The Budget

[Chippy_Tea]

A freeze on alcohol duty is expected which could save pubs on avarage £12,000 a year with the amount closing every year let's hope they get this right.

 

[Chippy_Tea]

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Personal taxes​

• Rates of income tax and National Insurance (NI) paid by employees, and of VAT, to remain unchanged
• Income tax band thresholds to rise in line with inflation after 2028, preventing more people being dragged into higher bands as wages rise
• Basic rate capital gains tax on profits from selling shares to increase from from 10% to 18%, with the higher rate rising from 20% to 24%
• Rates on profits from selling additional property unchanged
• Inheritance tax threshold freeze extended by further two years to 2030, with unspent pension pots also subject to the tax from 2027

Business taxes​

• Companies to pay NI at 15% on salaries above £5,000 from April, up from 13.8% on salaries above £9,100, raising an additional £25bn a year
• Employment allowance - which allows smaller companies to reduce their NI liability - to increase from £5,000 to £10,500
• Tax paid by private equity managers on share of profits from successful deals to rise from up to 28% to up to 32% from April
• Main rate of corporation tax, paid by businesses on taxable profits over £250,000, to stay at 25% until next election
• 5p cut in fuel duty on petrol and diesel brought in by the Conservatives, due to end in April 2025, kept for another year
• £2 cap on single bus fares in England to rise to £3 from January
• Commitment to fund tunnelling work to take HS2 high-speed rail line to Euston station in central London
• Commitment to deliver upgrade to trans-Pennine rail line between York and Manchester, running via Leeds and Huddersfield
• Air Passenger Duty on flights by private jet to go up by 50%
• Extra £500m next year to repair potholes in England
• Vehicle Excise Duty paid by owners of all but the most efficient new petrol cars to double in their first year, to encourage shift to electric vehicles

Drinking and smoking​

• New tax of £2.20 per 10ml of vaping liquid introduced from October 2026
• Tax on tobacco to increase by 2% above inflation, and 10% above inflation for hand-rolling tobacco
• Tax on non-draught alcoholic drinks to increase by the higher RPI measure of inflation, but tax on draught drinks cut by 1.7%
• Government to review thresholds for sugar tax on soft drinks, and consider extending it to "milk-based" beverages

Wages, benefits and pensions​

• Legal minimum wage for over-21s to rise from £11.44 to £12.21 per hour from April
• Rate for 18 to 20-year-olds to go up from £8.60 to £10, as part of a long-term plan to move towards a "single adult rate"
• Basic and new state pension payments to go up by 4.1% next year due to the "triple lock", more than working age benefits
• Eligibility widened for the allowance paid to full-time carers, by increasing the maximum earnings threshold from £151 to £195 a week

Government spending and public services​

• Extra £22.6bn for day-to-day spending on the NHS in England, and a £3.1bn boost to budget for investment
• £6.7bn allocated for education investment next year, with £1.4bn earmarked for rebuilding over 500 schools
• Defence spending to rise by £2.9bn next year
• Social housing providers to be allowed to increase rents above inflation under multi-year settlement, external Stamp duty surcharge, paid on second home purchases in England and Northern Ireland, to go up from 3% to 5%Current affordable homes budget, which runs until 2026, boosted by £500m

Budget in full - https://www.bbc.co.uk/news/articles/cdxl1zd07l1o

 

[The Baron]

A freeze on alcohol duty is expected which could save pubs on avarage £12,000 a year with the amount closing every year let's hope they get this right.

I may not be 100% but does that mean that a pub will have to serve 3200 pints a a day which equates to £32x365 = £11680 a year at 1p a pint reduction.

 

[Agentgonzo]

I may not be 100% but does that mean that a pub will have to serve 3200 pints a a day which equates to £32x365 = £11680 a year at 1p a pint reduction.

Maybe they meant save all pubs £12,000 a year in total?

 

[Rodcx500z]

To be honest i found it pretty boring, one thing i will say is employers will not pay ni they will lay staff off, be interesting to see how the markets respond tomorrow