Budget to hit older people?

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 Hammond could reach out to the young in Budget

Several commentators begin speculation on what Philip Hammond may be working on for his November Budget, with the Times saying the Chancellor is considering cutting NI rates for younger workers or perhaps introducing a special NI rate for under 25s. The move will be part of efforts to win back support from a younger generation feeling disenfranchised by perceived intergenerational unfairness. Increasing the annual inheritance tax gifting allowance could be another option, experts state, while those closer to retirement could see changes to tax relief on pensions. The FT’s George Parker says the Chancellor is considering a freeze on tax thresholds in next month"s Budget. The government would still have until 2020 to fulfil its manifesto promise of raising the first income tax threshold from £11,500 to £12,500 and increase the point at which people begin paying the higher 40p tax rate.

Source:   The Times (21/10/2017)   

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