From Morningstar: 2025-04-03 02:37:00

The 2025-6 tax year brings new allowances but also unwelcome changes for taxpayers, companies, and potential homebuyers. The new 15% rate of National Insurance employer contributions and immediate capital gains tax increases are significant changes. Bills like council tax, energy, water, and telecoms are already increasing, while inflation remains above target at 2.8%.

Tax as a percentage of GDP is forecast to hit a record 37.7% in the 2027-28 tax year, according to the Office For Budget Responsibility. The current tax burden is already the highest since the 1940s. Pensions will also be brought into the inheritance tax regime in the future. The Autumn Budget in October played a significant role in these forecasts.

Employer National Insurance rates are set to rise to 15% from 13.8%, affecting big businesses like Sainsbury’s, Marks & Spencer, and BT. The National Living Wage changes will also come into effect, with pay increases for different age groups. These changes could lead to job cuts and price increases for consumers.

Stamp Duty Land Tax changes mean first-time buyers will face lower thresholds for stamp duty payments. House price growth remains steady despite the changes. Furnished holiday lets will no longer receive preferential tax treatment, and owners will face new restrictions on loan interest and tax relief on chargeable gains.

Non-domiciled individuals will face changes to the tax system, transitioning to a residence-based regime. The remittance basis for UK non-doms will be abolished, with a transition period offering relief for foreign income and gains for the first four years of tax residence in the UK. Inheritance tax rules will also be amended for this group. 1. The unemployment rate in the United States has dropped to 4.8% in the month of October, according to the latest report released by the Bureau of Labor Statistics. This marks a significant decrease from the previous month and is a positive sign for the economy.

2. In international news, the United Nations has reported that over 4.5 million people in Afghanistan are facing severe food insecurity due to ongoing conflict and drought. The situation is expected to worsen in the coming months without immediate humanitarian aid.

3. A new study published in a scientific journal reveals that the use of e-cigarettes among teenagers has increased by 30% in the past year. This alarming trend has raised concerns among health experts about the long-term effects of vaping on young people’s health.

4. The stock market saw a sharp decline today, with major indices like the S&P 500 and Dow Jones Industrial Average falling by over 2%. Investors are worried about rising inflation and the impact of the ongoing supply chain disruptions on corporate earnings.

5. The World Health Organization has declared the new Omicron variant of COVID-19 a “variant of concern” due to its high number of mutations and potential for increased transmissibility. Health authorities are closely monitoring the situation and urging countries to take necessary precautions to prevent its spread.



Read more at Morningstar: These 4 UK Taxes Are Changing in April