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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Clients of Nedbank Private Wealth can get in touch with their private banker directly to understand how wealth planning can help them achieve their financial goals and objectives, or call +44 (0)1624 645000 to speak to our client services team.
If you would like to find out more about how we can help you with wealth planning support, please contact us on the same number as above, or complete the contact us form using the link below.
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 division for the international business. He works with clients and their families, in tandem with their professional advisers, to ensure they have a clear wealth plan in place to help them achieve their financial and lifestyle 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 advice and 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 is a Chartered Financial Planner, a Fellow of the Personal Finance Society and is a full member of the Society of Trust and Estate Practitioners (STEP).
John heads up the wealth planning division for the international business. He works with clients and their families, in tandem with their professional advisers, to ensure they have a clear wealth plan in place to help them achieve their financial and lifestyle 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 advice and 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 is a Chartered Financial Planner, a Fellow of the Personal Finance Society and is a full member of the Society of Trust and Estate Practitioners (STEP).
+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.
Read moreInternationals moving to the UK are able to remain non-domiciled, which offers opportunities and pitfalls, as our host, John Williams, and his guest, Mike Curran of PwC, will explain in this webinar.
Read moreMany of us had hoped that 2021 would see a return to some kind of ‘normality’. Unfortunately, that was far from the case.
Read moreThe concept of retirement means different things to different people. What does it mean for you? John Williams explains in a 30 minute webinar.
Read moreRachel 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.
4 Mar
| 9 mins
It’s just a month to go until the UK tax year ends on 5 April. Ahead of that date, we would encourage you to review your finances, even if it’s just to double check. John Williams details some of the considerations we believe should be front of mind as we count down to the UK tax year end.
31 Jan
| 3½ mins
Most calendars start on 1 January and end on 31 December, but not the UK personal tax year. Karen Bennett explains the history behind the date as the government considers the pros and cons put forward by the Office for Tax Simplification with regard to changing the tax year end date.
16 Dec
| 6 mins
Many see Christmas as a time for festivities, others as the time to file tax returns ahead of the 31 January deadline. But while you and Santa are making your lists, and checking them twice, we highlight some pointers to help you with UK self assessment submissions.
28 Oct
| 42 mins
John Williams was joined by Andrew Robins from RSM UK as they discussed the announcements from Rishi Sunak’s 2021 Autumn Budget, as well as the other details published before, to flag what they mean for UK tax payers and their families.
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