Headroom Could Allow for Inheritance Tax Cut
Around £15 billion of available funds could potentially be used to reduce inheritance tax by half, bringing it down to 20 per cent, according to reports. Chancellor Jeremy Hunt is expected to make this announcement in the upcoming Autumn Statement.
Raising Stamp Duty Thresholds to Boost Housing Market
In an effort to stimulate the stagnant housing market, the Chancellor is also considering raising the Stamp Duty thresholds. Currently, buyers pay 5 per cent Stamp Duty on properties over £250,000, with the rates increasing for higher-priced homes. The proposed changes aim to make buying homes more affordable.
Resistance to Personal Taxation Cuts
Despite calls to cut personal taxation, Jeremy Hunt is hesitant to do so due to concerns about potential inflationary effects. The Office for Budget Responsibility has suggested that the available funds could be used to reduce other taxes instead.
Prime Minister's Pet Policy
As part of the fiscal update, Chancellor Hunt will allocate £10 billion to extend the "full expensing" tax relief for large businesses. This policy, favored by Prime Minister Rishi Sunak, allows companies to offset their investments against corporation tax, resulting in significant tax savings.
Overall, the Autumn Statement is expected to bring some significant changes to the UK tax landscape, with the potential for reduced inheritance tax and increased Stamp Duty thresholds.
Did you miss our previous article…
https://hellofaread.com/politics/boris-johnson-plans-to-knock-down-servants-quarters-at-4m-mansion/
