Do you pay council tax? Then read on! As we keep banging on, the UK is in a “bit of a pickle” having spent our grand-children’s taxes (let alone the taxes being raised today) and therefore being rocket-scientists, we are trying to best guess what taxes could raise next (and then helping our clients avoid them)! Another good guess of ours could be an overhaul of property taxation including council tax and stamp duty. Why properties? Well, unless you live in a caravan, you will struggle to “move your house” or hide it offshore for example and therefore it could be a “sitting duck”!
What could happen? Rumours are that existing property taxes could be abolished, including for example council tax and stamp duty and then being replaced with a property tax. The new tax could then levy a fixed, annual charge based on the property value. For example, around 0.5% per year may be reasonable! Governments could then alter this as they see fit.
As stated, you cannot “hide your house” or “move it offshore” so if I was Chancellor this would interest me greatly!
As always, this is speculation right now but with the budget coming up one thing is certain, changes to taxation are inevitable and the “tax take” needs to rise dramatically. Rest assured, we remain vigilant and will help protect your Financial Fortress regardless of what may be announced!
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