This Budget will take place on Wednesday 28 October and it is the first under Prime Minister Andy Burnham and Chancellor John Healey.
The weeks running up to any Budget are often met with anticipation from private clients, with speculation as to how matters will unfold on the day and how they will be affected going forward. Clients will often wish to be proactive ahead of any announcements and look to review their own position and options.
In recent years, there has been speculation over proposed changes to the tax regime that would inevitably have consequences for private clients. The rumour mill has been turning with suggestions that changes could be made to the rates of Capital Gains Tax, the ability to make lifetime gifts, and the potential to make post death variations.
There is also the continual debate as to whether or not changes will be made to the Inheritance Tax regime, currently with stagnated UK Inheritance Tax thresholds frozen until April 2031 (standard nil rate band stays at £325,000 and residence nil rate band remaining at £175,000).
With the Budget just around the corner, now might well be the time to consider your personal tax planning further. However, it is essential that before any steps are made to take advice from your legal and financial advisers, to ensure all factors are considered and no hasty and expensive decisions are taken.
If you have any queries in relation to the points raised above, please do not hesitate to contact Katie Gillam by email: kjg@cooperburnett.com or tel: 01892 515022
This blog is not intended as legal advice that can be relied upon
Originally published in the Tunbridge Wells Business Magazine: www.twbusinessmagazine.com
