BUDGET HIGHLIGHTS The income tax personal allowance and thresholds, as well as employee and self-employed national insurance contribution thresholds, will be frozen for another three years, until 6 April 2031. Tax rates on dividends will rise for basic and higher rate taxpayers by two percentage points from 2026/27. On savings income and property income, rates […]
There were no tax increases in the Chancellor’s Spring Statement (upgraded from an initial Spring Forecast), but that might just be pain deferred. Before becoming Chancellor, Rachel Reeves set out a new goal for the public finances, now badged the ‘Stability Rule’. In simple terms, this requires the Government should at least match its day-to-day […]
INTRODUCTION In mid-March 2024, the then Shadow Chancellor, Rachel Reeves gave the Mais lecture to the good and the great of the City. In it she set out her broad fiscal framework, including goals to: Balance the current budget, i.e. match day-to-day government expenditure with revenues; and Have a single fiscal event (i.e. Budget) each […]
The Chancellor has announced the timing of her next formal report to Parliament. Cast your mind back six Chancellors ago to Philip Hammond (aka Spreadsheet Phil). In autumn 2016, Hammond announced a change to the timings of Budget announcements, with a Spring Budget and Autumn Pre-Budget Report (PBR) to be replaced by an Autumn Budget […]
In a number of measures announced by the Chancellor Rachel Reeves in the October UK Budget, one of the most significant changes affecting those moving to or from the UK was the confirmation of the previously announced decision to abolish Non-Domicile status and replace this with a new residence-based test known as the “Foreign Income and […]
Photo Credit: Kirsty O'Connor / Treasury, OGL 3, via Wikimedia Commons INTRODUCTION The first Budget from a Labour government since March 2010, and the first ever from a female Chancellor, proved to be the defining event that had been widely anticipated. From the moment in late July when Rachel Reeves unveiled her “£22 billion black […]
With a ‘black hole’ of £22 billion to fill, there are plenty of groups giving Rachel Reeves advice. The Fabian Society published a report on taxation on August Bank Holiday Monday. While their main audience is in Scotland, which has its summer bank holiday at the start of August rather than at the end, the […]
The missing element in pensions change Promised adjustments to pension law are missing a key element: increasing minimum contribution levels. The first King’s Speech of the new parliament in July contained proposals for 40 new bills, covering everything from football governance to cyber security. One familiar item on the list was a Pension Schemes Bill. […]
What was almost certainly the last Budget before the election was a serving of the widely expected, sprinkled with a handful of small surprises. The Chancellor of the Exchequer, Jeremy Hunt, delivered the Spring Budget 2024 on 6 March. As anticipated, it was a typical pre-election event focused on tax relief measures – including further […]
BUDGET HIGHLIGHTS The main rate of class 1 employee national insurance contributions (NICs) will be cut from 10% to 8% with effect from 6 April 2024 and the main rate of class 4 self-employed NICs will also be reduced from 8% to 6%. The high income child benefit charge (HICBC) will be reformed, increasing the […]
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