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British Gas is writing to older customers to urge them to take up pension credit, after Labour cut winter fuel payments for those not currently claiming the benefit.
Chancellor Rachel Reeves is set to present Labour's first Autumn Budget since winning the general election in July. The annual statement, which outlines the Government's future spending plans, is scheduled for Wednesday, October 30.
Sir Keir Starmer has signalled potential tax increases for individuals earning from property and shares, hinting at a possible capital gains tax hike in the forthcoming Budget. The Labour leader clarified his stance on what constitutes a 'working person', stating: "Well they wouldn't come within my definition."
Taxpayers are being prompted to take advantage of tax-free allowances to soften the blow from escalating income tax bills. Financial gurus at Hargreaves Lansdown anticipate that Chancellor Rachel Reeves may persist with the previous Government's covert strategy, maintaining income tax thresholds as they are, so people quietly move into higher tax brackets as their income increases.
A senior minister has declined to rule out extending the freeze on income tax thresholds as speculation about possible tax increases in the Budget continued to mount.
The full new state pension could be just 5 years away from earning a tax bill as an income tax cap is predicted to continue. Ahead of Chancellor Rachel Reeves' budget on October 30, experts are expecting her to announce an extension of the freeze on personal allowance thresholds by another year or so.
As Labour's first Budget looms and Chancellor Rachel Reeves weighs how to balance the £22 billion "black hole" left in the nation's finances by the previous Tory government, concerns are growing that a derided change to Work Capability Assessments carried out by the Department for Work and Pensions (DWP), might end up going ahead despite the change at Number 10.
The Government has been issued a warning amid rumours it could soon reduce the tax-free lump sum savers can withdraw from their pension.