Oct 22, 2021

Budget 2021: Six things that could affect you

Chancellor Rishi Sunak will lay out the government's latest tax and spending plans on Wednesday 27 October. The chancellor is reportedly considering a cut to the 5% rate of value added tax on household energy bills. There are rumours that the current Capital Gains Tax rates may be tinkered with. It's been suggested that rates could be aligned more closely with income tax rates, which could mean scrapping the current tax rates of 10% and 20% and instead making everyone pay income tax rates on their gains. Pension experts warn such a move would not be as simple as it sounds, Steven Cameron, pensions director at Aegon, said: "A move to a flat rate of pensions tax relief, rather than the current system where relief is based on the rate of income tax paid, would be far from simple to implement."

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