Five key tax talking points before next week’s budget
Source: The Guardian ·
As the chancellor prepares for 28 October, we unpack the facts and figures – and the implications any changes could mean for youAs John Healey prepares his first budget as chancellor, tax is the small word that is likely to cast a large shadow over next week’s big fiscal announcement.In its election manifesto, Labour promised not to increase the “big three”: income tax, national insurance and…
From the source
As John Healey prepares his first budget as chancellor, tax is the small word that is likely to cast a large shadow over next week’s big fiscal announcement. In its election manifesto, Labour promised not to increase the “big three”: income tax, national insurance and VAT. As a result, much of the pre-budget speculation has centred on which other levies Healey might seek to change. No one seems to like paying tax, but some taxes – or the rules around them – are more unpopular than others. Here, we look at some that have been under the spotlight recently, and the facts and figures behind them. Inheritance tax: is it a levy on middle-class families? In a recent sales pitch to voters, the Conservative leader Kemi Badenoch pledged to “abolish inheritance tax [IHT] as soon as we can afford it”. She said IHT was “supposed to be a tax on the super-wealthy” but had become a “tax on ordinary middle-class families in every corner of our country”. It is true that the sums collected through the…