The Chancellor is under some pressure to announce the end to austerity, raise NHS funding and give the country a “We-are-under-control” perception ahead of Brexit – so what has he got planned?
Budget Day this year is 29th October 2018 and here’s what is speculated to be in store for us folk:
1 . A freeze on our personal allowance at the current rate of £11,850 -this would generate an extra £2bn of funds
2. At the moment, we can invest up to £40,000 per year into a pension and receive tax relief on it – potentially he might reduce this down to £30,000 per year
3. Potentially he might reduce or remove the exemption of Capital Gains Tax on our Principal private residence (currently completely exempt)
4. He might reduce or remove entrepreneur’s relief which is a relief to encourage business investment
5. The VAT threshold (currently £85,000) might be lowered and there’s talk about it even being halved to £43,000! This would have a major impact on millions of small businesses but would raise c£1.5bn for the Chancellor
Truly Edge of the seat stuff!
LeeP – making your money go further.