Rishi Sunak urged to increase three key taxes in autumn budget by readers

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With coronavirus throwing up some bleak economic figures and jobs sadly at risk, 41 percent of respondents admitted they were worried about money, while 54 percent feel their finances are strong enough to weather the storm. Another 5 percent weren’t sure.

Chancellor Rishi Sunak has already warned action will be taken to boost the Government’s coffers, and 35 percent of readers think increasing capital gains tax is most acceptable.

Other options split the vote almost equally with 18 percent urging the Government to borrow more and 17 percent accepting an increase in car tax and fuel duty.

Another 15 percent believed temporarily scrapping the state pension triple lock was acceptable while 15 percent wouldn’t mind inheritance tax increasing.

Despite what readers see as fair, only 12 percent of think capital gains tax will be increased when Rishi Sunak makes his changes

Among the other options, 18 percent believe foreign aid will be reduced, 11 percent see an increase in car tax and fuel duty, 10 percent see inheritance tax increase and 9 percent believe the triple lock will be scrapped.

The Pensions Policy Institute (PPI) looked into how the triple lock could cope in the coming months, noting that a potential “double lock” system could be introduced.

They acknowledged that moving to this kind of system may hurt in the short term but it could save money in the coming years.

The state pension may not be the only retirement asset to be potentially targeted in the Chancellor’s autumn budget,, as tax relief rules on private pensions could be altered to cover the coronavirus debt.

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It remains to be seen what changes will actually be introduced but all eyes will be on Mr Sunak come November.

The state pension age rise to 67 has impacted a significant number of savers, with 35 percent saying their retirement plans have been affected by the change, coming in to force in 2028. Another 59 percent don’t believe their retirement plans have been affected (6 percent aren’t sure). The pension freedoms age also rose to 57 this month, read what it means for retirees.

However, women born in the 1950s would have seen the most dramatic impact on their retirement planning this week.

The BackTo60 campaign had their final appeal dismissed, meaning thousands of women will have to wait for a few more years before they can access their state pensions.

Additionally, it was also found that nearly 40 percent of eligible retirees are not claiming pension credit, limiting income in retirement even further.

These types of problems are set to continue unfortunately, given that nearly one in five savers are failing to understand how their pension arrangements work.

Despite cripplingly low interest rates, a savings account is still the most popular place to put cash among readers with 27 percent saying they were the last place they placed their money. Read about TSB’s newly launched a new Spend and Save account here.

However nearly as many people (24 percent) said they weren’t saving at all.

Other popular places to put money were ISAs (17 percent), stocks and shares (nine percent) and Premium Bonds (nine percent).

Four percent of respondents are sticking their money under the bed, while the same are investing in property. Another seven percent are using other options.

Inflation also recently dropped to 0.2 percent which has had a surprisingly positive affect on existing savings rates.

New research has found that the number of inflation-beating accounts on the UK savings market has risen to 531, up from 91 in August.

Opportunity for savers and financial consumers may abound in the coming weeks, given that evidence has emerged that the average number of pre-approved credit cards is now back to 79 percent of January’s levels, from a 49 percent low in July.

Money Saving Expert Martin Lewis also noted that bank switching bribes are returning, giving savers more opportunity to find the best deals for them.

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