Sussex law firm Mayo Wynne Baxter responds to Budget
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The changes to the rates of Capital Gains Tax were expected, but this will clearly be a blow for investors and will make investment less attractive for newcomers. This could also compound the problem of people choosing to invest away from the UK.
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Hide AdThe amount of estates caught by Inheritance Tax will certainly increase above the current 6% as a result of the inclusion of pensions and freezing of the allowances.
As the pension exemption was not very well known to the public it is not surprising that pensions would be a target.
But the question remains of how many times one pot of money can be taxed.
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Hide AdThe changes to APR will have a significant effect on families wanting to pass their farms to the next generation.
There will be a big backlash from the farming industry and it’s clearly bad news for food security in the UK.