The OBR published Rachel Reeves’s Budget measures before the Chancellor’s big speech. The Daily Express has looked at some of the biggest leaked tax bombshells.
Full details of the Labour Government’s “Make or Break” Budget were embarrassingly leaked online before they were revealed in Parliament today.
The Office for Budget Responsibility (OBR) leaked Rachel Reeves’s Budget measures before the Chancellor was set to make her speech at 12.30pm on Wednesday. Personal allowances will remain frozen for three more years, from 2028-29. Salary-sacrificed pension contributions will be targeted, pay-per-mile charges on electric vehicles will come into effect, and a “mansion tax” will be introduced to target some homeowners, among several other new measures.
From taxes on gambling to less capital gains relief. Here are 11 tax bombshells from Rachel Reeves‘ leaked Budget measures straight from the OBR:
Rachel Reeves’s Budget measures have leaked. (Image: Getty)
- A set of personal tax changes which increase receipts by £14.9 billion in 2029-30, including:
- freezing personal tax and employer National Insurance contributions (NICs) thresholds for three years from 2028-29, which raises £8.0 billion;
- charging NICs on salary-sacrificed pensions contributions, raising £4.7 billion; and
- increasing the tax rates on dividends, property and savings income by 2 percentage points, raising £2.1 billion.
- Other tax changes increase receipts by £11.2 billion in 2029-30. These include:
- a reduction to the writing down allowance main rate in corporation tax, which raises £1.5 billion;
- a new mileage-based charge on battery electric and plug-in hybrid cars from April 2028, raising £1.4 billion;
- reforms to the taxation of gambling, which raises £1.1 billion;
- Reduced capital gains tax relief on disposals to employee ownership trusts, which raises £0.9 billion;
- a high value council tax surcharge on properties worth over £2 million, raising £0.4 billion;
- tax administration, compliance and debt collection measures, which raise £2.3 billion;
- These tax rises are partially offset by a freeze on fuel duty for a further five months, followed by staged increases from September 2026, costing £2.4 billion next year and £0.9 billion each year thereafter; and
- A range of other tax measures, including the introduction of the Sizewell C regulated asset base (RAB) levy, collectively raise an additional £4.4 billion.
