Chancellor Rachel Reeves' Autumn Statement is just around the corner. Here's exactly what it will mean to UK families.
Labour's first budget will be unveiled on Wednesday 30 October – and brace yourselves, it's going to be 'painful.' Next month the government's economic plans for the country in the year ahead will be announced in parliament by Chancellor Rachel Reeves.
Winter fuel payments have already been scrapped for millions of pensioners. So how will the Autumn Budget impact UK families? In October, the Chancellor will update all the MPs in parliament about the Labour government’s tax and spending plans for the year ahead. Predictions are that the Chancellor is most likely to look at Inheritance Tax; Capital Gains Tax ; Pensions and VAT exemptions for tax hikes.
The support fund was due to close on Monday 30 September, but good news – the government announced earlier this month it has been extended by six months to up until April 2025. It is widely expected that the Chancellor will announce changes to inheritance tax in her statement. There is speculation that the government might increase the rate, or the thresholds could be lowered, meaning more people would be subject to the tax.
Labour did say during its election campaign that it would not change council tax bands, but other reforms could be implemented. Currently, you get tax relief at your marginal rate of tax, so a flat rate of 33% would mean higher earners would get less relief. Winter Fuel Payments The Chancellor has already confirmed that universal winter fuel payments will be slashed, starting from this year.
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