Weekly News:
- UK to Implement “Double Council Tax” from Next Month
- New Vehicle Excise Duty (VED) Rates Announced, Some Drivers Facing Triple Taxation
- Over One-Fifth of UK Adults Considered Not Actively Seeking Employment
- Bank Transfers May Face Up to 4-Day Delay in Anti-Fraud Measures
UK to Implement “Double Council Tax” from Next Month
From April onwards, England will enforce stricter regulations on long-term vacant properties.
Properties unoccupied for over 12 months will incur a 100% increase in council tax.
Moreover, the UK Parliament will have the authority to levy taxes on second homes.
New Vehicle Excise Duty (VED) Rates Announced
The newly announced vehicle tax regulations will result in some drivers paying up to three times the tax they previously paid.
Additionally, starting next year (2025), further reforms to vehicle taxation will be implemented, aiming for greater consistency.
Newly registered vehicles exceeding £40,000 may face additional charges.
However, zero-emission vehicles will be subject to the lowest initial VED rates.
Over One-Fifth of UK Adults Considered Not Actively Seeking Employment
Recent data reveals that 9.2 million adults aged 16 to 64 in the UK are either out of work or actively seeking employment.
This represents an increase of over 700,000 individuals compared to pre-pandemic figures.
Long-term illness is cited as a primary reason for exclusion from the workforce.
Additionally, freezing the personal income tax threshold is believed to dampen the incentive for young people to seek employment.
Bank Transfers May Face Up to 4-Day Delay in Anti-Fraud Measures
The UK is updating its legislation to combat fraudulent activities, expected to come into effect on October 7th.
In order to allow payment providers ample time for investigation, transfer times may be extended.
Presently, payment service providers are required to process requests within 24 hours.
The proposed legislation suggests extending this period to 72 hours to allow providers to make informed decisions.
