Brits informed ‘act now’ to guard their money from ‘painful’ Budget
Families in the UK and Brits abroad are being told to get their act together to shield their finances from the expected blow of the Autumn statement this October. Labour leader Sir Keir Starmer has already warned that the update will sting in the short term but is necessary for future prosperity, prompting financial gurus to offer advice on how to dodge the economic punch.
Nigel Green, boss at deVere Group, has sounded the alarm for his clients and the wider public after Chancellor Rachel Reeves kept mum on whether taxes will go up. He’s telling everyone to “act now to safeguard their wealth” because he smells trouble brewing with potential hefty dents in family finances, predicting a “significant tax raid”.
He said: “Capital gains tax (CGT), inheritance tax (IHT), and pension taxes are being seen by the government as low-hanging fruit-quick and effective means to generate revenue. However, this focus puts significant pressure on many middle-class families, as well as investors, and high-net-worth individuals, who will suddenly find themselves shouldering a heavier tax burden.”
He further anticipates a substantial “scramble” to examine and redistribute wealth from investors following the statement and ahead of new measures being implemented. However, his advice was clear: “Don’t wait until the Budget is announced – proactive planning is key. This includes considering tax-efficient investment vehicles, rebalancing portfolios, and potentially realizing gains under the current CGT rates before any changes are implemented, for example.”
On top of this, there could be wider impacts due to Nigel’s prediction concerning high-net-worth individuals being targeted.
He said: “Faced with the prospect of increased tax burdens, many wealthy individuals are actively exploring relocation to countries with more favourable tax regimes. Many of these individuals already own properties abroad, highlighting their international mobility and readiness to move their tax domiciles.”
The financial flight this professional foresees could have a direct effect on tax revenues which would then possibly impact public amenities and infrastructure. It might also modify the UK’s global standing among potential investors and entrepreneurs, reports Lancs Live.
Nigel advised: “The key is early action-waiting until the budget is announced could mean missing out on crucial opportunities to mitigate the impact.”
