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During an interview on January 9, 2024, financial expert Martin Lewis seemed to have left former Health Secretary Jeremy Hunt uncomfortable with his questions. Martin was probing into the upcoming tax cut announcements on The Martin Lewis Mony Show Live on ITV.
Hunt is set to announce the UK's tax cut budget in March 2024, and he was asked about the High Income Child Benefit Tax Charge (HICBC) of the UK. To this, he admitted that the system was unfair.
Those who were watching the show on ITV took to X to discuss Hunt's reactions at the questions with many stating how uncomfortable he looked. One user @CentralBylines even went on to say that Hunt looked like "a rabbit in the headlights."
Netizen praise Martin Lewis for his interview with former Health Secretary Jeremy Hunt
As mentioned earlier, Jeremy Hunt was interviewed by the financial expert Martin Lewis on his show on ITV. He asked the former about the upcoming tax cuts that the politician is set to announce in March.
While Hunt looked incredibly uncomfortable at the questions, he noted that the HICBC was unfair.
The HICBC is a child-benefit financial support system that the UK government has to help parents with the cost of raising children through the tax system from families. The system has been controversial since it was announced in 2013. While there are certain changes that may be announced in March 2024, Martin's question about it seemed to the politician seemed to make him extremely uncomfortable.
Netizens took to X to praise financial expert Martin Lewis for his recent interview with Jeremy Hunt. Many said that he skillfully probed the politician on the topic of upcoming tax cuts.
Hunt's impending announcement left netizens commending Lewis for his ability to hold politicians accountable and extract valuable information. The exchange also sparked online discussions about media personalities' role in scrutinizing political figures. Some users also said that Martin Lewis should be the chancellor claiming he was "demonstrably more competent than the current one."
Martin Lewis and Jeremy Hunt discussed taxation and child support in-depth
As mentioned earlier, Martin Lewis' question was about the HICBC, which was announced in 2013. It applies to anyone who has an income of over £50,000 ($63727.25) who gets the child benefits, or whose partner gets it. It states that if a couple collectively earns £49,000 ($62452.71), they can avoid the charge completely.
During the interview, Martin Lewis called the proportion "the most unfair structure possible" adding that several people have been affected by it. In response to his question, Hunt acknowledged that it was "unfair to the dual-income families." He added that there was an "unfairness with what happens with dual-income families."
"All I will say is this is one of many distortions in our overcomplicated tax system that I look at when it comes to every budget. There are lots of things I'd like to change. If it's affordable to do so, then I will do so, but it's too early for me to know at this stage." Hunt went on to say.
During the interview, Jeremy Hunt also hinted to Martin Lewis about the possibility of implementing additional tax cuts. He seemingly indicated that the government may consider a broader strategy of reducing various taxes to stimulate economic activities and maintain specific fiscal goals.
He also clarified that tax cuts cannot go to "pre-pandemic" states in one go. He did not give any timeline for further tax cuts, but added:
"After a period in which taxes have gone up to pay for the costs of the pandemic or the £3,500 of help we gave people in the cost of living crisis to a typical family, we now want to bring that tax burden back down."
However, it is speculated in Westminster that further tax reduction announcements will be made in the spring budget on March 6, 2024. The general elections are reportedly expected in the second of the year 2024.
In the same interview with Martin Lewis, Hunt also spoke about the carer's allowance, which is £76.75/week (USD 97.82). He claimed that it was "never a replacement of an income."
"We keep all the benefits under review. What I would say is the carer's allowance was never meant to be an income replacement. It's meant to be support for people doing caring duties." Hunt noted.
What is the High Income Child Benefit Tax Charge (HICBC)?
HICBC is a child-benefit financial support provided by the UK government to help parents with the cost of raising children. According to The Guardian, in the future, those affected by the HICBC wouldn't have to register for self-assessment to pay what they owe. Instead of that, the money will be "clawed back via people's PAYE tax codes," per The Guardian. This reportedly should be able to tackle the issue of families that are fined for not paying the charge.
It is a tax that applies to the United Kingdom's individuals, who get child benefit support if a partner has an individual income of more than £50,000 (USD 63727.25). In addition, if the income of an individual partner exceeds £60,000 (USD 76472.70), the child benefit will be withdrawn entirely through taxes.
On the other hand, dual-income households are free of tax on the same threshold. Dual-income households can earn £100,000 (USD 127454.50) without losing child benefits.
