Peter Gale
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Boxed in by Labour’s manifesto pledges not to increase income tax, employee’s national insurance and VAT, Chancellor Rachel Reeves instead had to raid other taxes, like capital gains tax (CGT), inheritance tax (IHT), employer’s national insurance and to extend the tax threshold freeze to find the £40bn needed to balance the books.
‘Restoring stability to public finances and rebuilding public finances…this budget raises taxes by £40bn’
The Autumn Statement has been announced for the first time in 14 years by a Labour Chancellor and the first time ever by a female chancellor. Rachel Reeves has announced a series of changes in her first budget but stated that there will be no increases to rates of income tax, national insurance or VAT.
The following article is a summary of the announcements. Please look out for our more detailed PDF download that will be available in the next few days.
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