October 2024 | Fair Point | abrdn Financial Fairness Trust Newsletter

All eyes are on the Autumn Budget this week. As predictions are made about what’s to come on Wednesday, our Financial Fairness Tracker found the public are clear about which they would prefer: tax increases before public spending cuts.

The Trust’s research finds twice as many people believe spending on public services should be increased even if it means tax rises for households like theirs. 
Many of our partners have published their recommendations for the chancellor, from how Inheritance Tax could be improved to make it fairer, to Capital Gains Tax reforms to bring the UK in line with similar countries. Read on for more on those. 

Read the latest Financial Fairness Tracker

Reforming Capital Gains Tax 

CenTax points out reforms to Capital Gains Tax (CGT) could raise £14bn while making most Capital Gains Tax payers better off and boosting growth.
How can this be done?

Making Inheritance Tax fairer

Demos have published reports and polling on how the chancellor could change the rules on inheritances to make the tax fairer.
Read their suggestions

1.2 million unpaid carers across the UK are living in poverty

Welcome news came this month that the government is reviewing problems with Carer’s Allowance overpayments. Research from Carers UK found high levels of poverty amongst unpaid UK carers, with 1 in 10 of all carers in deep poverty. They have produced a series of reports about how to lift carers out of poverty.
Read their recommendations

Work disincentives on Universal Credit (UC)

The University of Bath found many people who claim UC are penalised when they try to work more hours. BBC Radio 4’s Money Box spoke to the report’s authors and heard from Aurora about how she lost her children’s entitlement to free school meals when her earnings increased by a few pounds a week.
Read the research

Funding application deadline

The next funding deadline is 5th February 2025. If you have an idea on how we can improve living standards for people on low-to-middle incomes, get in touch. Find out more about what we fund.
ICYMI: We also have funding available for work on climate change and household finances in the UK. Find out more.