How to protect YOUR savings, pension and investments from the Budget - Rachel Reeves' £40bn tax raid
Daily MailRachel Reeves delivered the first Labour Budget in 14 years this afternoon. Beat the Budget: Reeves is expected to stage a tax raid on investments and property Use your tax-free allowances Reeves announced major changes to capital gains tax raid to boost the Treasury's coffers, having repeatedly ruled out an increase to rates during the election. Basic rate taxpayers with taxable income below £50,270 used to pay 10 per cent capital gains tax, while higher and additional rate taxpayers paid 20 per cent. Gift money to friends and family In today's speech, Rachel Reeves announced that the inheritance tax threshold would be frozen until 2030, extending it from the 2028 limit set by the previous Government. Mike Ambery, retirement savings director at Standard Life said: ‘When it comes to their pension itself, people should be aware that any further withdrawals will be taxed at their marginal tax rate and that future contributions into their pension will be subject to the Money Purchase Annual Allowance if they make withdrawals beyond their tax free cash, which reduces the amount they are able to pay into their pension to £10,000 a year.
History of this topic
Pensions to be brought into inheritance tax scope, says Reeves
The Independent
Reeves warned against ‘perilous’ pension and capital gains tax rises
The TelegraphDiscover Related
