From an increase in the minimum wage to a rise in alcohol duty, these are some of the key things to look out for in the autumn Budget
Chancellor Rachael Reeves is set to unveil the first Labour Budget in a generation on Wednesday and it could have a profound impact on the lives of people in Northern Ireland.
Income tax Back in 2021, Prime Minister Rishi Sunak introduced a freeze on income tax thresholds in an attempt to claw back some of the money spent during the Covid pandemic. National insurance is paid by employees and employers on income they earn. Currently the main rate employees pay of their earnings towards national insurance is 8 per cent. Rishi Sunak twice cut the main rate for employees from 12 per cent to 10 per cent, then from 10 per cent to 8 per cent this year.
Stamp duty Stamp Duty is a tax paid when you buy houses, flats and other land and buildings over a certain price in the UK. Currently housebuyers don't pay the tax if the property they are buying is worth less that £250,000, after which they pay a rate of 5 per cent on the worth of the property up to £925,000, before it raises again. First time buyers don't pay stamp duty on properties worth up to £425,000.
The Chancellor is also said to be looking at ending the 13-year freeze on fuel duty though transport campaigners have issued a strong working that this could cause inflation to rise. In the summer Mr Starmer refused to rule out any changes to fuel duty.
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