BBC Points West interviews Julia Cox on the impact of the UK Autumn Budget on high-net-worth individuals
Rachel Reeves’ second Budget has been the most closely watched in recent memory, with media briefings and soundings on all sides.
However, despite considerable speculation over potential increases in inheritance and capital gains taxes, no changes were introduced.
BBC Points West interviews Julia Cox on the impact of the UK Autumn Budget on high-net-worth individuals.
She says that many clients are expected to pull back on plans to leave, showing renewed confidence. With no changes to capital gains tax, the UK Autumn Budget has eased concerns and reduced the urgency to move.
Commenting post Budget, Julia Cox, Private Client Partner, says:
Despite significant concerns around CGT and IHT rising, this bit of the fiscal “pick and mix” shop remains relatively vanilla with few changes to what we knew already, as the Chancellor clearly got the “bad news” out in her first Budget last year. While this one unhelpfully saw no relaxation of the first’s significant limits to IHT relief for the interests of private business owners and farmers from next April, there were no IHT “bombshells” about which there had been much chatter prior to the Budget. The IHT nil rate band is frozen until April 2031, so fiscal drag applies here as much as in the context of frozen income tax thresholds, applying to rising capital values. A notoriously unpopular tax is IHT, affecting only a small number of estates, but more will now pay it.
"While there has been no increase to CGT, time is of the essence ahead of next April to take steps to mitigate the restrictions to business and agricultural property relief, especially in terms of use of trusts in succession plans.
Watch the interview on BBC Points West here - see 9 minute mark.
