Electric vehicle drivers to be charged new per mile tax from 2028

Chancellor Rachel Reeves presented her second Budget, which included measures such as stamp duty holidays and cuts to tax relief, aimed at addressing the ongoing economic challenges in the UK. The budget reflects a response to the cost of living crisis while attempting to stabilize the stock market.

Electric vehicle drivers in the UK will soon be subject to a pay-per-mile tax, set to begin in April 2028, with charges of 3p per mile for electric cars and 1.5p per mile for plug-in hybrids. This tax comes as the government aims to phase out petrol and diesel vehicles by 2030, raising concerns among EV owners about the financial implications of this new levy.

The Autumn Budget has been met with criticism, particularly from financial commentator Kalpana Fitzpatrick, who highlights that the burden of costs will fall on those who can afford to pay. This sentiment reflects a broader concern regarding the implications of budgetary decisions on economic equity.

Chancellor Rachel Reeves has announced a reduction in the annual cash ISA limit from £20,000 to £12,000, a decision that could significantly impact millions of savers in the UK. This change is part of the broader Autumn Budget aimed at addressing economic challenges.

Chancellor Rachel Reeves announced an Autumn Budget that avoids raising headline income tax but increases tax rates on property, dividends, and savings, resulting in a £26 billion tax hike. This decision is expected to impact various income sources significantly, raising concerns among taxpayers about their financial burdens.

Five of the top ten paying instant access cash ISAs have dropped in rankings following the expiration of their headline bonus rates, prompting a warning for savers to reassess their cash ISAs. This decline highlights the importance of monitoring interest rates and terms associated with these accounts to avoid suboptimal returns.