As ever, the Chancellor said a lot, made some unexpected changes and announced things that will happen and re-announced those that were already planned (all Chancellors seem to do this). In any event, the short story for most is that landlords are on the radar. Stamp Duty will be rising by an extra 3% for those buying a second property (or more) in addition to the changes already announced about interest relief.
In addition capital gains tax looks set to be something that is now much more closely inspected by HMRC and the payment for Capital Gains Tax on property appears to be moving to a pay at the time, rather than wait until the following January, which in some instances means bringing forwards the payment date to HMRC by potentially 22 months. The details are to be finalised.
The rumours about changes to tax relief on pensions changing were given further credibility with research into the impact of changes to the current 20%, 40% and 45% relief being finalised by March next year, so we would expect an announcement in the Budget next March. If I were a betting man (I’m not) I’d suspect that tax relief will become a single rate, of either 25% (which would be more logical – at least this has some link with the 25% tax-free cash) or 33% (you pay £2 we [Govt] pay £1).
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