Sussex law firm Mayo Wynne Baxter responds to Budget

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Jessica Partridge, partner at Mayo Wynne Baxter said:

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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The 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.

Jessica PartridgeJessica Partridge
Jessica Partridge

But the question remains of how many times one pot of money can be taxed.

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The 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.

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