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The Autmn Budget Statement
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The Autumn Budget Statement
John Healey delivered his much anticipated first Budget yesterday. It contained the usual repertoire of inherited issues and tax increases amongst quite a bland set of technical announcements.
The headlines were:
- Cash ISAs: the £20,000 allowance is retained for the under 65s as well as those over, with the planned reduction abandoned.
- Savings and property income: tax rates rise to 24%, 44% and 49% from April 2027.
- State Pensions tax: a targeted Pension Tax Allowance starts in April 2027, alongside changes to State Pension uprating from 2030.
- Business owners: proposed 10% Founders’ Relief for qualifying gains, while the Business Asset Disposal Relief lifetime limit falls to £500,000 from April 2027.