After the pandemic: the tax changes to expect
- On January 20, 2021
- By GrowthInvest Marketing
Following the pandemic, tax rises are inevitable. Where will they fall and how can you protect yourself from the heaviest blows?
With the national debt continuing to balloon and reports making the case for a wealth tax and higher rates of capital gains tax (CGT) landing on the chancellor’s desk, it seems inevitable that raids on wealth will happen at some point.
But the pandemic has not yet been brought under control and chancellor Rishi Sunak is expected to tread cautiously for fear of putting the economic recovery at risk when he reveals his budget to the nation on 3 March. Nevertheless, he is known to want to avoid pushing the debt too far into the future and onto the shoulders of the next generation.
According to the Institute for Fiscal Studies (IFS), if the UK added one percentage point to all income tax rates, National Insurance contributions and VAT, it would raise an extra £19bn of revenue a year. But observers believe that other taxes and reliefs will be at the forefront of new revenue raising plans in the next budget or further down the line.
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