An article in The Telegraph states that wealthy savers in the UK are taking steps to protect their pensions and assets ahead of anticipated tax increases in Labour’s upcoming Budget on October 30.
With a £22bn public finance shortfall, tax hikes are expected to target pensions, capital gains tax (CGT), and inheritance tax (IHT).
Many are accelerating pension contributions to benefit from the current higher rate of tax relief and selling off assets to take advantage of existing CGT rates before potential changes. There is also concern that pensions could be subject to IHT, leading to increased estate planning activity.
To read the full article please follow the link below:
Wealthy race to shield pensions and assets ahead of Labour tax raid (msn.com)
If you would like advice in relation to any of these areas or to discuss further, please do not hesitate to contact us.
Goddard Perry Consulting is a firm of independent financial advisers specialising in providing financial planning advice and business solutions.
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