Autumn Budget Summary 2025
Walker Thompson are pleased to send you a summary of measures proposed by the Chancellor Rachel Reeves in the Budget Statement delivered yesterday.
It seems that we were beaten to it by someone in the OBR releasing the details half an hour before she stood up in the chamber.
It is as many commentators had already speculated, what came out was a smorgasbord of measures many of which were tax raising measures by the back door
Freezing personal allowances until 2031 instead of increasing it with inflation will result in a tax rise. A 2% increase on tax payable on interest, dividends & savings
For “working people” the ability to sacrifice salary in return for pension premiums has be cut back with National Insurance to be payable on amounts over £2000.
People were told a few years ago that it was their responsibility to save for their retirement and not to rely upon a State Pension yet now the Government wants to take NI from people who are seeking to save.
Perhaps the most fantastic measure to be brought in from April 2028 is a mileage based tax on electric vehicles. Ms Reeves when interviewed on BBC news this morning did not have a clue as to how such a measure could be implemented.
Take the opportunity to have a look through the attached which includes a table of tax rates & allowances for the next tax year starting in April 2026 |
