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Tax planning never more important after historic budgetAfter much speculation and seemingly endless commentary we have finally had the first budget of the new government. Of course, like most budgets the effects will be dependent on each individual’s personal circumstances, but even taking that into consideration pretty much everyone will be lighter in the pocket, after some substantial tax rises, which have had the economic experts on overdrive ever since. For many though who have been putting it off, it clearly is a time to start some serious consideration around tax planning. For instance, the Chancellor announced that inherited pensions are to be taxed from April 2027 and inheritance tax thresholds as they currently stand will be extended until 2030. This is a somewhat ‘under the radar’ form of taxation as it means the current £325,000 tax free allowance on an estate will be affected by natural inflation, which means more and more people will be dragged into paying inheritance tax in the coming years as property and assets grow in value. At Dale & Newbery, we believe it is vital to share this message whilst the fallout from the first budget by a female chancellor is still being digested. This needs to be emphasised in our region of the UK as we have some of the country’s highest property values. It means there are many people who may not be cash rich, but certainly are asset rich, due in main to their home’s value, which may have increased three or four-fold since they moved in. Wills and Trusts are a vital tool in helping families ensure that their money is protected to ensure their loved ones benefit rather than the tax man. Simply, failure to address this issue can result in eye watering and life changing sums of money being paid in tax. It can be the difference between the younger generation getting on the property ladder or not. Tax planning very much falls into the category of very important, but not urgent. It’s easy to say but equally not so easy to do, but as I hope we’ve already demonstrated in this article the consequences are too important to ignore. For generations, Dale & Newbery have been helping people in the region around Staines and Spelthorne make important decisions that gives enormous peace of mind to them and their families. Tax planning has often played a big part in this. So, what we really want to point out is if you have been putting off making vital decisions around wills, trusts and tax planning you can change that in an instant. Just drop us an email or call us on 01784 464 491 and we can get the ball rolling. With our expertise, we can get everything in place to ensure your wealth is protected. If this has struck a chord, then just contact us today. We are certain you and your loved ones will feel better for it. |
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