Emergency! First Budget on 22nd June
The new coalition Government has announced they will be holding their first Budget on 22nd June 2010.
Described by many as an ’emergency’ Budget, it will be the first from Chancellor George Osborne and is likely to set the scene for the difficult economic and taxation decisions that need to be taken to deal with the national debt.
At the same time, the Government has established a new Office for Budget Responsibility. During the Budget this new Office will provide the forecasts for the economy and public finances.
Ahead of the Budget there is bound to be plenty of speculation about what might change. We expect to see changes to Capital Gains Tax (CGT) on non-business assets, pension tax relief and possibly Value Added Tax (VAT).
Investors should be aware of the potential for change in June, but not delay making important financial decisions. Effective Financial Planning can only really take place based on what is known rather than what is expected.
The June Budget will be the second of 2010 and we look forward to providing coverage, informative commentary and reaction to the announcements made on the day.