Taxes of the future
Wealth tax (AKA jewellery tax)
This was mooted in parliament a few months ago and immediately dubbed jewellery tax. Unfortunately it could be much much worse than having to pay a percentage of the value of some jewellery. We can’t end up like Cyprus as Germany can’t tell us what to do because we are not in the Euro. The credit agencies can lower our rating forcing up the interest we pay on our debts. Then the government will think of a load of new taxes.
Property
Easy peasy. Nearly all the property, including land, is registered at the land registry. The government could simply apply capital gains tax to primary residences as opposed to just second homes. The tax man would then identify which properties have gone up by more than a certain amount and slam a charge on it. A charge is something that needs paying off before you sell the property.
Valuable items
You probably have these insured. Very wise. Except that would be how the tax man will know you have them. This is when you regret inflating the value. Ha! A sneaky person would stop insuring these items now.
Vehicles
Most of the work has been done via a trawl of the insurers but for those people who have their vehicles on a Statutory off road notification (SORN) and don’t need insurance or simply don't bother insuring the vehicle would be caught out like this. If you kept out of the way of the police's automatic number plate recognition system, you would not be able to sell a vehicle until the tax had been paid. If they don't know where you park it they know where you live. If you have SORN'ed it you have told them where it is.
Pensioners
Employed people pay tax and national insurance. Pensioners only pay income tax. If the government got rid of employee’s national insurance and bundled it in with income tax. Then wealthy pensioners would pay more tax.
Pensions
My friend, let’s call him Nigel because he hates that, joined Olivetti in 1989 at the age of 25. Olivetti got bought out and bought out again and again. Possibly a few more times after that. Who cares? Now he has 23 years combined service at an international software house on a pension of 1/55. Feeling that they might change his pension from a final salary to an average salary he asked for a pension review. His mortgage is nearly paid off, his kids are nearly all at collage and he thinks this pension of £30K might be enough to retire on. At 48 he is too young to get his pension so he has to stay and wait for his pension to get haircut number one. The final salary to average salary hair cut.
State Pensions
The government recently raised the number of years to qualify for a full state pension to 30 (that’s for the full pension, its pro rata). There could be many subtle changes ahead. All to your disadvantage. I have some friends in their thirties and they have stopped worrying about their state pension because they don't believe it will even exist when they retire.
You can ask for an evaluation at www.gov.uk/state-pension-statement. They post you a letter with a code to your home address to verify your identity. You can use the code online to get the evaluation.
Pension pot "levy"
Wow what a cash cow! So "Nigel’s" employer might give him a hair cut but people like my friend are the perfect target for a pension pot haircut. The only thing he can do is retire early and hope the government does not tax annuities.
Together with the national insurance hair cut, that makes four!
General
Expect a lot of things to gradually become means tested: Winter fuel allowance, free bus passes free TV licences for the elderly. A lot of sacred cows are going be slaughtered, but gradually.
Conclusion
So what can "Nigel" do? Nothing! Emigrating may seem a good idea but consider that the tax office could tell the department of work and pensions that he owned them money and then his state pension could be cut off. And where would he go? Most of the developed world has large national debt and then he would be a foreigner too. Not even able to vote. Note how the Cypriot government initially announced a 10% levy on bank accounts and over a few days realized that they could give fewer people, mostly foreigners, and a more severe hair cut. A state in turmoil could also seize property owned by foreigners. There is no where safe to go !