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Summer Budget 2015 predictions

Whilst we know the Summer Budget 2015 will include provisions to prevent any rise in the rates of income tax or VAT until 2020, there is no such promise for any other taxes.  Changes could well be announced for CGT, IHT, corporation tax, SDLT or ATED.  We may also see generous reliefs reduced.  Either way, to help tackle the budget deficit, significant tax changes seem likely in the Summer Budget 2015.

Two predictions for change relate to CGT and pension contributions.

CGT

If we think back to the Emergency Budget that followed the 2010 general election, the CGT rate was increased from the day after (23 June 2010).  The current rates of CGT (18% and 28%) are below the top rates of income tax (40% and 45%) and something similar could well happen next month.

Pension contributions

The Conservative Party manifesto pledged to reduce tax relief on pension contributions for those paying tax at 45%. Any change could apply straightaway but more likely from 6 April 2016.  If you are thinking of making a lump sum or top up contribution, you might though want to do so before 8 July.

We wait to see what will be announced on 8 July!

 

 

Date: 16th June, 2015
Author: Helen Price

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