But there are tax changes on the horizon, although a so-called online tax on corporations such as Amazon is likely to be held until Autumn. Value added tax, or VAT, is the tax you have to pay when you buy goods or services. If the three-month extension is extended to all transactions, property website Rightmove estimates an additional 300,000 sales in England will benefit from tax savings totalling £1.75billion. Campaign group Fairer Share has proposed abolishing stamp duty and council tax altogether and replacing both with a proportional property tax, charging homeowners an annual tax equivalent to 0.48% of their property’s value. Anyone with more than the limit in their pension pot could be hit with punitive tax charges of up to 55%.

Source: Daily Mirror March 03, 2021 09:45 UTC