Who Will Be Paying For Covid?
We were delighted this morning to present a webinar hosted by 1825 entitled ‘Who Will Be Paying For Covid?’.
Ryan Harrison and Alex Newsham were invited as guest-speakers to discuss the potential changes which could be introduced in order to increase the tax take and patch the growing hole in the nation’s finances as a result of the Covid-19 pandemic. The key themes discussed included:
- The development and likely introduction of the recommendations made by the Office of Tax Simplification in their Inheritance Tax reviews published in 2019.
- The new review of Capital Gains Tax to be undertaken by the Office of Tax Simplification announced in July 2020.
- The potential for the introduction of an additional ‘wealth tax’ mooted by the press.
- The changing landscape as a result of digitalisation, real-time collection and ‘Making-Tax-Digital’
Ryan was keen to stress the changing landscape, and the challenges faced by a wide range of individuals and businesses.
Ian Towers of 1825 discussed his firm’s approach to financial planning in light of the current economic situation and potential legislation changes, and what actions clients can consider.
Ian talked about the steps that clients can take now to mitigate inheritance tax; https://www.1825.com/financial-planning/inheritance-planning/inheritance-tax