Budget 2024 Live Q&A

[@dmitryanisimov2675]

Much appreciated Pete, really useful, condensed and straight to the point. I must say its the only video which I couldn't watch at 1.25X speed - so many details and things to absorb. Get well soonest!

[@leighrichardson9950]

This video is brilliant. Thank you Pete. Please make more!

[@kimchaloner3394]

❤❤❤ This was incredibly helpful and interesting… thank you!

[@mark_just_mark]

Thanks Pete, thanks Nick...!!! 👍

[@stephaniestrachan8777]

Thanks for your time and knowledge Pete, really appreciated.

[@PeterLudwig1]

Great effort Pete, thankyou!

[@lavayuki]

Thanks so much for this! Your lives are super helpful!

[@DismalScience]

Pete, thank you so much for battling your illness and making time for us. Listening, it struck me to wonder how many highly paid people the BBC employs to make their completely useless Money Box ‘personal finance’ programme. Whereas, here you are, feeling crap, in a hotel room on your own, producing the exact content that people really need to know. Thanks again!

[@danspencer6840]

Brilliant mate thank you for this! Please do more of them as my partner has been asking me if you covered national insurance contributions changes for a sole trader who works freelance. She’s wondering if she is affected by the budget but I’ve not been able to work it out from reading the paper. Maybe one for the next video! Get well soon ❤

[@kevinrichards6506]

Thanks Pete. Great video 👍

[@SimonHutson]

Thanks Pete. I hope you get well soon.

[@petearmstrong2778]

Great coverage from a sick man - get well soon!

[@robjordan63]

There are so many things I like about you Pete! Apart from your undoubted expertise, it's great that you encourage people to manage their own affairs, rather than hard-selling them on your services. Also great to hear my old colleague Alastair Ford is working with you! Thanks.

[@Kmm7387]

Excellent thank you. Been subbed for a while now. Highly recommend as very informative.

[@CavanHaganInvesting]

28:50 😂😭

[@jasonburford2013]

You said that IHT is paid from your pension provider out of your pension pot. So let’s say the IHT bill was £400k. When the money comes is income tax paid too as the £400k comes out? In other words would £500 need to be withdrawn?

[@andypandy9931]

This IHT on pensions seems unfair to me, I suppose there must be very wealthy people who were using this to avoid tax.I read this morning that some including Ros Altman thinks Labour have not done with screwing our pensions yet so maybe more coming.

[@richardw2646]

Hi Andy, I think if you look at the situation logically and fairly you will see it does make sense. The taxman gives us generous tax benefits to build up a pension pot to see us through retirement. We received tax relief on the way in on the expectation it would be taxed when drawn upon. The use of pensions as a way of avoiding inheritance tax has become very prevalent. It was a loophole that needed to be closed. It will likely lead to wealth being passed on in our lifetime which is actually a good thing in terms of levelling up the wealth imbalance between old and young.

[@michaelgeorge9147]

Hi Pete great effort tonight, the best thing on KZbin, get better soon ATB Mike

[@oneeyedgirl617]

As regards tax free cash recycling, you said anyone of them is tax free cash recycling. I thought they all had to be triggered for it to become tax free cash recycling.

[@oneeyedgirl617]

Even the HMRC website says all conditions have to be met.

[@MeaningfulMoney]

Yes, that’s right. Not easy to get everything spot on in a live call!

[@oneeyedgirl617]

@ Especially when under the weather . . .

[@Daryl-b5c]

Thanks again Pete and thanks for the answer to my question re advisor need. I'm still a bit confused as my sippy provider James Hay (and my wife's Aviva) both seem to want IFA signoff on what I see as straightforward transactions and that advice is expensive and sometimes on top of ongoing fees. For example making an annual £2880 into wife's Aviva pension which is worth under £5k needs signoff. I have just made my first 25% TFLS of £30k from my JH SIPP which is valued at over £1m, this needed the IFA and a cashflow report etc which cost me £2500. Are these definitely necessary or am I being misinformed and do have the right to manage these myself through the SIPP which I feel capable of? Thanks Daryl

[@wl660]

Just open a Vanguard SIPP, make your £2880 contribution, this will turn into £3600 with HMRC tax relief…and then transfer your Aviva DC pension in. No fees or sign-off required.

[@markcoomber8222]

It sounds like your existing SIPP is set up on the 'Advised clients only' James Hay platform. [ Did you get it set up by an adviser originally ? ] Hence, James Hay won't take an instruction direct from you but instead from/via the aligned adviser - if you have one. If you don't have a relationship with the advisory firm that set up the SIPP - which James Hay may still have noted as holding the 'agency' to your SIPP account - then you can either need to take advice from one and pay their advice costs. It is highly unlikely they will simply follow your instructions and 'sign it off' - there are regulatory and professional indemnity insurance reasons for this. It's simply not something that's commercially attractive for most advisory firms (and their compliance departments). If youwant to self-manage your SIPP you will need to transfer it to a D2C SIPP provider.

[@MeaningfulMoney]

Hey Daryl. Mark Coomber’s reply here is spot on.

[@Daryl-b5c]

@@markcoomber8222 Thanks Mark, you're correct in what you've said, I did escape my original advisor a few years ago for one that would do a flat rate but still feel as though it's not GVFM but I'll look into D2C to see if that is more attractive. Thanks again 👍

[@Daryl-b5c]

@@wl660 Thanks I'll check this out as it's mad to expect us to pay for advice on this aspect which is basically £720 free cash with no downside 😬

[@ryanwdavies1]

❤❤ legend thanks Pete great to hear you in flow