Boost For Young Taxpayers In November Budget

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July 15th 2020
Tax Week 15
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Boost For Young Taxpayers In November Budget

Chancellor could be looking to help people under-30 with lower tax rates

Chancellor Philip Hammond is set to deliver the first Autumn Budget on November 22nd and as part of the anticipation of what changes are to be announced some leaks coming though could brighten the day for people under-30.

Labour has been staunchly attending to younger voters in its election policies and in this air of allowing fairness between the current generations and 'baby-boomers' of the past certain ideas have been floated for consideration.

The first would directly reduce the amount of tax paid by people under-30 by lowering the amount of tax paid. This may be through an increased personal allowance or a change to the actual rate of tax. Current thought is to fund this by cutting the amount of tax relief older taxpayers can claim on pension contributions.

The second would again increase the pay packet albeit by reducing an additional deduction for many - the student loan repayment. 9 percent of any gross pay over around £17,775 or £21,000 is taken. The second threshold here is to be raised to £25,000 next year but a more impacting measure to write off student loans for certain groups of people is being considered.

Other measures for younger people are not tax-related by equally helpful such as opening up green-belt restrictions to allow homebuilders to create fresh property available for first-time buyers, further helped by the extension to the successful Help To Buy scheme recently.

We are still a month out from the actual Budget speech so check back here for more updates or by following our twitter @uktaxcalculator.

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