What can I do now to minimise the impact of potential tax rises to fund current government borrowing?
We have learnt the Treasury is considering options to cover the huge dent to public finances inevitably wrought by the ongoing lockdown.
Amongst the options considered are, inevitably, tax increases. While there is a valid and interesting economic debate to be had around whether tax increases as opposed to tax competitiveness are the way forward, we should probably be realistic and steel ourselves for a coming high tax environment.
Looking for a silver lining, one of the upsides of currently depressed asset valuations is the possibility of longer term planning when values are low.
Here are some plans you can put in place now.
