| UPDATED: 15:35, Fri, Mar 12, 2021
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Chancellor Rishi Sunak set out his Budget earlier this month as the UK economy continues to suffer during the pandemic. He announced various policies, including an increase in corporation tax from 19 percent to 25 percent by 2023 – sweetened with £25billion incentives for businesses. Pension lifetime allowances will also be frozen as Mr Sunak looks to increase the amount of people paying duties via a stealth tax. However, the Budget was largely light on major tax changes, despite fears the self-employed could be targeted.
| UPDATED: 12:39, Fri, Feb 26, 2021
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Rishi Sunak is poised to announce his Budget on Wednesday as the country reels from the economic impact of the coronavirus crisis. Reports are suggesting it is likely the self-employed and pension pots could be targeted to raise funds after the UK economy suffered its biggest slump in over 300 years. Mr Sunak is yet to shed any light on whether inheritance will be affected or not in his Budget – but experts have discussed what reforms could be undertaken. MPs on the all-party parliamentary group for inheritance and intergenerational fairness
| UPDATED: 18:16, Wed, Feb 24, 2021
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Chancellor Rishi Sunak could make big changes to inheritance tax, impacting many savers in the UK amid the economic downturn from the pandemic. The economy suffered its biggest slump in over 300 years in 2020, although the UK has narrowly avoided a double dip recession. Britain s GDP dropped to 25 percent lower in April 2020 than it had been two months earlier in February 2020. Economic activity picked up over the spring and summer, reflecting the opening up of the economy and pent-up demand from the first lockdown.
| UPDATED: 17:46, Thu, Feb 25, 2021
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The Chancellor is said to be considering a number of tax hikes and reforms in order to recoup funds, and will outline his policy changes in his Budget on March 3. Julia Rosenbloom, a partner and Smith and Williamson and tax adviser, warned that potentially exempt transfers (PET) could be abolished, and recommended that people make gifts sooner rather than later to avoid extra charges. The rules allow individuals to make gifts of unlimited value to friends and family members without being hit with any inheritance tax liabilities if you live for