The Telegraph quotes Julia Cox on the potential hike to capital gains tax
min readRachel Reeves has set the stage for tax rises at the October budget and speculation is growing that she will target capital gains tax, potentially even equalising it with income tax where higher earners pay 40pc or 45pc – an increase from the current typical 20pc rate.
In anticipation, high net worth individuals and entrepreneurs are considering their options, and some are already taking drastic measures.
Julia Cox, Private Client Partner, shares her observations with The Telegraph:
Some people are actually talking about going non-resident to realise their gains. That is quite dramatic, not least because you have to go non-resident for effectively six years.
Julia adds that others are trying to find complex ways to pay taxes on the gains at current rates while retaining the asset.
We have got clients who were thinking of selling shares, quoted or private, to their personal company or trust.
Read the full piece in the Telegraph here.
