The Chancellor of the Exchequer Rishi Sunak is expected to raise £2.04bn from freezing or maintaining IHT thresholds, the Lifetime Allowance and Capital Gains Tax by 2025/26.
According to the Budget 2021 policy costing document, Sunak forecasts to raise an extra £985m from freezing IHT bands by 2025/26. Another £990m is expected to be raised from freezing the Pension Lifetime Allowance until 2025/26, and maintaining the annual exemption on CGT will bring in an estimated £65m by 2025/26.
Andrew Tully, technical director at Canada Life commented: “By freezing or maintaining thresholds, the Treasury can expect to bring in over £2 billion in stealth taxes over the next five years. With property prices and investment markets rising, it’s clear that more and more people are going to be caught out by these taxes.
"These eyewatering sums will inevitably fund some of the significant spending pledges announced today.”
Latest News
-
UK bank branch numbers decline rapidly in five years, figures show
-
Intermediary confidence remains despite mortgage market cooling
-
IHT receipts jump 8% year-on-year in July
-
Mortgage products ‘no longer fit for purpose’, brokers say
-
Aberdeen agrees sale of financial planning business
-
Annual house price growth climbs to 3.7% – ONS
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
Air and the role of later-life lending
Content editor at MoneyAge, Dan McGrath, spoke to the chief executive officer at Air, Will Hale, about the later-life lending industry, the importance of tailored advice and how technology and obligations have shaped the sector.
Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories