Few would have predicted that in a year when a pandemic swept the world, the UK housing market would be riding high.
House prices rose 7.6 per cent to an all- time high average of £253,243, says the Halifax.
The 121,740 properties sold in October alone - the latest data - were a whopping 14 per cent up on a year earlier, according to HM Revenue & Customs.
Property predictions: After a roller-coaster 2020, our experts predict ten trends for the next 12 months
And Government figures show even rents hit an all-time high of £725 per month in England and £1,435 in London.
A stamp duty holiday until March has encouraged a frenzy of buying as people bag savings of up to £15,000, while interest rates remain near record low levels and a ban on tenant evictions until mid-January may be hiding a mountain of rent arrears.
Ministers must ditch a planned rise in capital gains tax that would devastate Britain s economy, City veterans have warned.
Raising it to the same level as income tax would be the greatest own goal scored in history , they have told Prime Minister Boris Johnson.
As Britain tries to bounce back from the coronavirus recession, Chancellor Rishi Sunak is said to be considering raising capital gains tax in his March Budget.
Chancellor Rishi Sunak is said to be considering raising capital gains tax in his March Budget
The Institute for Public Policy Research think-tank estimates that this could raise an extra £90billion over five years, which would help with the UK s spiralling debts.
Individuals rush to sell assets as capital gains tax bill rockets to £10.1bn
The UK s CGT bill has rocketed in the last decade.
The UK’s capital gains tax (CGT) bill has hit £10.1bn, up more than fourfold from £2.5bn a decade earlier, prompting people to sell their assets.
Despite the increase of nearly £7.5bn in a decade, more CGT could be demanded from the taxpayer.
The Office for Tax Simplification recently recommended the Chancellor increase CGT rates in line with rates of income tax, as well as making inherited assets subject to both CGT and inheritance tax.
Potential changes ahead to CGT have led more individuals to sell assets that might attract even bigger CGT bills in the future, such as buy to let properties, according to financial adviser Salisbury House Wealth.
According to Ms Wilson, pension tax relief is an obvious target .
She s suggested the possibility of higher-rate relief on pension contributions may be scrapped in favour of a more equitable spread among lower earners .
“This has been rumoured for a few years and could net over £10billion in extra tax, Ms Wilson explained. But as it would increase the tax bills of people earning over £50,000 it would mark a move away from the government’s election promises and that may be a step too far for the Prime Minister.
“Another rumoured move is to reduce the 25 percent tax-free amount that can be withdrawn when you access your pension pot, which you can currently do from aged 55 onwards.
Zoom-bombing , potential scams and more controversies: PA s 10 most-read stories of 2020
One adviser left stunned
Stories on contingent charging, scams and Brexit have all proved to be popular with our readers this year but there are certainly some rather offbeat inclusions in the 10 most-read articles on the Professional Adviser website in the last 12 months. Read on to find out which articles were the most-read on the PA website this year, as well as the most popular article of 2020.
So, counting down to Professional Adviser s most-read story of the year, here is our top 10 from 2020. 10. Revealed: All the winners at the 2020 Professional Adviser Awards The article detailing and.