The Autumn Budget on 30 October 2024 (“the Autumn Budget“) introduced a myriad of tax changes designed to address economic inequality, reduce the so-called “black hole” in the national finances and fund public services, while also influencing the financial landscape for individuals. As we have seen in the press, these proposals have sparked a robust debate over the balance between tax fairness and economic growth.
In this Autumn Budget special issue of In Trust, we consider the impact of the Autumn Budget on private clients, who may need to reassess their financial strategies and estate planning in light of these changes. Whether you have concerns about assets passing down tax efficiently to the next generation or the potential impact of capital gains tax and property taxes; or the effective use of education trusts for school fees and what to do about that million-pound combine harvester; we endeavour to provide some food for thought on these important topics.
We aim to equip you with insights and strategies to navigate this evolving financial landscape effectively.
You can read our Autumn Budget analysis across the main areas affecting UK private clients in the following articles.
- Autumn Budget 2024: inheritance tax and capital gains tax planning points
- Autumn Budget 2024: school fees and education trusts
- Autumn Budget 2024: property taxes
- Ask the Expert: How will the proposed inheritance tax reforms affect farmers?
On a personal note, if the Autumn Budget has raised concerns for you and your family’s tax and succession planning, please do not hesitate to reach out to your usual Wedlake Bell adviser. As we analyse the Autumn Budget documentation and await the draft legislation for all the proposed measures, we are committed to helping you find peace of mind, knowing that effective planning can still be achieved in many situations. We are here to support you through these legal changes.
This publication is for general information only and does not seek to give legal advice or to be an exhaustive statement of the law. Specific advice should always be sought for individual cases.
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