People with property, shares or investments have been urged to sell or transfer them ahead of the Autumn Statement.
It’s anticipated that Labour will hike Capital Gains Tax, as well as make alterations to non-dom status on October 30th.
Mark Ashbridge, managing director of finance Ashbridge Partners, said: “The Autumn statement is set for 30th October and those within the professional community are bracing themselves for what could be a significant shakeup of the tax system, beyond those identified as protection ‘for the working man’.
“We already know that Rachael Reeves has identified a significant black hole, claimed to be as big as £20bn, in the country’s finances and therefore she is likely to look at other taxes such as Capital Gains Tax (CGT), Business Property Relief (BPR), Annual Percentage Rates (APR) and even Inheritance Tax (IHT).
“With these potential changes on the horizon, now is the time to make the asset transfers between generations or entities or consider bringing forward an asset sale to crystalise the tax treatment under the current regime. For some, this may trigger a CGT charge and particularly where an asset is being transferred rather than sold to a third party there may be a need for finance to fund the tax charge.”
The Chancellor has confirmed that 20% VAT on private school fees is being added, with the change commencing from 1st January 2025.
