The Chancellor’s budget announcement that personal allowances and the threshold for the higher rate tax band will be frozen until April 2028, will see thousands more individuals paying higher levels of tax as a result. It is estimated that the move will see more than 200,000 (two-hundred-thousand) individuals moving into the higher rate tax band alone.
If there’s one thing the recent hokey cokey of Chancellors and fiscal policy has achieved it has to be a rigorous testing of our sentiment towards taxation. Whilst it is hard to imagine that anyone has found this funny or even useful for personal and commercial planning purposes, as a research case study it provides tremendous insight on public opinion and our threshold for taxation.
There was a lot announced in the mini budget that took place on Friday 23rd September 2022 and it has had a significant impact on markets and currencies ever since.
Our summary of the full statement, helps you understand all of the changes, when they will come into effect and how they might apply to your personal or commercial circumstances.
So, now we know who the winner of the Conservative Party Leadership race and new Prime Minister is, what can we expect from them in terms of tax and spending?
The Chancellor, Rishi Sunak, delivered his 2022 Spring Statement on 23rd March, reducing fuel duty and making some concessions on taxes. Read more and download our FREE Guide here.
Perhaps it was the lack of wiggle room afforded to him or the fact that today’s Government is like a sieve when it comes to news of plans and ideas circulating around the cabinet table, but the lack of surprise elements in this week’s budget was probably, in itself, not a surprise.
Having picked up the Treasury reins just weeks before the Covid pandemic broke, Chancellor Rishi Sunak has so far had little room to manoeuvre or stamp his own brand on the economic plan for the UK. Despite making numerous announcements and unveiling multiple recovery and support plans, his budget statement on March 3rd 2021 is […]
Whilst there no longer appears to be anything that is truly unusual in the current climate, the Chancellor took the unusual decision to cancel November’s planned budget statement and delivered a Winter Economy Plan in its place. This move once again underlines the lack of long-term certainty that the Covid pandemic is enforcing on the […]
In a much anticipated ‘emergency budget’ announcement, The Chancellor set out a series of targeted measures to boost aspects of the economy, struggling in a post Covid environment. Whilst it is expected that some sectors will not be able to recover for some months yet due to the continued need for social distancing, Rishi Sunak […]
At the summer statement on Wednesday 8 July 2020, the Chancellor announced a handful of measures that he felt would help create jobs and mitigate the formal end to the furlough scheme. Before announcing the measures, Mr Sunak made it clear that the Jobs Retention Scheme could not and should not go on forever, even […]
The rumblings of an emergency budget seem to be getting louder as we begin to emerge from lockdown. Undoubtedly, now is the time for Chancellor, Rishi Sunak, to start considering the sizeable task of recovering the economy and paying back the WW2 scale borrowing that has underpinned the bailout of businesses and individuals. It is […]
Long awaited, and in the end overtaken by global events, new Chancellor Rishi Sunak delivered his first budget on Wednesday 11th March 2020. Just weeks in to the top job, and with Coronavirus requiring him to think on his feet, it was hardly a relaxed period of planning for Mr Sunak. The Chancellor certainly ensured […]