With the UK’s worsening fiscal outlook giving rise to months of speculation about which taxes would increase, the Chancellor confirmed that by 2029 taxes must rise by a further £26 billion per year if the government is to meet its 3 core objectives to cut the cost of living, NHS waiting lists and the national debt. All this whilst increasing its fiscal headroom and growing the economy. 

Jeff Whitcombe of BCF Wessex decodes the Rachel Reeves Budget which has implications for employers and raised NIC, but provides continued support for electric vehicles and salary sacrifice.

With the government’s commitment to support the take-up of electric vehicles (“EVs”) by maintaining competitively low BiK tax rates from 2028 to 2030, the Chancellor has provided the clarity and certainty required by company car and salary sacrifice providers.