Whilst we are expecting to receive more information on the economic support available in light of the coronavirus pandemic will we see tax rises – despite the governments pledge not to raise Income Tax VAT or National Insurance during their current term of office?
The Chancellor has indicated that reforming Inheritance Tax and Capital Gains Tax may be simpler than introducing a Wealth Tax; or maybe it’s time to cut tax relief on pension contributions?
We envisage that any tax changes will be gradual and we expect that the announcements on 3 March 2021 will be followed up by consultations with a view to the implementation of possible legislative changes in 2022.
With this in mind we would advise you to take advantage of current tax rates reliefs and allowances while you can. And, do call us on 01223 810100 we’re here to help!
