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Amongst the measures she announced were an increase in employers' National Insurance to 15% on salaries above £5,000 from April 2025, income tax thresholds to rise in-line with inflation after 2028, changes to farm inheritance tax so that rural estates above the value of £1,000,000 from April 2026 would face 20 per cent inheritance tax, and a ...
Since autumn 2017 the United Kingdom budget typically takes place in the Autumn in order to allow major tax changes to occur annually, well before the start of the fiscal year. [2] The most recent budget was presented by Rachel Reeves on 30 October 2024. The UK fiscal year ends on 5 April each year. The financial year ends on 31 March of each year.
Introduction of a 45% tax on companies generating electricity, effective from January 2023 [18] Lifetime cap on social care costs in England delayed from October 2023 until October 2025 [18] A 7% cap on social housing rent increases in England from April 2023 reduced from 11% [18] Electric cars, vans and motorcycles to pay road taxes from April ...
Though inflation is standing at 2.5% and expected to rise in coming months, partly as a result of business tax increases from the new Labour government, most economists think it will then trend ...
The UK government announces that the plans for reforms to social care in England may not be published until 2028, or later. [5] Zoe Hughes, a transgender member of Exeter City council, quits the Labour Party in a row over transgender issues. [6] 4 January –
A non-domiciled UK resident earning less than £2,000 in a year outside the UK does not pay tax on this unless it is transferred to the UK. This would apply to the typical person taking up a temporary job in the UK, being paid, and paying tax on it, in the UK, with possible additional small earnings in the home country.
The 2023 budget that became law in October is a two-year spending plan covering the fiscal years of July 1, 2023 through June 30, 2025. The bill built in the raises to be doled out over two years.
UK government borrowing unexpectedly increased to £17.8bn in December, an increase of £10.1bn from December 2023, and its highest level for four years. [ 70 ] The owner of The Sun newspaper offers a "full and unequivocal apology" to Prince Harry for "serious intrusion" into his private life, and agrees to pay him "substantial damages".