Mar 11, 2020

Budget 2020: What it means for you

More on Budget 2020 Changes on pensions tax for higher earners. The highly complicated way in which high earners are taxed is set to change. Basically, tax relief on pensions becomes less generous if annual income exceeds £150,000 a year. About 60% of the price you pay for fuel is tax - a mixture of fuel duty and VAT. Duty on cigarettes and cigars will go up by the Retail Prices Index measure of inflation plus 2% until the end of this Parliament, and hand-rolling tobacco duty will rise by RPI plus 6% in April. Many self-employed people face a higher tax bill from April, when the so-called IR35 rule is extended to the private sector.

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