to my daughters to beat inheritance tax on £100,000?'
Published:
Original Broadcast: This is Money
Georgie Frost, Simon Lambert and Lee Boyce consider how your money has been impacted by the first 12 months of the Labour Government: the good, the bad and the ugly. It's now looking almost inevitable that the limits on Cash ISA investment will be cut, and the team look ahead to the prospect of more tax rises on the way. Meanwhile, the IFS plans to sort out the state pension, and they discuss a key question for those looking to move home: what's putting people off buying your house?
Published:
Original Broadcast: This is Money
Tax is an increasingly taxing subject for many people who feel hard done by as Britain’s complicated system catches them out. From quirks of the system, such as the 60 per cent tax trap and child benefit removal, to the childcare cliff edge, frozen thresholds, and pensions soon to be dragged into inheritance tax, there’s a whole host of things to drive us mad. And, it’s getting worse. The Tories and now Labour have both chosen to ratchet up the things that trip people up to raise money, rather than sort out a tax system that most economists say is a total mess. So how far would you go to avoid your personal tax raid? And is tax changing people’s behaviour? Lee highlights how. Georgie Frost, Lee Boyce and Simon Lambert dive into how the British tax tail is wagging the dog. Plus, as the Switch 2 arrives and the video game industry goes from strength to strength, should you invest in video game firms? How much do you need for a comfortable retirement – and what does that get you? And finally, you put up an eight foot fence for privacy, your neighbour has gone from non-plussed to threatening to call the council over a planning breach, what do you do? The team have some answers. Are we allowed an eight foot fence? Our neighbour says we've broken planning rules.
Published:
Original Broadcast: This is Money
What would you do with a £50,000 windfall? Exclusive research shows that many people would be too nervous to invest it. Georgie Frost, Simon Lambert and Lee Boyce discuss this, and they draw your attention to the pension inheritance tax trap. They also consider the leaked plot to raise taxes still further and the winter fuel payment u-turn. Simon speaks with the CEO of regulator OFGEM, and finally — Mastercard are to pay out £100m to their customers. Could this include you?
Published:
Original Broadcast: This is Money
Technically, £100k annual earnings would meet the 'rich' definition, but many would say 'no'. Simon Lambert and Georgie Frost discuss with a psychologist how to address this vexed question. Also, following the new energy tariff changes, should you fix or not fix? And finally, Carol Knight explains why reducing the tax benefits on Cash ISAs will not make more people buy shares.
Guests: Carol Knight
Published:
Original Broadcast: This is Money
More than a million people switched current account last year — the second time it has ticked over the 1m mark. So, who is winning the switching battle and is it all driven by people chasing a quick and easy buck from banks? Lee Boyce and Georgie Frost dive into the data and also look at why you might not be rich enough to bank with HSBC anymore — if you want its exclusive account. The Government rules out forcing businesses to accept cash — is that a smart move? Need help with your tax return? HMRC slammed for poor customer service record via the telephone, is all the criticism justified? And your next car insurance quote might just be significantly lower, as Lee sees a huge drop with an auto-renewal that had him smiling from ear-to-ear.
Published:
Original Broadcast: This is Money
There's a spike in 30-year mortgages at present — does this rise in ultra-long mortgages, extending into retirement for many people, just store up problems for the future? Georgie Frost, Simon Lambert and Lee Boyce discuss this, and: are dazzling LED headlights about to be banned? Also, an iPhone 14 ordered from Tesco is delivered as a toy! Plus, we've all heard about high earners in England suffering excess taxation, but is it worse in Scotland?
Published:
