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View all peoplePublished by Daniel Grainge on 8 March 2021
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Businesses and individuals who attended our Budget question time webinar last week fear they will be worse off as a result of the government’s Budget on 3 March, according to our poll of attendees.
The poll found that 80% of the attendees believe that the Budget will leave them financially worse off, with 64% also fearing they will fall into the inheritance tax net following the government freezing the IHT threshold for 17 years.
The poll, however, suggests that they are also positive for the future, with 25% expecting to see the economy pick up by September, 23% by the end of this year and a further 23% expecting to see recovery in the first half of 2022.
This was meant to be a Budget where the government would set out its vision for the UK’s position on the world stage. Instead, it was one delivered through the lens of the continuing COVID pandemic.
It was a Budget to provide a COVID-weary nation with a ‘financial breather’ but with announcements of significant increases in tax rates for companies and more subtle increases in tax for individuals in the not-too-distant future.
It is not surprising, therefore, to see 80% of businesses and individuals saying they expect to be worse off as a result. But there are measures that can be adopted to minimise the impact of the Budget.
We recommend businesses and individuals:
We’ll keep an eye on any developments and will be regularly updating the Budget pages of our website. If you would like to discuss the implications, please don’t hesitate to get in touch.
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