Tax Day 23 March: what might change?
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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This article was previously published on Tilney prior to the launch of Evelyn Partners.