Summary
The new Budget announced by Chancellor Rachel Reeves introduces several financial changes for individuals in the UK. Key measures include frozen income tax thresholds, new taxes on electric vehicle use, increased minimum wages, a new council tax surcharge for high-value homes, frozen train fares, and changes to cash Isa savings limits.
Key Facts
- Income tax thresholds will remain frozen until 2031, potentially increasing tax for those with rising incomes.
- Electric vehicle drivers will face new road taxes from 2028, although fuel duty remains frozen.
- Minimum wages will rise in April, with varying rates depending on age.
- A new council tax surcharge will apply to homes in England worth £2 million or more starting in 2028.
- Regulated rail fares in England will be frozen until March 2027.
- The tax-free savings limit in a cash Isa will decrease from £20,000 to £12,000 annually, except for those over 65.
