eprivateclient quotes Julia Cox on speculation around potential inheritance tax changes ahead of the UK Autumn Budget
Today marks the UK Autumn Budget, and after an extra month of waiting—filled with rumours and U-turns—private wealth professionals largely agree that it now ‘seems inevitable that taxes will be raised.
Changes to the gifting regime have been speculated ever since the government introduced inheritance tax reforms last year.
Currently no tax is due on any gifts given if the person gifting lives for up to seven years after.
Ahead of the Budget, Julia Cox, Private Client Partner, has noted a 'surge in gifting' as families and business owners act quickly while current reliefs remain in place.
If introduced, a lifetime cap on tax-free gifts, longer taper periods and real-time reporting would mark one of the biggest shifts in personal taxation in decades.
Read the full piece in eprivateclient here.
