The Chancellor is said to be mulling a range of measures from taxing workplace pensions to revamping the Government's fiscal rules
prepares her first Budget, speculation is rife about the potential tax changes she may introduce to raise revenues while maintaining Labour’s pledge not to increase taxes on “working people.”by the previous Conservative administration, and has repeatedly warned that there will be “tough choices” ahead for the country.
At present employees pay a rate of 8 per cent on their salary between £242 and £967 per week towards national insurance and 2 per cent after this point. Employers meanwhile pay at a rate of 13.8 per cent on all earnings above £175 per week. If their estate is passed to a direct descendant, the nil-rate threshold can be increased by an extra £175,000. Couples can also share their allowance, giving them a potential tax-free threshold of £1m.
The current rate is 52.95p a litre, but there has been speculation that, after over a decade, the rate could be increased for the first time. Doing this would free up some headroom for the Chancellor, potentially allowing her to borrow money to invest in growth-creating initiatives or public services.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The inheritance tax changes Rachel Reeves could make – and how they could affect youChancellor Rachel Reeves is being urged to abolish the £175,000 residence nil-rate band in the Budget and other changes are possible
Read more »
Rachel Reeves scraps portraits of men from No 11 to put focus on female artChancellor Rachel Reeves has said she will replace paintings in No 11 Downing Street with artworks either made by or featuring women.
Read more »
Consumer confidence falls sharply after Rachel Reeves stripped winter fuel payments from millions of...Sir Keir Starmer is facing a major cross-party effort to kill off plans to cut winter fuel payments for pensioners. The PM and Chancellor Rachel Reeves are mired in the first controversy of his premiership.
Read more »
Consumer confidence falls sharply after Rachel Reeves stripped winter fuel payments from millions of...Sir Keir Starmer is facing a major cross-party effort to kill off plans to cut winter fuel payments for pensioners. The PM and Chancellor Rachel Reeves are mired in the first controversy of his premiership.
Read more »
Consumer confidence falls sharply after Rachel Reeves stripped winter fuel payments from millions of...Sir Keir Starmer is facing a major cross-party effort to kill off plans to cut winter fuel payments for pensioners. The PM and Chancellor Rachel Reeves are mired in the first controversy of his premiership.
Read more »
All the changes Rachel Reeves could make for landlords in the BudgetTax bills for the average landlord when they sell could go up by £6,000 to £16,000, according to new data
Read more »