Will tax becomes really taxing?

We don't know yet when the Pre-Budget Report will happen, but a likely date is 25th November. With that in mind, the predictions have started to happen.

This article on BrilliantWithMoney sets out our own predictions:

Pre-Budget Report: five personal finance predictions

In the Sunday Times today, there were suggestions that the starting rate for the new 50% income tax band will be £100,000 rather than £150,000. They also predict a clampdown on people becoming self employed or taking their pay in shares to beat the new higher rate.

Tax rises are never good news. With the current state of the economy, it seems increasingly likely that taxes will need to rise. This could hit more people than just the highest earners.

An attack on capital gains tax, now that there is such a big gap between this at 18% and the highest rate of income tax at 50%, is a real possibility. All investors will need to watch the Pre-Budget Report closely and then ensure their own plans are structured in an efficient manner.