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New Labour Government announces date of its first Budget
Chancellor Rachel Reeves will unveil the first Budget under the new Government on Wednesday, 30th October.
By Fraser McKay, MCIPR (Accredited)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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Date published 7 Aug 2024 | Last updated 16 Sep 2024
Fraser McKay, MCIPR (Accredited)
Fraser is a highly experienced journalist and Accredited PR Professional and joined TaxAssist in 2016. He writes articles covering a wide range of topics relating to small businesses and accounting. In addition, Fraser provides communications training to the network, as well as looking after TaxAssist Accountants' national and local social media channels.
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