Both prime minister Keir Starmer and Chancellor Rachel Reeves have been setting the scene for their autumn budget 2024. Like us, you’ll have seen news coverage of recent speeches which included references to the challenging economic situation the Labour government has inherited. The message is definitely “things will get worse before they get better”.
Whilst Reeves has confirmed they won’t be raising income tax, or VAT, it’s very likely that other taxes, like capital gains tax and inheritance tax, could see significant hikes. We don’t have a crystal ball to predict what will definitely happen on 30th October but it seems change is on the cards.
If these changes happen, they could come into effect quickly, which might impact your financial plans. But here’s the good news — you can take action now to lock in the current tax reliefs, allowances, and rates before any new rules kick in. This isn’t just about reacting to potential changes — it’s about seizing opportunities that are available right now.
Whether you hold shares, are thinking of gifting assets, or considering setting up a trust, there are smart moves you can make to protect your wealth from higher taxes down the line. It’s all about being proactive and making the most of the options available today.
Of course, everyone’s situation is different, so it’s important to get the right advice before making any big decisions.
The best way to consider whether you could take action is to answer the following questions. If the answer is yes to any of them, talk to us. But don’t wait until it’s too late — taking action now could make a big difference for your financial future. If any of this resonates with you, feel free to get in touch.
- Do you hold unquoted trading company shares?
- Do you hold quoted shares?
- Have you transferred rental properties into a trust in the past?
- Are you considering setting up trusts and transferring in assets?
- Are you planning to gift any assets to your family?
- Have you made use of your inheritance tax annual exemptions?
- Do you own land which is used for agricultural purposes?
This isn’t an exhaustive list so please don’t hesitate to call us to discuss any plans you may have. And as always please don’t take any action on the above without obtaining advice as any planning may not work for you or may have other tax and non-tax implications that you need to fully consider before deciding on what to do.
Once the 2024 autumn budget statement has been announced on 30th October we’ll be providing a full update on the implications for personal and business taxes.
