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.