COVID-19 has had a significant economic impact on the UK. The support given by the government under the job retention scheme and self-employed income support scheme in particular have cost billions. 2020/21 is set to have the largest single-year deficit since the Second World War and debt has already breached 100% of GDP. Future tax changes to help “balance the books” are therefore likely to be both significant and inevitable.
During this roundtable we intend to discuss the potential tax changes that we could see in future years. This includes a discussion on how the Government currently collects tax and the impact this has on our economy; how we compare to other developed nations; and what difference an increase in taxes could make to the current deficit.
We will then go on to talk about potential tax changes and removal of reliefs, as well as potential new taxes – could we see a wealth tax or a new climate change tax?