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Ep 349: Budget 2028 - What's New?
Description
The hosts review Labour’s third budget of the Parliament (28 Oct 2026), the first under Prime Minister Andy Burnham and Chancellor John Healey, arguing it lacked big headlines but contained many detailed changes with potential impact for doctors. Core income tax thresholds remain frozen, continuing fiscal drag, while tax on rental and savings interest rises by 2% from April 2027 (dividend tax unchanged). The trading allowance increases from £1,000 to £3,000, and self-assessment payment timing is set to shift from 2029, affecting cash flow. From April 2028, the £2,500 employment-expense claim threshold requiring self-assessment is removed, and mileage rates are improved. ISA plans to cut cash ISA limits are scrapped; Lifetime ISAs are replaced in April 2029 with a first-time buyer ISA, with the >£450k withdrawal penalty abolished. CGT changes include cutting Business Asset Disposal Relief to £500k and introducing a limited founders relief. NHS measures are modest, with limited winter funding, robotics investment, and a productivity/AI review, amid ongoing pay tensions; cost-of-living steps include fuel duty and VAT cuts and an energy payment for bands A–D.
00:00 Budget Overview
02:22 Income Tax Changes
05:13 Self Assessment Shakeup
07:50 Claiming Work Expenses
10:17 ISA Rule Changes
12:32 Capital Gains Updates
15:50 NHS Funding Snapshot
18:00 Cost of Living Measures
20:04 Wrap Up and Takeaways
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