Ep 234: 2024 Budget Predictions - Which taxes will rise? CGT, Pensions tax, IHT and more

Predicting the 2024 Budget: Insights for Medics and Professionals

In this episode of the MedicsMoney podcast, Dr. Tommy Perkins and Dr. Ed Cantelo discuss the potential changes in the upcoming budget by Labour Chancellor Rachel Reeves. They delve into the implications of a £22 billion black hole on the economy, explore possible tax adjustments, and debate the future of capital gains tax, pension tax relief, and inheritance tax. The episode also includes insights into effective financial planning for doctors, emphasizing the importance of early action on ISAs and private pensions. This podcast is aimed at helping medical professionals navigate potential financial changes and make informed decisions.

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00:00 Introduction to the Upcoming Budget

00:21 Meet the Hosts and Their Summer Adventures

02:27 Discussing the Labour Government's 22 Billion Pound Black Hole

04:06 Current High Tax Burden and Predictions

09:36 Potential Changes in Capital Gains Tax

17:40 Speculations on Pension Tax Relief

24:21 Inheritance Tax and Other Speculations

33:28 Final Thoughts and Financial Advice

42:25 Conclusion and How to Stay Updated