2024 Autumn Budget: Capital Gains Tax
Although we are not tax advisers, we do watch with interest how people are reacting to the statements by Labour that ‘the October Budget is going to be painful’ and ‘those with the broadest shoulders should bear the heavier burden’.
Many believe that Chancellor Rachel Reeves is likely to raise Capital Gains Tax on 30 October, and if so, this will directly affect many entrepreneurs, high earners, wealth generators and non-doms.
A quick search of the internet shows much commentary from industry experts about third party sales and business liquidations being ‘rushed through’ and people choosing to leave the UK over tax hike fears.
From our perspective, whether taxes are raised, lowered or remain static, we will always advise in the best interests of our clients, and part of this is being aware of the political landscape which may affect their decisions.
For many of us, 30 October 2024 is certain to be a catalyst for greater activity, and in readiness we have deployed resources for whatever instructions our clients provide.
If you need any further information or legal advice, including conveyancing of a property in England, please contact our designated UKRE team Anna Douglass, Alastair Hargreaves, Caren Vidamour, and Hannah Damant who will be delighted to assist.
Guernsey
Somers HouseRue Du Pre
St Peter Port
Guernsey. GY1 1LU +44 (0) 1481 815050 info@ferbrachefarrell.com
London (by appointment only)
Octagon PointSt. Paul's
5 Cheapside
London. EC2V 6AA +44 (0) 1481 815050 info@ferbrachefarrell.com
Ferbrache & Farrell LLP is a limited liability partnership authorised and regulated by the Solicitors Regulation Authority (SRA ID 822659) to provide English & Welsh property law advice, to include conveyancing, which is registered in Guernsey (LLP registration number 64) with registered head office address at Somers House, Rue du Pre, St Peter Port, GY1 1LU and a UK office address at Octagon Point, St Paul's, 5 Cheapside, London, EC2V 6AA.