New Labour Government announces date of its first Budget

The Chancellor of the Exchequer has vowed to use the Autumn Budget to “restore economic stability” after a HM Treasury spending audit revealed £22 billion of unfunded pledges from the previous Government this year. 

As well as announcing a multi-year Spending Review on 29th July, Ms Reeves told the House of Commons about the Government’s next steps towards delivering the Labour manifesto, to provide taxpayers with certainty ahead of their final confirmation at the Budget. 

Measures already confirmed include ending the VAT tax breaks for private schools from 1st January 2025, as well as replacing the non-domicile tax regime with a new residence-based regime. 

Other steps that could be announced on 30th October include possible increases to capital gains tax (CGT), inheritance tax and pensions tax, alongside cuts to various Government department budgets. 

However, some taxes will not change as during its General Election campaign, Labour promised it would not increase the three big taxes: income tax, national insurance and VAT. 

Andy Gibbs, CTA ATT, Director of Services at TaxAssist Accountants, said: “Although Labour made election manifesto promises not to raise various taxes, speculation has continued to mount that the Government plan to increase capital gains tax, inheritance tax, or undertake significant pension reform. This speculation is likely to reach fever pitch in the run-up to the budget and all eyes will be on the Chancellor when she makes her announcements on 30th October.” 

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Last updated: 16th September 2024