There is no doubt the Autumn Budget 2024 will be a very difficult budget to digest for many people, particularly those who have already taken risks and been diligent with their financial planning.
Ahead of Labour’s first budget, speculation in many news reports has gathered pace - suggesting that it could be especially grim - and Rachel Reeves, Chancellor of the Exchequer, has now laid the groundwork to ensure we won’t be surprised by tax hikes.
Previously, individuals could realise gains up to £12,300 without incurring any Capital Gains Tax. With the exemption now at £3,000, more investors will find themselves liable for CGT on gains that would have previously been exempt.
Recent media reports suggest the Chancellor may introduce a new flat rate of 30% tax relief on pension contributions and should the rumours prove true, it may leave no or very little time for those impacted to act.
Armstrong Watson is is aiming to be recognised as “the best financial advisory firm to deal with, delivering the best client experience in the UK" and has become the first accounting firm to join The Institute of Customer Service
There are so many things to consider in a divorce, with home and support naturally the first you would focus on. It’s also important that people think of valuable assets, such as pensions, when considering how they split their money.
What does Labour election victory mean for your financial plans? There may be potential changes to tax and allowances but a good financial plan will be well-placed to adapt.
It can be easy to overlook tax opportunities that can save you money, but here are four little-known tax rules/reliefs that you may be able to take advantage of.