The minimum wage will increase by 4% in April with even bigger increases for younger workers, under plans announced in the Budget on Tuesday. Over-21s will see their minimum wage rise by 50p to £12.71 an hour while, for those aged between 18-20, it will rise by 85p to £10.85 an hour. For 16 and…
Owners of homes worth more than £2m will face a new annual surcharge of at least £2,500 a year under plans unveiled in the Budget. Properties valued above £2m by the Valuation Office Agency from April 2028 will incur a recurring levy, paid in addition to council tax. The charge will apply across four pricing…
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…
Rachel Reeves has announced an immediate reduction of capital gains tax relief for Employee Ownership Trusts (EOTs) from 100 percent to 50 percent. The move aims to preserve an incentive for these types of companies while supporting government forecasts for increasing revenue from £14bn this year to £30bn by 2030. This is estimated to raise…
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…
