In Focus: Tax planning  

Everything advisers need to know about Reeves' historic Budget

  • Describe the main policies announced by the chancellor
  • Identify what impact the Budget will have on taxpayers
  • Communicate how the government's policies could impact financial planning
CPD
Approx.30min

"Combined with the intention to abolish the remittance basis of taxation for long term residents will determine for many whether they wish to remain in the UK.

"What I suspect will happened is that non-doms presently UK resident will undertake residence planning, to ensure they are not UK resident under the statutory residence test.”

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Overall, Reeves stuck to her pledge not to raise taxes on working people but it was business owners that will feel the brunt of the burden.

Toby Tallon, tax partner at Evelyn Partners, says: "Rachel Reeves actively courted the business community well in advance of the election. However, since the election business owners have been on a rollercoaster of uncertainty in the run-up to the Budget with an array of tax rises suggested by or leaked to the press.

"They are today feeling the pain given the significant changes confirmed to CGT, IHT and employers’ NIC contributions.  

"These tax changes will leave many business owners questioning whether they should invest their time, energy, risk and money in starting and growing businesses.

"Many will face difficult dilemmas about whether it is worth taking on more staff, or indeed retaining the ones they currently have given that costs of employment will rise."

carmen.reichman@ft.com

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. What could be the consequence of bringing DC pensions under IHT, according to Mike Ambery?

  2. The stamp duty surcharge on second homes will increase immediately overnight. True or false?

  3. What effect will the unfrozen income tax threshold have on pensioners, according to Ambery?

  4. Residential property will be impacted by CGT rate hikes. True or false?

  5. What do the experts warn of in respect of the stamp duty changes?

  6. Salary sacrifice schemes could blossom following changes to NICs, according to Jon Greer. True or false?

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  • Describe the main policies announced by the chancellor
  • Identify what impact the Budget will have on taxpayers
  • Communicate how the government's policies could impact financial planning

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