Oct 26, 2018

Budget 2018: What we know already

Some 25.6 million of these taxpayers pay income tax at the basic rate. National insurance rates and any changes to capital gains tax will also be announced in the chancellor's Budget. The gradual process allowing people to pass on property to their descendants free from some inheritance tax will enter its third year. Many buy-to-let landlords are seeing the amount of tax relief that they can claim on mortgage interest payments cut over the course of four years. Some of the possibilities include cutting the tax relief available to higher earners putting their money into a pension; imposing VAT on private school fees; charging more tax from offshore gambling companies; and introducing a 3% stamp duty surcharge on overseas buyers who are not tax resident in the UK. Overseas non-residential property owners already face a higher capital gains tax bill from April.

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