A week before the EU referendum,\u00a0the Chancellor of the Exchequer,\u00a0George Osborne, warned\u00a0that a vote to leave the EU might result in tax increases too. He spoke about a 2p rise on the basic tax rate (currently 20p in the pound) and a 3p rise in the higher rate (currently 40p). He also said Inheritance Tax (IHT) might rise by 5p from its current 40p in the pound. But to do so would go against the Conservative Government\u2019s promises at the last general election, making this decision to implementdifficult politically.<\/p>\n
EXTENDED AUSTERITY<\/strong> During the referendum, the Vote Leave campaign said it wanted to\u00a0remove the 5% VAT charge on domestic fuel\u00a0that is currently required by the EU \u2013 but it is not clear how or when this could be achieved.<\/p>\n Tax authority<\/strong> Changes to financial regulations will inevitably change in time following the UK\u2019s vote to leave the EU. However, a recorded message on the HM Revenue and Customs (HMRC) helpline stated that nothing has changed in the immediate aftermath of the vote.<\/p>\n","protected":false},"excerpt":{"rendered":" No laws have changed A week before the EU referendum,\u00a0the Chancellor of the Exchequer,\u00a0George Osborne, warned\u00a0that a vote to leave the EU might result in tax increases too. He spoke about a 2p rise on the basic tax rate (currently 20p in the pound) and a 3p rise in the higher rate (currently 40p). He… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/posts\/1637"}],"collection":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/comments?post=1637"}],"version-history":[{"count":0,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/posts\/1637\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/media?parent=1637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/categories?post=1637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/tags?post=1637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nMany commentators believe the Government would be much more likely to extend the period of austerity beyond 2020.\u00a0The Institute for Fiscal Studies\u00a0(IFS) said that spending might need to be curbed for two further years.<\/p>\n
\nThe UK\u2019s tax authority is stressing that \u2018no laws have changed\u2019 and that tax rules remain the same following the EU referendum. \u2018Everything is continuing as normal. No laws have changed. There is no need to contact HM Revenue & Customs as a result of the EU referendum.\u2019<\/p>\n