Covid-19 vs Tax
“The level of spending is unprecedented in ANY peace-time period in this country. In October, the Institute of Fiscal Studies forecast that government borrowing was set to climb to £350 billion this tax year. That’s 17 percent of GDP. Now, in normal times, borrowing is about 2% of GDP. So, we’re looking at more than eight times normal borrowing.”
Next up in our podcast series, our tax expert Neil MacGillivray is quizzed by Head of Strategic Accounts Damian Smyth, about the scale of the pandemic spending and the options the Chancellor is likely to consider for the government to recoup the cost of Covid.
With plenty of uncertainty still ahead as we enter the new year, Neil shares some wisdom on how advisers and their clients should be planning and preparing for the inevitability of tax changes further down the line.
Click below to listen: