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Just so you know

In case you hadn’t heard that is, the first budget of the new government is in June.There is much speculation already about what that very special Budget Day will bring and I am not a betting man – would you expect an account to take risks? – so I’m not going to predict anything right now except for three things:We’ll see VAT rise to 20% and the scope extended to include some stuff that is presently zero rated but not non-luxury foods, children's clothes or travel (yet).I believe there will be a small rise in Personal Allowances to move towards the Lib Dem ideal of the first £10,000 of earnings to fall out of the tax net, and finallyCapital Gains Tax (CGT) will rise probably to 20% into put income and capital gains on an equal footing, but this will be a temporary measure in advance of a more full review of how CGT works.OK, I’ve nailed my colours to the mast.Are you brave enough to have a guess?

Incidentally, we'll be publishing a budget update the day after the budget so you get the best advice as soon as its available

JohnF

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