The tax rate changes on property, savings and dividend income in Reeves’ Budget
- Chancellor Rachel Reeves has delivered her second Budget, laying out a series of tax rises as she aims to fill a black hole in the public finances.
- Reeves revealed that tax rates on property, savings and dividend income will rise by two percentage points
- She told the Commons: “Currently, a landlord with an income of £25,000 will pay nearly £1,200 less in tax than their tenant with the same salary because no National Insurance is charged on property, dividend or savings income.”
- Reeves said the reason for the percentage rise is because “it’s not fair that the tax system treats different types of income so differently.”
- After the reforms, 90 per cent of taxpayers will still pay no tax at all on their savings, Reeves said.