Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Think tank urges Labour to consider inheritance and road pricing in budget proposals

by September 10, 2024
September 10, 2024
Think tank urges Labour to consider inheritance and road pricing in budget proposals

The Resolution Foundation has recommended that Rachel Reeves consider significant tax changes in the upcoming Budget, including increases to inheritance and capital gains taxes, to address the rising fiscal challenges faced by the government.

The think tank’s report suggests that scrapping inheritance tax reliefs for agricultural property and business assets could generate £2 billion annually. Additionally, aligning capital gains tax rates more closely with those charged on dividends and wages could bring in an estimated £8 billion per year. These measures aim to boost Treasury coffers as part of broader fiscal reforms under Labour’s leadership.

The Resolution Foundation has also proposed the introduction of road pricing, potentially charging drivers 6p per mile plus VAT, as a replacement for the dwindling revenue from fuel duty. With the transition to electric vehicles reducing income from traditional fuel taxes, this measure could help sustain critical infrastructure funding.

However, the think tank also flagged the need for targeted tax cuts, particularly concerning stamp duty. The threshold for stamp duty on property transactions is set to drop from £250,000 to £125,000 in April 2025, effectively increasing the tax burden on buyers of a £250,000 home by £6,250. The Foundation criticised this as an economically inefficient way of raising revenue, arguing that it could hinder the effective use of the UK’s housing stock.

A Treasury spokesman commented on the recommendations, noting: “Following the spending audit, the Chancellor has been clear that difficult decisions lie ahead on spending, welfare and tax to fix the foundations of our economy and address the £22 billion hole the Government has inherited. Decisions on how to do that will be taken at the Budget in the round.”

Read more:
Think tank urges Labour to consider inheritance and road pricing in budget proposals

0
FacebookTwitterGoogle +Pinterest
previous post
Labour urged to consider £9bn tax on staff pensions to curb government spending
next post
Kamala Harris’ new climate director said she is hesitant to have children because of climate change threats

You may also like

Former Dragon James Caan CBE becomes Enterprise Ambassador...

January 30, 2023

AI, a helping hand for businesses when moderating...

August 19, 2024

Sunak to challenge Biden over US green subsidy...

March 13, 2023

Households struggling with mortgages ‘might reach 2008 peak...

October 12, 2022

Number of Landlords Selling Up in UK Grows...

August 15, 2023

Finalists revealed for Isle of Man Innovation Challenge...

April 4, 2025

Amazon pledges $4bn to Anthropic in race for...

September 25, 2023

Last chance for businesses to take advantage of...

March 8, 2023

Bank of England governor highlights ‘substantial problem’ with...

November 14, 2024

Unlocking HR’s Secret Weapon: How HRIS Revolutionizes Decision-Making

March 27, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved