UK shoppers will soon have to pay more for their cold lattes and other sugary milk drinks, as Chancellor seeks to close the ‘loophole’ in the sugar tax, confirmed in November’s Budget today. Pre-packed milkshakes and other dairy-based products will soon be hit by the Soft Drinks Industry Levy (SDIL) tax, which was introduced by…
The government will freeze the 5 pence per litre fuel duty until September 2026, when it will be replaced by a 3 pence per mile for electric cars from 2028. The change will cost £2.4bn next year and £900mn annually thereafter, according to the Office for Budget Responsibility. The move, alongside the Fuel Finder scheme…
The Chancellor has pledged to lower household energy bills by scrapping an earlier scheme designed to improve energy efficiency. Reeves told MPs her proposals would cut the average household bill by £150 from April. She said the current Energy Company Obligation (ECO) scheme, introduced by the Conservatives, “costs households £1.7bn a year on their…
Motoring groups criticised the new tax levied on electric and hybrid vehicles announced in the Budget, which is expected to affect 1.7 million UK motorists from 2028. The new pay-per-mile road charge will be set at 3 pence per mile for electric vehicles and 1.5 pence for plug-in hybrids, meaning that drivers of these vehicles…
The cap on the salary sacrifice scheme will weaken saving incentives for young workers. Rachel Reeves has imposed a cap on salary sacrifice schemes in a move that will raise £5bn for the Treasury in 2029 when it comes into place, according to the Office for Budget Responsibility. “Salary-sacrificed pension contributions above £2,000 will be…
Rachel Reeves has confirmed the tax-free allowance on cash ISAs will be cut for under 65s in a bid to encourage more Britons to invest their savings. The current £20,000 allowance will be slashed to £12,000 by April 2027. By doing so, The Chancellor hopes to encourage more Britons to invest their remaining savings in…
In anticipation of the routine opening of the red box, here are five measures households can expect for Chancellor Rachel Reeves’ upcoming Autumn Budget. A move originally broken by the Financial Times, Reeves earlier this month pivoted from her manifesto-breaking decision to raise income tax. In its place, it is expected that the chancellor will…