The September mini-Budget

The government has revealed its long-awaited plans to reform England’s funding of social care, but taxpayers will foot the bill. What implications will it have on your financial planning?

Double-digit tax increases to fund the latest social care reforms will have a ripple effect on taxpayers.

When the Chancellor announces tax rises that are measured in double-digit billions, normally you can assume he is presenting a Budget. That was not the case in September, when Rishi Sunak set out measures that will bring a net £12 billion a year into the Treasury’s coffers from next April. That sum is about the same amount as would be raised by increasing basic rate income tax from 20% to 22%. Indeed, some experts suggested that is what the Chancellor should have done. Instead, he took a politically safer route:

The changes could have major impacts on your financial planning, particularly if you run your own business. To discuss how they affect you personally – and what actions you might be able to take – please contact us.

The value of tax reliefs depends on your individual circumstances. Tax laws can change. The Financial Conduct Authority does not regulate tax advice.

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