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Chancellor announces date of emergency Budget
The emergency Budget will be held on Tuesday 22 June, the Chancellor announced today.
This is the first Budget of the new Government and will be the first Budget where the Office of Budget Responsibility, also announced today, will provide the forecasts for the economy and public finances.
The most concerning tax measures we may hear about are:
- Changes to CGT – possibly increasing the rate to up to 50% for high earners.
- Increase of the rate of VAT – up to an expected 20%.
In terms of CGT, if you hold an asset which currently stands at a gain, and which you would consider disposing of in the short to medium term, you need to consider whether you should take action before 22 June to secure tax at 18%.
It may be possible to crystalise a gain even if you don’t have a buyer lined up, although this needs careful consideration, please let me know if you would like to discuss this.
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From the Times Online:
While Mr Osborne declined to be drawn on whether the Government will announce an increase in VAT in the Budget, he hinted that he will stand by a pre-election pledge to cut corporation tax from 28 per cent to 25 per cent and also introduce a cut in the tax rate for smaller firms.I think this comment should be removed