Extension of the 12-month stamp duty holiday introduced in September, more
inheritance tax for homeowners and a crackdown on those who stash away their
money in offshore accounts to evade tax, are some to the pre-budget report
forecasts from several experts at
Karen Campbell, Grant Thornton head of stamp taxes, said extending the stamp
duty suspension for properties worth less than £175,000 could be on the cards.
‘It would not be a major surprise if it were to become permanent,’ she said.
Grant Thornton thinks significant changes to inheritance tax are unlikely
beyond the pre-announced tax free limits of £325,000 for 2009-10 and £350,000
for 2010-11. Maurice Fitzpatrick, a senior Grant Thornton tax manager, noted the
government would be considering house prices continuing to fall in its
inheritance tax decisions.
Gary Ashford, Grant Thornton tax investigations director, said: ‘Given the
current economic outlook, the Treasury is in need of extra revenue and
encouraging people to come clean to pay tax on their offshore accounts is
looking like a very real option.’
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An 80% increase in additional revenue for HMRC coincides with a crackdown on income tax avoidance
Laurence Field, the head of tax at national audit, tax and advisory firm Crowe Clark Whitehill outlines the 6 'unexpected items' regarding HMRC's Making Tax Digital plans