What might we see in the ‘Mini-Budget Mark 2’?
The new chancellor Jeremy Hunt has already sought to ease markets by bringing forward key tax announcements from the Medium-Term Fiscal Plan. That has provided some respite from the economic turbulence, but this ‘Mini-Budget Mark 2’ will hopefully do more than just focus on reversing previously uncosted measures. A vision for the years ahead, rather than days, is needed. So what might we see announced?
The time is right to simplify and reform inheritance tax
Whilst any tax announcements will need to be fully costed, could we see the new chancellor look at changes to inheritance tax (IHT)? Following a recent statement by a treasury minister calling for the government to abolish IHT and previous commitments for its rules to be reviewed – could potential changes to IHT be announced in the Medium-Term Fiscal Plan and what are the alternatives?
Time to dust off Rishi Sunak’s Tax Plan?
In what seems like a political lifetime ago, the then chancellor, Rishi Sunak announced his Tax Plan as part of the 2022 Spring Statement. One of the key messages in this Tax Plan set out ideas the government could introduce to boost business investment. As the next prime minister, Mr Sunak has an unenviable task when it comes to balancing the UK’s books, but perhaps it is time to dust off his Tax Plan or go even further to drive increased business investment in the UK.