6 taxes going up in 2025

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6 taxes going up in 2025

^{Published on 2024-12-16 13:40:56 - MoneyWeek}

Inflation may be slowing and interest rates could be cut further, but households should prepare for higher tax bills next year - we look at the six taxes going up in 2025

The article from MoneyWeek discusses the impending tax increases in the UK set to take effect in the new year. It highlights that despite promises from the government to reduce the tax burden, several tax changes are on the horizon. Key points include the freezing of income tax thresholds, which will result in fiscal drag, pulling more people into higher tax brackets as their wages increase with inflation. Additionally, there are increases in National Insurance contributions, changes to dividend tax allowances, and adjustments to Capital Gains Tax. The article also mentions the potential for increases in council tax, fuel duty, and the introduction of new taxes like the Health and Social Care Levy. These changes are expected to raise significant revenue for the government but will also increase the financial pressure on individuals and businesses, potentially stifling economic growth.

Read the Full MoneyWeek Article at:
[ https://moneyweek.com/personal-finance/tax/taxes-going-up-in-new-year ]

N@N

6 taxes going up in 2025