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Reeves confirms council tax surcharge, or ‘mansion tax’, for homes worth more than £2mReeves says she is increasing the tax paid on dividend income by 2 percentage points.She says her tax reforms last year raised an extra £8bn from wealth.She says a band D home in Darlington pay £300 more in council tax than a £10m home in Mayfair in London.She says she is introducing new charge for properties worth more than £2m.
I am introducing the high value council tax surcharge in England, an annual £2,500 charge for properties worth more than £2m, rising to £7,500 for properties worth more than £5m.
ShareKey eventsnowReeves confirms new tax being introduced for electric cars4m agoReeves confirms council tax surcharge, or ‘mansion tax’, for homes worth more than £2m9m agoReeves claims tax reforms will mitigate impact of extra three-year thresholds freeze21m agoReeves says mineworkers to get access to reserves in their pension fund25m agoSalary sacrifice pension contributions over £2,000 to be liable for national insurance, OBR document says28m agoReeves says debt will fall by end of forecast32m agoNew GDP growth forecasts largely worse than before37m agoReeves says she will cut Isa allowance – unless some of it invested in stocks and shares41m agoReeves says downgraded productivity growth forecasts are ‘Tories’ legacy’43m agoReeves says OBR has updated growth forecast for 2025 from 1% to 1.5%49m agoReeves starts budget statement by saying early release of OBR report ‘deeply disappointing’ and ‘serious error’49m agoOBR report: the key points50m agoShadow chancellor Mel Stride says ‘leak’ of OBR report could be criminal offence1h agoUK borrowing costs fall as budget ‘doubles fiscal headroom’1h agoOBR apologises for accidental early release of its budget report1h agoOBR downgrades medium-term productivity growth to 1%, from 1.3% forecast in March1h agoBudget to create £22bn headroom, OBR report says1h agoOBR leak shows taxes rising to a record high, Lib Dem leader Ed Davey says1h agoBadenoch calls for inquiry into budget leaks1h agoIncome tax thresholds will be frozen for another three years, to 2030-31 in budget, Reuters says1h agoLeaked OBR forecasts say GDP to grow by 1.5% over forecast period2h agoFarage says Reform UK will pay legal costs of farmers arrested at Westminster protest2h agoStarmer tells cabinet budget ‘not a spreadsheeet’, but about choices ‘centred in fairness’2h agoReeves leaves Downing Street ahead of budget3h agoTUC general secretary Paul Nowak dismisses concerns about minimum wage rate rises as ‘scaremongering’3h agoWhat newspaper front pages are saying about the budget4h agoResolution Foundation warns minimum wage rises for younger workers could do ‘more harm than good’4h agoFarmers stage budget day protest in Whitehall – despite Met police telling them to stay away4h agoDarren Jones says some pre-budget leaks have been ‘unacceptable, and not very helpful’5h agoReeves says budget will involve ‘fair and necessary’ choices5h agoBudget to target cost of living crisis as Reeves battles to keep Labour MPs on sideShow key events onlyPlease turn on JavaScript to use this featureReeves confirms new tax being introduced for electric carsReeves is now talking about cars.She says she is introducing a new vehicle excise duty for electric vehicles (EVs).ShareReeves says she is cutting the 100% relief on capital gains tax on businesses sold to employee ownership trusts. That will be cut to 50%, she says.ShareReeves sets out the salary sacrifice plans. See 1pm.ShareReeves confirms council tax surcharge, or ‘mansion tax’, for homes worth more than £2mReeves says she is increasing the tax paid on dividend income by 2 percentage points.She says her tax reforms last year raised an extra £8bn from wealth.She says a band D home in Darlington pay £300 more in council tax than a £10m home in Mayfair in London.She says she is introducing new charge for properties worth more than £2m.
I am introducing the high value council tax surcharge in England, an annual £2,500 charge for properties worth more than £2m, rising to £7,500 for properties worth more than £5m.
ShareReeves claims tax reforms will mitigate impact of extra three-year thresholds freezeReeves turns to tax thresholds.She confirms they are being frozen for another three years from 2028. She says Kemi Badenoch supported this move when her party did it.She says she knows this decision will affect working people. She said that last year.She is asking everyong to make a contribution.But she will keep that down by further reforms to the tax system.ShareReeves says the Motability scheme was set up to help disabled people – not to subsidies leases on luxury car. So she is stopping that, she says – confirming another announcement from yesterday.ShareReeves says the welfare system has off too many as not able to work.She says face to face assessments for disability benefits are coming back. Mel Stride, the shadow chancellor, got rid of them when he was DWP secretary.She says today funding for under-25 apprenticeships will be free for SMEs.ShareReeves says the government is “freezing Russian assets”.But she does not mean Nigel Farage, she says.ShareReeves says there will be more checks on fraudulent welfare claims.And she pays tributes to the work of the Covid corruption commissioner. She says money is being rooted out from Tory friends.
Tory contracts handed out by Tory ministers to Tory peers and Tory donors. That money belongs in schools and hospitals, and we are getting that money back.
ShareReeves has confirmed that the UK is on track to meet her “stability rule” – which is for the current budget to be in balance, with more than twice as much headroom as before in 2029-30 [£21.7bn, up from £9.9bn].But the deficit figures over the next few years are higher than forecast at the spring statement.Here are the new forecasts for the current budget deficit:
2025-26: A deficit of £52.4bn, up from a deficit of £36.1bn forecast in March
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2026-27: A deficit of £28.8bn, up from a deficit of £13.4bn forecast in March
2027-28: A deficit of £4.6bn, compared with a surplus of £6.0bn forecast in March
2028-29: A surplus of 3.9bn, down from a surplus of £7.1bn forecast in March
2029-30: A surplus of £21.7bn, up from a surplus of £9.9bn forecast in March
2030-31: A surplus of £24.6bn, a new forecast
ShareUpdated at 13.10 GMTReeves says she will find another £4.9bn of efficiency savings by 2031.Some of that will come from getting rid of police and crime commissioners, she says.Savings will be invested in services.She mentions the neighbourhood health centres announcement from yesterday.ShareReeves says payments from the blood infection compensation fund will be exempt from inheritance tax.ShareReeves says mineworkers to get access to reserves in their pension fundReeves turns to the mineworkers’ pension funds.She will transfer the investment reserve from the British Coal fund to its members, she says.Share
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