Hazlewoods: Early Budget predictions from the business experts
Rarely has so much speculation come before a Budget – mainly about how the chancellor will recoup the £300 billion spent so far during the pandemic - but fortunately Gloucestershire accountants, Hazlewoods, is on hand to provide some clarity.
Nick Haines, tax partner at Gloucestershire-headquartered Hazlewoods LLP.
SoGlos spoke with Hazlewoods’ tax partner Nick Haines to get an early insight into what the 2021 Budget might look like for Gloucestershire businesses.
The general consensus is that it would be premature for the chancellor, Rishi Sunak, to introduce significant tax hikes now to begin recouping the estimated £300 billion spent on Covid-19 support.
British family sells $10m Van Gogh to avoid rise in capital gains tax
Staff writer
A British family are selling a Vincent Van Gogh drawing for a record breaking $10m (£7.1m) to avoid a potential rise in capital gains tax in next Wednesday’s budget.
Thomas Gibson, a London art dealer, and his three sons have decided to sell the Van Gogh alongside seven other works, including art by Lucian Freud and Henry Moore for an estimated total of $23m (£16.3m), because Gibson fears an increase in capital gains tax will affect his sons’ inheritance.
The highest price paid for a Van Gogh drawing is $8.5m for his
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Five surprises to watch out for in March Budget
25 February 2021 |
by FarmingUK Team | Finance, News
The Budget will be one of the most closely watched in years (Photo: WILL OLIVER/EPA-EFE/Shutterstock)
Next week’s Budget could include some Sunak surprises as the Chancellor looks for ways to get the economy moving while paying for the coronavirus bill.
This year s highly-anticipated Budget speech will be delivered on Wednesday 3 March, at around 12:30GMT after Prime Minister s Questions.
Sean McCann, Chartered Financial Planner at NFU Mutual, has identified potential tax changes to watch out for.
Introduction of inheritance tax on pensions
Pensions normally escape the inheritance tax net, but the huge amounts of wealth held in pension funds may be a tempting target for the Treasury.