Wealthy households and property investors will face higher tax bills in 2025 due to a range of tax hikes and freezes to personal allowances announced in the first Budget by chancellor Rachel Reeves. Changes include frozen income tax thresholds leading to fiscal drag, increased capital gains tax rates, inheritance tax reforms, upcoming stamp duty costs for property buyers, higher employer national insurance rates, and potential council tax increases by local authorities. These changes will impact middle-income earners the most, leading to higher tax bills despite rates not explicitly rising, ultimately affecting disposable incomes and living standards.
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