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More rumours from the Alistair Darling camp

As we approach the pre-budget report more rumours and suggestions are emerging from the Alistair Darling camp with an emphasis purely and simply on those with higher incomes and valuable assets. Aside from the fact rumours are growing stronger regarding a potential super tax on those with incomes over £500,000 a year it is believed that Alistair Darling will increase the inheritance tax allowance and may also tinker with capital gains tax.

Many people are suggesting that Alistair Darling will increase the capital gains tax flat rate from 18% to 25% in yet another attempt to highlight and penalise the wealthy of the UK population. It is worth noting that expected income from capital gains tax payments will fall to around £2.2 billion for the tax year 2009/10, a significant fall from the £7.8 billion in the 2008/09 tax year. The truth is that in general the tax burden on all UK businesses and all of the UK population is certain to rise in the short to medium term to try and refill the government's coffers, and reduce the £175 billion plus budget deficit expected for the 2009/10 tax year.

There are so many rumours and counter rumour circulating the market at the moment and it is difficult to get a handle on exactly what will happen later this week, but it will not be good news for the vast number of the UK population!

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