Tax Day 23 March: what might change?

Tax Day 23 March: what might change?

Highlights

With the UK national debt being at an all-time high since 1963 due to the pandemic, our speakers discuss whether we might expect to see a fundamental change to the UK tax system and what kind of planning we should be considering today.

Key topics of discussion

02:06 Capital Gains Tax

• Where do we see the Capital Gains Tax (CTG) world moving to?
• Why might the announced increase in Corporation Tax to 25% in two years’ time instigate an increase in CGT?
• Should people be selling their second properties, getting rid of their shares and packing in all their investments?
• Will an increase in CGT be enough to pay back the debt from the pandemic?

08:01 Wealth Tax

• Could a Wealth Tax reform the tax system, or would it simply pay back the pandemic debt in a one-off payment?
• Who would a Wealth Tax affect and would individuals be able to escape it?
• How difficult would it be to implement?

13:25 Inheritance Tax

• How might the Government tighten restrictions on the exemptions that exist within the Inheritance Tax (IHT) regime?
• Would changes to IHT impact the debt caused by the pandemic?
• Could IHT be replaced by a Gift Tax or a Wealth Tax?
• What might be the planning implications for individuals?

17:24 Value Added Tax

• Could the Government make changes to Value Added Tax (VAT) and how might it be implemented?
• Can we have simplification and have a tax system that is fit for purpose?

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