With UK national debt at record peacetime levels, there is significant speculation that the UK’s chancellor of the exchequer, Rishi Sunak, will have to raise taxes as he sets out his first budget on 3 March 2021. And the reviews by the Office for Tax Simplification into capital gains tax and inheritance tax have pushed these taxes to the top of the list, not least given the Conservative Party’s manifesto pledge in 2019 (albeit before the pandemic hit) not to raise the rate of income tax, VAT or National Insurance.
Hosted by John Williams, head of wealth planning at Nedbank Private Wealth, he was joined by Rachel de Souza from RSM UK. The firm is a global provider of audit, tax and consulting services and Rachel is a partner within its London private client team. John and Rachel sought to set out the key changes announced the day before and flagged what that means for private clients who file taxes in the UK.
We have also provided a brief summary of what was included in the UK Budget, and what was missing. And the guide referenced in the webinar from RSM UK can be downloaded here.
Stamp duty land tax
The emergency rate has been extended (for England and Northern Ireland only) and the £500,000 nil rate band is now continuing until 30 June. The chancellor has also tried to avoid a ‘cliff edge’ by reducing the nil rate band to £250,000 for a further three months to 30 September, before the rate returns to the (normal) £125,000 level on 1 October 2021.
The additional 2% surcharge for non-residents will still come into force on 1 April 2021.
Capital gains tax
Inheritance tax
Income tax
Value added tax
National insurance
Pensions
Corporation tax
Reform of capital gains tax
Major changes to inheritance tax
Wealth tax
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Any examples of investments and structures used are for illustrative purposes only. This webinar does not constitute an invitation or inducement to buy any financial investment or service. None of the content constitutes advice or a personal recommendation. Individuals should seek professional advice, based on their jurisdiction and personal circumstances, before making any financial decision.
John heads up the wealth planning proposition for the international business. He works with clients and their families, in tandem with their professional advisers, to ensure they have a clear financial plan in place to achieve their financial objectives. Working in partnership with our teams of private bankers, he integrates the benefits of wealth planning alongside our broader wealth management and wealth structuring capabilities.
John has over 25 years of advisory and management experience, working for global organisations providing solutions to a wide variety of UK and international clients. He joined from Credit Suisse UK where he was head of wealth planning for five years. He has also held similar senior roles at Barclays and UBS.
John heads up the wealth planning proposition for the international business. He works with clients and their families, in tandem with their professional advisers, to ensure they have a clear financial plan in place to achieve their financial objectives. Working in partnership with our teams of private bankers, he integrates the benefits of wealth planning alongside our broader wealth management and wealth structuring capabilities.
John has over 25 years of advisory and management experience, working for global organisations providing solutions to a wide variety of UK and international clients. He joined from Credit Suisse UK where he was head of wealth planning for five years. He has also held similar senior roles at Barclays and UBS.
+44 (0)20 7002 3610
Antoine de Saint-Exupery said “A goal without a plan is just a wish”, which is particularly relevant when we consider our financial goals and aspirations. John Williams, who recently joined us as head of wealth planning, highlights three areas where wealth planning can be particularly important.
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Rachel is a partner in the London private client team at RSM. She deals with a wide range of issues which affect private clients with a particular focus on non-domiciled clients and offshore structures. She also specialises in advising trustees and members of International Pension Plans.
Rachel joined RSM in November 2016 from The Royal Bank of Canada where she was joint head of the London private client tax team. Prior to that Rachel spent 12 years with PwC. Her interest in advising international private clients began early in her career when she did her first overseas secondment in the mid 1990s and she gained further international experience in 2001/02 when she worked in PwC’s Geneva office.
Rachel can be contacted by email here.
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