What will be said on the day is known only to the Chancellor and his team. However the tax announcements we are expecting may include:
- Married couples being given the option to transfer part of an unused personal allowance
- Electricity generators being relieved of some “green” taxes
- Confirmation that certain members of LLPs will be re-characterised as employees for tax purposes increasing national insurance liabilities
- Increased tax on partnerships and LLPs with a mix of individual and company members due to new restrictions on allocating profits to a company member
In recent budgets the Chancellor reduced the “cost” of some tax reliefs by lowering their monetary limit – for example trading loss relief, pension contributions, business premises renovation allowances. We may see reliefs which have not had limits reduced – for example ISAs and entrepreneurs’ relief from capital gains tax – targeted.
Return here for future updates with Mazars’ analysis of the impact of the tax announcements.