Considerations for Personal Clients

In the run up to the next Budget and a General Election, what ought our personal clients to be considering?

Could there be changes to some of the more generous tax breaks and perhaps also to the rate of capital gains tax – how long can the CGT rate stay at a maximum of 18% against a top income tax rate of 50%? Changes could be announced in the Autumn Statement (Pre-Budget Report) and some might even be effective from the date of the announcement.

The enormously complex rules around higher rate tax relief on pension premiums mean that opportunities to make tax-advantaged pension savings or alternative long term tax-break investments could be lost for 2009/10 if you do not act soon – speak to us if you are in any doubt as to the options available to you.

Finally, there has never been a time when it has been more important to be “ahead of the game” with your tax returns – if we can prepare your return before the January bottleneck, we will have much more time to advise you on tax saving opportunities but also to discuss with you possible reductions in your payments on account and time to pay arrangements.

Whichever political party takes the helm in 2010, we can help you to formulate strategies to minimise your taxes and maximise wealth retention within your family through lifetime and death tax planning. With a change in government may come changes in the rules – we can help you to factor changes into your plans and help you to protect your wealth.