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Five things Surrey residents should watch out for
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Five things Surrey residents should watch out for

Getty Images A close-up of a woman's hands. She wears a pink sweater and rummages through a gold purse for money. Getty Images

Chancellor Rachel Reeves will outline her tax and spending plans in the House of Commons on Wednesday.

So what impact could this year’s budget have on the people of Surrey?

Here are five things to watch out for.

New hospital construction projects

In July, Labor announced a review of plans to build 40 more hospitals by 2030, as part of measures to address a £22 billion black hole in the country’s finances.

The new hospitals program includes a new facility in south London to replace health services at Epsom and St Helier hospitals.

Some of the buildings at both sites have previously been described as “ruining” and older than the NHS.

Surrey MPs said it is “vital” that the reconstruction project continues.

Epsom Hospital

Epsom Hospital, along with St Helier, would see many of its services replaced at a new hospital in Sutton, in line with a commitment made by the former Conservative government in 2019.

SEND funding

During Prime Minister’s Questions just before the budget, Liberal Democrat MP for Esher and Walton, Monica Harding, urged the government to “properly” fund special educational needs and disabilities (Submit).

Other MPs expressed concern that many parents are struggling to get help for their children and the leader of Surrey County Council has apologized to families who have been disappointed by their services.

Deputy Prime Minister Angela Rayner said she was sure the Chancellor had “heard” what had been said on the issue.

Inheritance taxes

The BBC has learned that the government consider increasing the amount of money it collects in inheritance tax, which is levied at 40% on the property, possessions and money of a person who dies above the threshold £325,000.

It’s not clear how many people are likely to pay more, or how much more they would pay.

London and the South East has the largest number of estates liable for tax each year.

In 2018, Guildford has been referred to as the ‘inheritance tax capital’ of the United Kingdom.

Getty Images A street of red brick Victorian houses in Guildford, including one with a "Sold" sign outside.Getty Images

More home buyers will have to pay stamp duty if the current £250,000 threshold is lowered.

Stamp duty

Rachel Reeves should authorize stamp duty thresholds fall to levels set before Liz Truss’ mini-budget.

The tax is due if you buy property or land above a certain price.

In 2022, the threshold was increased to £250,000 (£425,000 for first-time buyers), but the Chancellor may well lower it again.

With Surrey being one of the most expensive places in the UK to buy a house, questions will arise about the impact on the local property market.

VAT on private school tuition fees

The government has already announced that a 20% VAT rate will be added to private school fees from January 1, 2025, with ministers saying the increase was needed to help fund 6,500 new teachers in England.

In 2021-2022just under one in five children in Surrey went to a private school – a higher proportion of pupils than in other parts of the country.

Surrey’s six Conservative MPs said families of children with special educational needs should be exempt from the plans, according to the Local Democracy Reporting Service.

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