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Rachel Reeves will announce Labour’s first Budget in 15 years later this month, leading one of the most highly-anticipated fiscal events in over a decade.
As the chancellor looks to fill the £22bn “black hole” in public spending she announced in late July, speculation has mounted about what measures will be included on 30 October.
Ahead of the event, Ms Reeves is reportedly opting to let current stamp duty exemptions expire by March, ending a tax discount introduced by Liz Truss in 2022. Property market experts have said the measure is likely to severely slow down the housing market.
The chancellor will also honour the £3bn savings in welfare target made by the previous government, with these savings already factored into spending plans according to an OBR report.
During Labour’s first few months in power, ministers have warned that “tough decisions” will be required to balance the books. Sir Keir Starmer has said the event is going to be “painful” but that there is “no other choice given the situation that we’re in.”
This likely means tax rises and spending cuts can be expected, with Reeves reportedly looking to raise £40bn. The government has already come under fire for its decision to cut back winter fuel payments for millions of pensions, sparking a row which has hung over its first 100 days in power.
We’ll be bringing you all the latest updates ahead of the big event on 30 October here, on The Independent’s liveblog.
Keir Starmer’s warning to ministers after cabinet Budget row erupts
Sir Keir Starmer has warned his senior ministers they will have to live with swingeing spending cuts after a cabinet row over the Budget erupted in public.
The prime minister is facing a backlash from Angela Rayner and other members of his top team over cuts to government departments set to be unveiled by the chancellor, Rachel Reeves.
Albert Toth18 October 2024 18:00
Inheritance tax to rise in Budget as Reeves plans to hit well-off
The Treasury is reportedly considering plans to raise Inheritance Tax at the Budget, as part of an attempt to raise £40bn and plug a hole in the public finances. According to the BBC, the chancellor is considering multiple changes to the tax, which is charged at 40 per cent on the property, possessions and money of somebody who has died above a £325,000 threshold.
Millie Cooke18 October 2024 17:05
Budget 2024: Inheritance tax set to rise – here’s what it means for you
Chancellor Rachel Reeves is reportedly planning changes to inheritance tax at the Budget as she looks to raise up to £40bn from tax hikes and spending cuts.
While specifics remain unclear, any changes could significantly affect how much families pay on inherited properties and their financial futures.
Salma Ouaguira18 October 2024 16:00
Stamp duty threshold to drop as Reeves denies extension
The chancellor is reportedly planning to confirm that the heightened stamp duty threshold will drop back to previous levels in March, costing housebuyers up to £2,500 more.
In 2022, the Conservatives under Liz Truss increased the ‘nil rate’ threshold – when stamp duty starts being paid – from £125,000 to £250,000. For first-time buyers, it rose from £300,000 to £425,000.
The approach is expected to raise £1.8 billion a year by 2029-30, but experts have warned the news will cause “chaos” in the property market as buyers rush deals to save money.
Property expert Kirstie Allsopp told Times Radio: “It’s become so complicated that I can no longer tell anyone what they would be paying in stamp duty.”
“It won’t claw back any money. Stamp duty is a dead tax.”
Albert Toth18 October 2024 15:16
Reeves warned inheritance tax hike would punish middle classes as Budget backlash intensifies
Chancellor Rachel Reeves has been warned that her plan to hike inheritance tax risks punishing middle-class homeowners as the backlash against her Budget intensified.
Ms Reeves is considering an increase on the “death tax”, which raises about £7bn for the Treasury each year, despite the fact it is routinely found to be one of voters’ least favourite measures.
Albert Toth18 October 2024 14:30
How DWP rules for disability benefit assessment could change as Reeves’ Budget approaches
Changes to disability benefit assessments are set to come into force soon as Rachel Reeves reportedly pushes ahead with plans to shave £3 billion from the welfare bill ahead of Labour’s upcoming Budget.
Read all about the proposed plans here:
Albert Toth18 October 2024 13:39
Inheritance tax to rise in Budget as Reeves plans to hit well-off
The Treasury is reportedly considering plans to raise Inheritance Tax at the Budget, as part of an attempt to raise £40bn and plug a hole in the public finances.
According to the BBC, the chancellor is considering multiple changes to the tax, which is charged at 40 per cent on the property, possessions and money of somebody who has died above a £325,000 threshold.
Albert Toth18 October 2024 11:30
Independent readers name their priorities for Labour Budget
With a new Labour government in power and the first autumn statement on the horizon, we wanted to hear your economic priorities.
When we asked what you thought should be included in the budget, responses from Independent readers varied widely.
Albert Toth18 October 2024 10:30
Reeves considers raising tax on vaping in Budget
Rachel Reeves is considering raising the tax on vaping products in the upcoming Budget as figures lay bare how many children access them in the UK, The Guardian reports.
The tax on vaping products was originally announced by the Conservatives in March, to come in to force in 2026. It is now understood that Ms Reeves could look to increase this.
Under current plans, the new rates from April 2026 will range from £1-3 per 10ml of liquid, depending on nicotine level.
Albert Toth18 October 2024 09:28
Reeves’ capital gains tax plans will sidestep homeowners, reports say
Experts have long anticipated that Labour will put capital gains tax up in the Budget on 30 October. This is the levy is paid on the profit made when an asset which has increased in value is sold. This includes houses, assets and shares, all paid between 20 and 28 per cent.
The latest reports indicate that Ms Reeves will respond to calls to raise capital gains tax in line with income tax bands – meaning rates of 20 to 40 per cent – but will exempt property from the new rates.
Albert Toth18 October 2024 09:07