Neil MacGillivray: Fishing the tax pond

Another annual allowance cut?

clock • 2 min read

There remains the possibility this will be an uneventful Budget for pensions, says Neil MacGillivray, but the Chancellor has to find additional income from somewhere - and he is fishing in an ever-smaller pond

We know Philip Hammond is still looking to make substantial savings. With increasing pressure mounting to remove pay restrictions on public sector and NHS workers, however, he will have no option but to find additional income from somewhere. For this Wednesday's Autumn Budget, I can only suspect the Chancellor will be fishing around to make quick, easy wins to raise more tax but the question is - where will he find them?   One interesting area - where it is estimated could raise as much as a staggering £8bn a year - is the taxation on gains on the sale of UK-based commercial property own...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

Advisers warn market volatility will threaten retirement plans

Advisers warn market volatility will threaten retirement plans

More than half expect clients to postpone or change plans

Isabel Baxter
clock 26 March 2024 • 2 min read
Perfect timing: How to advise clients on the right time to retire

Perfect timing: How to advise clients on the right time to retire

Striking a balance between health, wealth and personality

Richard Hulbert
clock 05 February 2024 • 4 min read
Baillie Gifford: Enjoying later life without an income from work

Baillie Gifford: Enjoying later life without an income from work

The latest from PA’ Digital Working Lunch webinar series

Professional Adviser
clock 12 December 2023 • 2 min read