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What tax rises can we expect in the future?

As the UK budget deficit continues to grow it is becoming more and more evident that UK taxpayers will be footing the bill in the short to medium term. With many analysts expecting the forecast £175 billion budget deficit to be nearer £220 billion for the full tax year, what can you expect to be hit with in the years to come?

The most obvious tax which will increase in the short to medium term is income tax, although it is highly likely that a Labour Party (if successful at the next general election) will target middle to high earners. It is also likely that you will see yet another increase in the cost of petrol which brings in a significant amount of money and is seen by many as an "easy target", often under the guise of helping the environment.

Many people also believe we will see the emergence of the toll road idea which has blighted motorists for many years, together with expected increases in road tax. Recently, we also saw the government give the green light to taxing office parking spaces as a means for local authorities to raise yet more cash, something which appears to be nothing more than a moneymaking scheme. However, unfortunately this will not be the end of it!

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