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UK: More demand for tax planning amid political uncertainty

UK: More demand for tax planning amid political uncertainty

A new government, led by Boris Johnson, and the looming Brexit deadline of 31 October has created a political outlook which is “fraught with uncertainty,” said the former City superwoman (pictured) in a recent blog post.

“Britain’s controversial new prime minster doesn’t have a proper majority,” Horlick added. “A General Election in the next few months is more likely than not. If there’s a Corbyn-led Labour administration as a result, taxation of the passing on of wealth between generations is one of the first – and easiest to execute – items on the new government’s to do list.

“The time to act, then, is now. Some of you have already got the message. We’re already seeing a significant increase in volumes of business for tax planning.”

All ISA savings and investments can be transferred to a spouse after death, with no added cost. Each taxpayer is also entitled to inherit up to £325,000 in assets and cash, without taxation. Any inheritance above that is taxed at a flat rate of 40 per cent.

Under Jeremy Corbyn’s leadership, the Labour party has vowed to replace inheritance tax with a Lifetime Gifts Tax, which would effectively reduce the inheritance tax threshold to £125,000. It is believed that this plan would raise more than £9.2bn for Treasury coffers.

Courtesy of www.p2pfinancenews.co.uk

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