Brit investors face triple-whammy of taxes at Budget, Tories warn
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A TRIPLE-whammy of taxes could hit British investors at the Budget, the Tories warn.
Measures such as removing a tax break on shares, scrapping the £500 tax-free dividend allowance and increasing dividend tax rates will dent confidence, they say.
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'The Government needs to urgently rule out these tax hikes on savers and investors', warned Shadow Chancellor Mel Stride
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An estimated five million people would be dragged into paying dividend tax if that allowance went.
Shadow Chancellor Mel Stride said: 'The Government needs to urgently rule out these tax hikes on savers and investors before speculation causes further economic harm.'
Labour last night laughed off the jibes.
A spokesman said: 'They have some brass neck. They've still not apologised for the damage caused by the Liz Truss mini-Budget.'
READ MORE ON TAXES
NIGE TURF WAR Nigel Farage urges Chancellor not to hike gambling taxes for horse racing
Last month, The Sun reported that Brits were bracing for higher taxes after Rachel Reeves warned Labour's welfare U-turns would come at a 'cost" - with experts saying the bill could hit £40 billion.
The Chancellor opened the door to painful tax hikes after a week of Labour chaos, which saw her break down in the Commons and lose control of key spending plans.
In her first public comments since the dramatic scenes in Parliament, Ms Reeves admitted the Government's retreat on welfare cuts had blown a multi-billion-pound hole in the public finances — and taxpayers would be left to fill the gap.
Pressed on whether she would raise taxes, she said: 'Of course there is a cost to the welfare changes that parliament voted through this week and that will be reflected in the budget.
'But I'm also very, very clear that [the] stability that we've been able to return to the economy, which has enabled the Bank of England to cut interests rates four times, is only possible because of the fiscal discipline which is underpinned by the fiscal rules.
"And we'll be sticking to those because they're absolutely vital for the living standards of working people and also the costs that businesses face.'
Tax and spending package of €9.4bn to form basis of Budget 2026
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