Pensions, ISAs and income tax – what the Budget means for your money
- Rachel Reeves has announced tax rises in the Budget amounting to £26 billion – as the chancellor battles a downgrade in forecast economic growth.
- The 5p cut in fuel duty will remain until September 2026, while battery electric car drivers will face a new 3p per mile tax from April 2028.
- The two-child benefit cap is being removed, a measure estimated to cost £3 billion by 2029/30.
- The freeze on income tax thresholds has been extended until the 2030-2031 tax year for taxpayers in England, Wales and Northern Ireland.
- The new limit for tax-free pension contributions through a salary sacrifice scheme will be set at £2,000, with anything above this subject to National Insurance.