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Legal News | 9.09.21

Winds of tax changes?

With the announcement of an increase in National Insurance contributions from April 2022, and a one-year suspension of the ‘triple lock’ formula for state pension increases, this government seems to have an appetite for change and even increasing taxes. Whether this will result in changes to capital gains tax (‘CGT’), as recommended by the Office of Tax Simplification, remains to be seen. Regular readers will know that we reported on the OTS review previously https://www.wansbroughs.com/news-events/capital-gains-taxsignificant-changes-afoot/ and https://www.wansbroughs.com/news-events/as-easy-as-abc-or-as-simple-as-cgt/.

In the meantime, you may well be thinking about the impact of the government’s latest announcements on your personal finances and on those of your family. Like many people you probably want to ensure that you look after your family and future generations, either by way of gifts during your lifetime or by leaving them something in your Will.

You might want to think about lifetime gifts now, taking advantage of the current rates of CGT.

You may also want to review your Will and make sure you are leaving something for the next generations.

Please get in touch with your usual contact at Wansbroughs or email wealth@wansbroughs.com and of course continue to read our newsletters so we can keep you updated of any further tax changes.

 

 

Posted By Our Wills, Tax, Trusts & Probate Team