Ross and Simon discuss the upcoming UK budget and the unusually high level of speculation surrounding potential tax changes. Despite Labour’s manifesto pledges not to increase income tax, VAT, or corporation tax, both believe several measures are being tested publicly, including possible income tax rate increases, frozen or lowered thresholds, VAT threshold reductions, and adjustments to capital gains tax.
They also touch on proposals such as mansion or council tax reforms, stamp duty changes, and even a potential “exit tax” on unrealised gains for individuals moving assets or residency overseas. Overall, they highlight growing uncertainty, a sense that high-value asset holders and businesses may be targeted, and an expectation that at least one unexpected policy announcement may emerge when the budget is released.
Stay tuned so you don’t miss our update when the official budget details drop. Need personalised advice or want to discuss how these potential changes could affect you or your practice? Get in touch.
