The conservative manifesto contain few clues on this area other than a promise of no changes to rates but it did contain an ominous promise of a review of entrepreneur’s relief. This is a very expensive relief costing the treasury around £2.5 billion each year. Following the March Budget, we know that the change was just to limit the amount of relief to just £1million over a lifetime.
Since the March Budget we have seen the effects of the Global Pandemic and social and economic consequences. The Chancellor will be introducing another Budget this autumn in which he will have to start paying for the massive injection into the economy and the infrastructure projects which will be needed to enhance the economic recovery and manifesto promises such as the Northern Power House Project. Capital Taxes changes allied with pensions reform must be on the agenda as he will find it difficult to change the normal taxes. So, what planning could you do if this is going to be a problem for your clients?
We know that Principal Private Residence relief costs the Treasury 10 times that (around £28 Billion) and the Finance Bill, following the March Budget contained many “oven ready” measures to curtail this but these just scratch the surface so clearly this must be an ongoing area of reform.
Capital tax planning must always run alongside pensions planning so changes to either will have consequences on planning on the other!
Finally, the budget is likely to contain many of the “simplification measures” proposed in the OTS report again published in July 2019 and may even adopt the APPG report in February (which floated the possibility of the abolition of IHT and the effective reintroduction of CTT). This report largely went unnoticed with all the Brexit problems. Many of these proposals are again “oven ready” for implementation. Some of these measures could fundamentally change the interaction of life time and will planning as measures such as the abolition of the uplift on death for CGT where BPR/APR are available.
The course will look at what we can expect and “vanilla” planning which your clients may wish to consider. It will also look at the lessons learnt from the Spring Budget changes to Entrepreneurs Relief as to what planning is acceptable and what is unlikely to be OK.
Contact: Joanne Lucking
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Bob TrunchionBob Trunchion is a Tax Principal with MacIntyre Hudson LLP and is one of their tax lecturers. After service in the Royal Navy, Bob qualified as a chartered accountant with Coopers and Lybrand where he specialised in corporate taxes. On moving to MacIntyre Hudson, he broadened his scope to deal with all types of taxation.He has a wide range of tax knowledge and lectures on a range of subjects including the tax implications of buying and selling companies, capital tax planning, trusts and share valuation work. He is also specialist in a number of industries or niches such as solicitors, farmers and the medical profession and on the professional indemnity insurance aspects of tax work.
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