The Chancellor, Rachel Reeves, has announced that the first budget for the new government will be on October 30th.
The government will invest in HMRC’s compliance work, hiring around 5,000 additional staff to recover more tax revenues. HMRC has already started the process of recruiting additional staff into compliance roles. The government will also invest in HMRC’s technology infrastructure, helping to make HMRC more efficient and improve taxpayers’ experience of interacting with HMRC.
Additional announcements included:
Winter Fuel Payments – a tax-free payment made to all pensioners to help with winter energy bills – are to be restricted to those on benefits and Pension Credit, the Chancellor Rachel Reeves has announced. Until now, Winter Fuel Payments worth up to £300 have been made available to everyone above State Pension age in the UK, but this will no longer be the case from this winter.
If you live in England or Wales, you’ll only be able to get a Winter Fuel Payment if you’re:
Over State Pension age; AND receiving one of the following benefits:
– Income Support;
– Income-based Jobseeker’s Allowance;
– Income-related Employment and Support Allowance;
– Pension Credit; or
– Universal Credit.
If you have any questions for our Tax experts, please contact us on 01242 776000 or tax@randall-payne.co.uk.
