The head of tax at an accountancy firm with an office in Stamford says the budget
The head of tax at an accountancy firm with an office in Stamford says the budget was broadly in line with what was expected, but savers and those with property or shares will need to look closely at their incomes following the widespread rise. Graeme Hills says it wasn't as radical as feared.
‘Amidst all the speculation and leaks leading up to the Budget, the Chancellor finally stood up in front of the House of Commons and announced what was, in the end, somewhat less sweeping changes as expected or feared. Among one of the wider sweeping changes that was mentioned was the increase in basic high rate and additional rate tax for savings, property and dividend tax by 2%. This is very much still in line with Labour's election pledge not to raise tax on working individuals. But it does still increase tax by 2% for a large proportion of taxpayers. Particularly those with investment properties and investment portfolios, this will have a significant impact on the incomes for those individuals. They need to look at what their ongoing incomes can look like, what the cash flow looks like and also what impact that could have on other people. Obviously tenants with their landlords are having 2% increase on their tax. What will the knock on effect be for those paying rent as well?’
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