With new announcements of increased funding for defence and transport sectors totaling £6 billion, concerns arise regarding the funding sources for these expenditures. Leading advisory firm Blick Rothenberg suggests cuts to current tax reliefs could be an option. Potential targets include reducing pension tax relief, altering inheritance tax thresholds, and changing the treatment of Potentially Exempt Transfers. Such measures could ostensibly help in reallocating funds, but they may disproportionately affect the affluent in the UK.
To lower the cost of defence and transport spending, the UK Government is considering reducing tax reliefs, particularly on pensions and inheritance tax, as suggested by tax experts.
Opinions suggest the Government might argue that revised pension tax relief targeting wealthy individuals, while ostensibly aiding defence and transport budgets, could create a heavier burden on the affluent.
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