Independent Women’s Post

Next stop on the Autumn Budget is Inheritance Tax (IHT) As we get into the freezing cold this winter, the government put a longer freeze on the IHT 🧊 Click the link below, to see more on the Autumn Budget 👇 https://lnkd.in/ePVzngYt Capital at Risk

As the UK government gears up for the Autumn Budget on October 30, speculation grows around tackling a £22 billion public finance shortfall. Prime Minister Keir Starmer emphasises “short-term pain for long-term good,” suggesting high-net-worth individuals and non-domiciled taxpayers may bear the brunt of potential changes. With the Labour Party promising no increases to income tax, national insurance, or VAT, discussions are heating up about a possible ‘wealth tax,’ potential hikes in Capital Gains Tax (CGT), and a renewed focus on Inheritance Tax (IHT). Sanctoras Associate, Aimée Dolbear delves into the key speculations surrounding the Autumn Budget in our latest blog. Link is in the comments #AutumnBudget #OctoberBudget #UK #UKTax

Inheritance tax is expected to raise £7.6bn (0.3% of GDP) in 2023/24. But, a reform of this tax system could help raise significantly more. There is an urgent need to rebuild our public services, tackle the climate crisis and address rising inequality. But this will require political will and substantial public investment - reforming inheritance tax could be part of the solution. We propose abolishing Business Relief and Agricultural Property Relief as well as replacing Inheritance Tax (and the associated Capital Transfer Tax) with a progressive lifetime receipts tax. Read our latest Pre-Budget note on Inheritance Tax for more information: https://lnkd.in/etMwCwX9

🔔 The upcoming October Budget may raise the inheritance tax threshold by at least €65,000 and potentially seek to reduce the current CAT rate of 33%. This marks the first significant change in over a decade, aimed at attracting voters. Fine Gael and Fianna Fáil both support these changes. The threshold might rise to €400,000 or €450,000, reflecting higher home values, and a rate cut to 25% is suggested. Each 1% reduction costs the State €20 million annually. Government TDs have pushed for cuts, citing the tax's unfairness. The Finance Department will finalise details, with €1.4 billion set aside for tax measures. These changes if implemented could significantly alter estate planning decisions for many individuals. Chat to us if you have any concerns about potential emerging legislative changes. 🌳 #financialplanning #inheritance #estateplanning #budget2024

A Date for your diary: The Spring Budget ~Wednesday 6th March 💰 Will we see a further NI cut? 💰 A tax cut. An unfreeze of the tax allowance? 💰 Inheritance tax abolished? 💰 Or maybe 99% mortgages for first time buyers? 💡What do you expect to see from the budget or what would you like to see? Watch this space 👀 #payroll #taxcut #governmentbudget #springbudget

The future of inheritance tax has been a hot political debate in recent years. Before the general election in July this year, there were discussions of a potential reform or even abolishment under the Conservative government. However, following Labour’s landslide victory, IHT increases could be on the horizon. Our recent blog looks at the potential changes and how you can prepare for them. Read more here 👉 bit.ly/4eLrAe9

Thrift or consumption? Which of these should be taxed? Or taxed more? The upoming budget could affect Inheritance Tax (IHT). The problem is that it’ll be really hard to get the super wealthy to pay more, as they can afford the best and most expensive tax avoidance advisers, who are always steps ahead of the government. Therefore, increased IHT will likely affect more normal people, the low hanging fruit who are easy to pick (on), who’ve fallen into IHT by their property prices rising over time, against a frozen IHT allowance, that’s significantly falling in real terms. They wish to give something to the next generation, but their beneficiaries could be punished for it. There are some who advocate taxing instead on consumption, as they’re the ones who can better afford it. Whereas taxing thrift, diligence and hard work can quite unpopular. What are your views? We’ll have to wait and see what happens soon! Click on the article to find out more information. Have you found this post interesting / useful? 👉 Follow me for daily insights! 📲Contact me for a complimentary, independent and without obligation financial planning initial consultation, to discuss your personal situation, needs and goals. ♻️ Repost this if you think it can help someone in your network!

The UK government announced the 2024 Autumn Budget last week, with key updates impacting households, businesses, and investors. Here’s a quick rundown of some important changes for businesses: ⬆️ Employer’s National Insurance ⬇️ Secondary Threshold  ⬆️ Employment Allowance ⬆️ Capital Gains Tax ⬆️ Business Asset Disposal Relief ⏸️ Inheritance Tax ➡️ Corporation Tax Capped ⬆️ Stamp Duty Land Tax ⬆️ Income Tax ℹ️ Domicile #AutumnBudget2024 #UKBudget #Economy

Chancellor’s Budget 2024: Inheritance Tax thresholds frozen until 2030 ❄️ Inheritance Tax thresholds, including the Nil Rate Band at £325,000 and the Residence Nil Rate Band at £175,000, will stay frozen until at least 5 April 2030. For individuals, this means up to £500,000 in allowance before IHT applies at 40%, while married couples or civil partners can combine allowances for up to £1 million. With inflation and rising property values, more estates may face IHT. Contact us at 01245 228125 or privateclientenq@gepp.co.uk to discuss tax planning options. #IHT #Budget2024 #InheritanceTax #EstatePlanning

With the Labour Party's landslide victory marking a new chapter in UK politics, all eyes are now on how Keir Starmer’s government will address economic challenges and fund ambitious social programs. One area that could see significant changes is Capital Gains Tax (CGT) and Inheritance Tax (IHT). While Labour has pledged not to increase Income Tax, VAT, or National Insurance, CGT and IHT might come under the spotlight as potential revenue sources. 🔍 Here’s what to consider: 🔹 How Labour’s first Budget will be a pivotal moment in finding out what changes could happen 🔹 Strategies for reducing your Capital Gains Tax liability 🔹 Strategies to limit Inheritance Tax on your estate Read our article to get ahead of potential changes and find out more about how you can start planning now to safeguard your wealth 💡: https://lnkd.in/eQ-faiky #TaxPlanning #CapitalGainsTax #InheritanceTax #UKPolitics #LabourGovernment #WealthManagement #ProSport