It’s Budget Day on 3rd March, and, as always, various ideas are trailed/run up the flagpole/ along the platform to see if they catch the wind/ jump on the train/ other ghastly metaphors freely available. A one-off Wealth Tax to cover the Covid bill seems to be off the agenda. One suspects it may not have been a popular choice with many a Tory donor, although most would, I’m sure, find it easy to dodge. Aligning CGT with income tax, or even treating gains as income, seems to be the bookies’, and (one of) Rishi’s, favourite. Watch this space.
“HMRC scraps plans to tax pensions after death”
A couple of other Statement Highlights (in my world, anyway). A welcome ‘nothing happened’ on the treatment of pensions on death. They were never going to be liable to IHT (too complicated with trusts and trust law) but there was talk of making them income-taxable on the recipients at whatever age you die.
