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Government announces emergency budget on 22 June

As the UK government readies itself for an emergency budget on 22 June what can we as UK taxpayers expect to hear?

Even though the UK government is set to confirm £6 billion in public sector investment cuts on 24 May it is likely we can expect further public sector investment reductions to be announced in the budget. Many people also believe we will see an increase in basic VAT from 17.5% to 20% as well as a potential adjustment of the income tax-free band for those working in the UK.

We are also likely to see a change in the capital gains tax system with rumours that the Liberal Democrat party appears to have won this particular argument and could push capital gains tax from 18% to 40%. Whether this actually happens and how long capital gains tax may be increased is open to debate but these rumours have certainly caused concern within investment markets.

It was interesting to see that Vince Cable believes that UK debt figures may well have been "massaged" in some way by the former government to give a rosier picture of the UK as a whole. Whether this is true or not is open to debate but hopefully we should see more evidence of the actual UK debt situation in the forthcoming budget.

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