Rakesh Dabasia, Partner in our Private Client team, has been featured in Spear’s sharing his views on what high-net-worth individuals and families can expect from the Autumn Budget on 28 October.

The article brings together leading private client advisers to consider what the Chancellor could announce. It covers Capital Gains Tax, Inheritance Tax, property, wealth and exit taxes and income tax.

Rakesh Dabasia, Partner, said: “Speculation ahead of a Budget can have as much impact as the measures themselves. Previous talk of a CGT rise never led to a change in rates, but it did prompt many people to bring transactions forward, which increased receipts for HMRC regardless.”

“With no scope for tax cuts, I am watching reliefs such as the CGT uplift on death and the IHT exemption for gifts out of surplus income closely. Both play an important role in how families pass on wealth, and changes to either would have a real impact on succession planning.”

“My advice is to avoid knee-jerk reactions, however, where a transaction or planning was already under consideration, it may be worth bringing forward.”

Rakesh also points to fiscal drag as dependable way for the Treasury to raise revenue without increasing headline rates. He expects that any move towards a wealth or exit tax would be more likely to begin with a consultation.

Read the full article on Spear’s here.

If you would like to discuss your position ahead of the Budget, please fill out the form below and we will be in touch.