Employers
The UK Chancellor, Rachel Reeves, is reportedly planning to introduce a new tax on workplace pensions, which could cost workers and businesses hundreds of pounds a year. The move aims to raise up to £4 billion for the Treasury by restricting the tax-free contributions to popular "salary sacrifice"
Prime ministers
Reports suggest that Chancellor Rachel Reeves is considering a 1p increase in the basic rate of Income Tax, which could raise an estimated £8 billion for the Treasury. This potential tax hike has sparked debate and speculation, with Labour's leader Sir Keir Starmer declining to rule out tax
Income tax
A recent freedom of information request by Interactive Investor has revealed that 77,000 pensioners found themselves paying 60 per cent income tax in the last year, a significant increase from the previous year. This has raised concerns that the frozen tax threshold of £100,000, introduced in 2010, is
Prime ministers
Labour's commitment not to raise VAT, income tax, or national insurance was called into question on November 16, when Keir Starmer refused to guarantee he would stick to the pledge in this month's Budget. The Labour leader cited a "grim economic backdrop" as the
Prime ministers
The UK government is facing a tough decision on taxes, with Labour Party leader Keir Starmer refusing to rule out increasing income tax, VAT, or national insurance, raising concerns that the government may break key party manifesto commitments on taxes. During Prime Minister's Questions, Starmer dodged questions on
Prime ministers
As the government's economic policy continues to struggle with internal dissonance, Chancellor Rachel Reeves faces a daunting challenge in the upcoming Budget, with the Office for Budget Responsibility (OBR) downgrading its productivity forecast by £20bn, exacerbating the existing £30bn-£40bn financial gap. This move has significant implications for
Prime ministers
The Lahore Tax Bar Association (LTBA) has written a formal letter to Prime Minister Shehbaz Sharif, requesting an extension of the income tax return filing deadline for the tax year 2025 to November 30. The association cites persistent technical glitches in the Federal Board of Revenue's (FBR) IRIS
Budgets
As speculation mounts over the upcoming Budget, a recent survey has found that Brits are more fearful of an income tax raid than a rise in VAT or stricter rules on inheritance. The survey, commissioned by the investment platform Hargreves Lansdown, reveals that higher rate taxpayers are particularly anxious about
Income tax
Rising pressures on the UK economy have sparked a renewed focus on taxation, with Labour's Rachel Reeves contemplating a significant hike in income tax to raise an estimated £20 billion. This move would contradict their pre-election manifesto, which vowed to maintain the current tax rates. Meanwhile, the Treasury
Income tax
Rachel Reeves has refused to rule out raising income tax in the next month's Budget, sparking concerns over the UK's fiscal future. The Labour government, facing a significant black hole in its finances, is under pressure to tighten its belt. Reeves' remarks on Friday suggest
Budgets
Pressure is mounting on Labour's chancellor, Rachel Reeves, to break the party's manifesto pledge and raise taxes on the wealthiest earners. Ministerial sources have revealed that changes to the top rate of income tax have been discussed within the government, with some sources suggesting that an
Family
As working families in Scotland continue to feel the strain of increasing taxes, the SNP and their allies are pushing for even higher tax rates, claiming it is "progressive". However, the reality is that Scots are now the most heavily taxed individuals in the UK, with middle-income workers
