![]() While welcome, some had called for it to be raised to £100,000. The threshold is the level of taxable turnover above which businesses have to register for VAT. Higher VAT thresholds for businessesįrom 1 April, Mr Hunt said the Government would be increasing the VAT registration threshold from £85,000 to £90,000, which would mean fewer small businesses would pay tax. “Given most investors have a natural bias towards UK companies and funds anyway, the most straightforward way to boost retail investment in UK companies would simply be to raise the £20,000 Isa allowance, which has remained unchanged since 2017,” said Tom Selby, of AJ Bell. However, experts have previously poured cold water on the idea of the Great British Isa. If you are an additional-rate payer, earning over £125,140, you pay tax on all your savings interest. With most savings accounts, you pay tax on interest over £1,000 if you are a basic-rate taxpayer – earning more than £12,570 – and £500 if you’re a higher-rate payer – i.e. Most people can save £20,000 a year in an Isa at present, meaning they do not pay tax on their savings interest, as they would with a more typical account. Mr Hunt told MPs: “After a consultation on its implementation, I will introduce a brand-new British Isa.” ![]() Fuel prices are still increasing for drivers despite a duty freeze (Photo: Joe Giddens/PA Wire) Launch of a ‘British Isa’Ī new savings product will allow Britons to have an extra Isa allowance of £5,000 a year, invested in UK equities, taking their annual limit to £25,000. Data released this week by RAC Fuel Watch show the average price of petrol went up by 4p a litre in February while diesel shot up by nearly 5p, making for the biggest monthly rise in five months. He said the freeze would save drivers an average of £50 next year.īut fuel prices are still rising. This additional 5p cut was also set to be reversed last year before being extended, and Jeremy Hunt has now extended it again. Since 2011, each government has contended that the freeze is only temporary and that fuel duty will go up by inflation in the future, but yet again, this has not happened. ![]() The levy on fuel has been frozen at 57.95p per litre since March 2011 and was temporarily slashed by an extra 5p – to 52.95p – in 2022 by Rishi Sunak, who was chancellor at the time. The Government said the changes mean nearly half a million families will be better off by an average of almost £1,300 per household.
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