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UK FISCAL: Potential measures for the 30 October Budget

UK FISCAL
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With the Budget only just over 5 weeks away now (30 October) the main measuers garnering speculation regarding the fiscal tightening has surrounded the following:

  • Capital gains tax - possibly equalising rates with income tax or at least raising.
  • Pensions - removing or reducing full tax relief when higher / additional rate taxpayers make contributions; reducing the tax free lump sum pensions are able to drawdown to GBP100bln from GBP268k; making pensions eligible for inheritence tax; making pension contributions eligible for employer national insurance.
  • Employer national insurance - effectively a payroll tax. Rising the employee contribution has been ruled out but not employer.
  • Fuel duty increase - this is already in the plans but the past few years have seen it scrapped in the Budget almost every year.
  • Tax thresholds - currently frozen for income tax until 2028, potentially extended further.
  • Council tax single person discount: Remove the 25% discount for adults living alone (again could hit a lot of pensioners).

Note :Chancellor Reeves' speech at the Labour party conference gave nothing in the way of new policy outside of the formal announcement of a Covid corruption commissioner and the start date for free breakfast clubs in primary schools.

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With the Budget only just over 5 weeks away now (30 October) the main measuers garnering speculation regarding the fiscal tightening has surrounded the following:

  • Capital gains tax - possibly equalising rates with income tax or at least raising.
  • Pensions - removing or reducing full tax relief when higher / additional rate taxpayers make contributions; reducing the tax free lump sum pensions are able to drawdown to GBP100bln from GBP268k; making pensions eligible for inheritence tax; making pension contributions eligible for employer national insurance.
  • Employer national insurance - effectively a payroll tax. Rising the employee contribution has been ruled out but not employer.
  • Fuel duty increase - this is already in the plans but the past few years have seen it scrapped in the Budget almost every year.
  • Tax thresholds - currently frozen for income tax until 2028, potentially extended further.
  • Council tax single person discount: Remove the 25% discount for adults living alone (again could hit a lot of pensioners).

Note :Chancellor Reeves' speech at the Labour party conference gave nothing in the way of new policy outside of the formal announcement of a Covid corruption commissioner and the start date for free breakfast clubs in primary schools.