Terrifying re UK tax changes.

‘This is frightening...

Here’s a list of the April 6 tax changes to underline just how fierce the tax storm is going to be.

From April 6, the rate of employers’ National Insurance contributions will be increased from 13.8pc to 15pc, and the threshold cut from £9,100 per annum to only £5,000 – bringing many more low-paid and part-time workers into its ambit.

Also, the minimum wage will have already increased from 1 April by 6.7pc, providing a multiplier effect on the increase of employers’ National Insurance contributions.

Many businesses will be hit by large increases in rates as various reliefs are not renewed on April 1. Businesses in hospitality and leisure will see their bills increase from an average of £3,751 a year to £9,003 a year. Pubs with a rateable value of £100,000 will see business rates jump by £19,000 per year – and it is feared some 9,000 will close.

While the increase to the main rate of capital gains tax from 20pc to 24pc was immediate from October 30, business asset disposal relief (BADR) from capital gains tax – originally introduced by Labour to encourage entrepreneurs – and investors’ relief (IR) are both being hiked from 10pc to 14pc from April 6.

Also from April 6, non-dom status will be abolished, hastening the exodus of millionaires with that status, as few want their world-wide assets to be subject to inheritance tax at 40pc.

The supportive tax regime for furnished holiday lets will be abolished on April 6, forcing many owners to sell to second home owners, which will turn some locations into ghost towns.

Britain’s highly successful private equity industry will be made much less competitive by an increase in the rates of capital gains tax on carried interest to 32pc. Part of the industry will undoubtedly decamp to other countries with more favourable tax regimes.

Double cab pick-up vehicles will be treated as cars, with large increases on taxes due as a consequence.

Compounding the damage done by the imposition of VAT on school fees that was introduced on January 1, the eligibility of private schools for charitable rate relief for business rates will be removed.

The stamp duty threshold for first-time buyers will drop from £425,000 to £300,000. Moreover, home movers will now pay stamp duty on purchases over £125,000, rather than the current £250,000.

Vehicle excise duty (VED) doubles for all new petrol and diesel models double, with some cars facing annual charge as high as £5,490.

And of course, council tax will rise again in April 2025, with local authorities in England permitted to increase bills by up to 5pc – 90pc plan to do so.’

Wouldn’t let me post source in tweet for some reasonlinkedin.com/posts/darrenmc…

So I searched for news of banks "battening down" the hatches this morning.

The results weren't exactly reassuring😬 But I found the story I was looking for.

There are some lovely nuggets of the "finger in the air" approach to risk assessment in here.

Some snippets:

bloomberg.com/news/articles/…