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It would not be an exaggeration to say that this is one of the most important budgets that a British Chancellor has ever had to deliver. The economic cost of Brexit and the coronavirus (Covid-19) global pandemic is a challenge like no other. The UK has not seen the landslide of companies going into insolvency that many other countries have due in no small part to its support package but that has been expensive. Businesses and individuals alike are braced for the worst but hoping for the best. The optimist would note that the amazing progress in the mass vaccination scheme and the pent-up spending power that will hopefully soon be unleashed may help us to trade out of the current economic situation without seismic tax changes.
Against that backdrop, my predictions might be wholly misconceived, but I will give it a go anyway! I predict the following:
We have already had (in January 2021) the next stage in HM Treasury's review of the UK's funds regime. The call for input closes on 20 April 2021 so I would anticipate that the Government will wait for the outcome of that report before announcing changes to the UK funds rules.
I am hopeful that there will not be a wealth tax and that, if there is to be a change to the rate of capital gains tax, any increase will be deferred until a future date to encourage business owners to trade out of the current economic crisis strongly and with renewed vigour.
Interviewed by Vinothini Samugamnathan
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