Author: Suitable Life

We’ve plainly already seen proposed changes to VAT being charged on school fees, a potential new non-dom tax regime (albeit this seems like it might be rowed back on, and it is looking like they’ll be taxation of carried interest (mainly affecting Private Equity firms)

Continuing our daily discussion of the potential changes introduced by the Labour Budget, today we’re looking at more taxes. 🛣️🚨 Council Tax Reform Do a large re-valuation of properties that forms the basis of the tax calculation? As we are still based on 1991 values! Change the

Continuing our daily discussion of the potential changes introduced by the Labour Budget, today we’re looking at more taxes. 🏡🚨 Stamp Duty Land Tax Increase the % rate payable or play around with the bands. Our Comment: Self-explanatory. SDLT is already quite high. Chance of this happening -

Continuing our daily discussion of the potential changes introduced by the Labour Budget, today we’re looking at more taxes. 💰🚨 Wealth Tax Introduction of a separate wealth tax – say 1% or 2% per annum of your net asset value, or maybe a one-off tax of 2%

Continuing our daily discussion of the potential changes introduced by the Labour Budget, today we’re looking at Inheritance Tax (IHT). 🪦🚨 Inheritance Tax (IHT) Cut the Nil Rate Band (NRB) from current £325,000 (which has been the level since 2009) to a lower amount. • Remove the Residential

Continuing our daily discussion of the potential changes introduced by the Labour Budget, today we’re looking at Pensions. 👵🏼🚨 Pensions Reduce the amount of so called “tax free cash” you can draw from your pension. In very basic terms, you can draw 25% of your pension income

Over the coming days, we’ll explain some of the potential changes the Labour Budget will introduce, and how that can affect tax and estate planning. Stay tuned! Introduction The Prime Minister, Keir Starmer, has warned that the Autumn Budget 2024 will be painful and signalling a bleak