Six key takeaways from Labour’s budget
MARTIN Lewis has revealed several "hidden" changes from Rachel Reeves' Autumn Budget and shared his views on the matter.presented her financial blueprint for the upcoming year yesterday, featuring a reduction in pub beer prices alongside increases in the minimum wage,The government will not proceed with the reform to base the high-income benefit charge on household incomes.
Whereas a household earning a lot less than that does not get the full payment if just one of the parents earns over £60,000. It's a huge blow for all home buyers and means they have just months left to get a sale across the line before the thresholds at which stamp duty becomes payable fall.STAMP duty land tax is a lump sum payment anyone buying a property or piece of land over a certain price has to pay.You'll also get a discount if the purchase price is £625,000 or less and will only pay 5% SDLT on the portion from £425,001 to £625,000.
The scheme offers lower earners a savings account where they can save a maximum of £50 a month for four years and receive a 50% government boost at the end of year two and year four. "I was hoping they would change the rules so that you wouldn't have to pay a fine if you take your money out of a LISA."
Brits are bracing for a raft of tax hikes as Rachel Reeves tries to plug the "£22billion black hole" she says she's found in government accounts.Margaret Thatcher's Chancellor Geoffrey Howe slashed both the top rate of income tax and the standard rate.Howe also eased controls on foreign exchange in a bid to control inflation.Nigel Lawson massively slashed income tax again.
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