Listen to Episode 476
In this week's episode we discuss the latest predictions of what might be announced in Labour's Autumn Budget, including capital gains tax and inheritance tax changes. We then look at packaged bank accounts, providing insights into whether they now provide value for money. Finally, we cover the emerging threat of AI voice scams and share practical tips to avoid becoming a victim.
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Podcast summary
Autumn Budget Predictions
Summary:
We discuss the potential changes that could be included in the upcoming budget. These include aligning capital gains tax rates more closely with income tax rates and the impact of introducing a "double death tax" (where capital gains tax would be applied before inheritance tax). We discussed the impact of reducing the tax-free pension lump sum, implementing a flat-rate tax relief on pension contributions and possibly including pension funds within the inheritance tax calculation. While these are speculative predictions, we stressed the importance of not making changes to financial plans based on this speculation alone.
Packaged Bank Accounts
Summary:
In the second segment of the podcast, we discussed packaged bank accounts and whether they provide true value. We review some of the top packaged bank accounts, highlighting the benefits they provide, such as travel insurance, breakdown cover, and mobile phone insurance. When considering a packaged bank account you should evaluate the features and ensure you are getting good value for money. Always check the terms and conditions and pay particular attention to who is covered by the various benefits and whether your age or health condition is likely to exclude you.
AI Voice Scams
Summary:
In the final segment of the podcast, we discuss the growing issue of AI voice scams. We played a video featuring actor James Nesbitt, which demonstrated how sophisticated AI technology can now clone voices to create convincing scams. Fraudsters are using AI-powered voice cloning software to deceive people, often by leveraging personal information found online. Always be cautious about the personal information you share publicly, as this can be used by scammers to make voice cloning more convincing. Consider creating a unique "safe phrase" known only to your closest family and friends.
Episode quiz will be showing here soon
Questions:
- What is a common feature of packaged bank accounts?
a) Free savings accounts
b) Travel insurance
c) Low mortgage rates
d) Free credit cards - Which of the following is typically NOT included in a packaged bank account?
a) Mobile phone insurance
b) Breakdown cover
c) Home emergency cover
d) Free broadband - What could increase the cost of a packaged bank account’s travel insurance?
a) High income
b) Pre-existing medical conditions
c) Living abroad
d) Having multiple savings accounts - Which of the following is a unique benefit offered by Monzo’s packaged bank account?
a) A free Gregg’s sausage roll every week
b) Free Amazon Prime membership
c) Double air miles on all flights
d) Cashback on grocery purchases - What is a suggested method to verify if a caller is genuine in case of a suspected AI voice scam?
a) Ask for their bank details
b) Use a unique safe phrase known only to you & the supposed caller
c) Ask them for their full name and date of birth
d) Contact the caller's bank directly for verification
Answers:
- b) Travel insurance
- d) Free broadband
- b) Pre-existing medical conditions
- a) A free Greg’s sausage roll every week
- b) Use a unique safe phrase known only to you and the caller
Resources
Links referred to in the podcast:
- 5 Autumn budget predictions: What to expect in October 2024
- Winter fuel payment scrapped for 10 million pensioners
- The best packaged bank accounts
- Does travel insurance cover pre-existing medical conditions?
- Join our community group and help test a brand new MTTM product
- MTTM Deals Page
- Sign up to the Money to the Masses Newsletter
