These are the taxes Reeves will raise at the Budget

cityam10-23

Shopping for revenue There won’t be many rabbits out of Reeves’ hat at the upcoming Budget but here’s what to expect: gambling taxes, windfall taxes and an income tax national insurance swap, says Tim...

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Get weekly sparky insight and expert commentary on markets, entrepreneurship and innovation from CityAM’s Opinion Editor, delivered every Saturday.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4207":"综合性银行","LU0300738514.USD":"TEMPLETON EMERG MKTS SMALLER CO \"A\"(USD) ACC","IFS":"Intercorp Financial Services Inc.","LU0320763518.SGD":"FTIF - Templeton Latin America A Acc SGD","LU0128526570.USD":"TEMPLETON LATIN AMERICA \"A\" ACC","LU0300738605.USD":"TEMPLETON EMERG MKTS SMALLER CO \"A\" INC","LU0029865408.USD":"TEMPLETON LATIN AMERICA \"A\" INC"},"translate_title":"这些是里维斯将在预算中提高的税收","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"IFS":1},"content_text":"Shopping for revenue There won’t be many rabbits out of Reeves’ hat at the upcoming Budget but here’s what to expect: gambling taxes, windfall taxes and an income tax national insurance swap, says Tim SarsonI remember the good old days of Budget predictions. We used to get our thinking caps on about a fortnight before the event, put out a blog and end it with some speculation about what this year’s rabbit out of the hat might be.Budget prediction season starts earlier these days. The decorations were already going up by late August. But nobody is expecting a shower of gifts. There will be very few, if any, rabbits on 26 November. There will be tax rises.Ahead of fiscal events, my KPMG tax policy team get their heads together to work out what might happen on the day, and what we should be telling our clients. We are not political experts. Instead, we put ourselves in the shoes of Treasury officials faced with the government’s current financial position. Only after we’ve gone through the numbers, tax by tax, and tested ideas with our technical specialists, do we layer on just a dash of political judgment to our predictions. Well okay, perhaps more than a dash. \n\nHere are the headlines from this year’s Budget conclave:\n\n\n\n\n\n\nFree Thinking - City AM Opinion Newsletter\nGet weekly sparky insight and expert commentary on markets, entrepreneurship and innovation from City AM’s Opinion Editor, delivered every Saturday.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFirst, the main dynamics: there’s a sizeable fiscal gap to fill, let’s say at least £20bn in year three of the forecast. There’s a new policy team in town led by former Resolution Foundation chief Torsten Bell. In the background there is a difficult world economy with unpredictable tariffs, stubborn inflation and tectonic shifts in international tax competition. And, finally, a 2024 Labour manifesto that ruled out rises in taxes that together account for about three quarters of UK revenue.The government has choices: it can broaden the tax base; it can introduce a new tax, as was attempted with the health and social care levy; or it can fiddle around the edges in the small stuff, as it largely did last year.Two measures seem inevitable. Freezing personal tax thresholds has become almost as much a Budget day tradition as freezing fuel duty. Extending the freeze to 2030 delivers upwards of £10bn of revenue to the government according to the Institute of Fiscal Studies (IFS). I anticipate the government taking the money from tackling avoidance and evasion and closing the tax gap. Yes, the tax gap is historically low and in the world of diminishing returns, but the small companies gap has ballooned. Investing in enforcement could squeeze out a couple more billion. Both measures count as broadening the base.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.9","shortVersion":"4.35.9","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2577325614","isCrawlerRequest":true}