Richard Huntington’s Post

There’s a great deal of concern that the #AutumnBudget on 30 October will change the current rules on #InheritanceTax (IHT) potentially resulting in a greater amount of a persons wealth being taxed on their death before it is inherited by their loved ones. *Nothing has been confirmed as yet but unlike income tax, VAT and national insurance … IHT changes have not been ruled out by the new Chancellor, Rachel Reeves. Interestingly though, for many people keen to get their affairs in order (especially senior individuals), the possible changes to IHT are not their main concern … That's because making sure that the people they love inherit their property, savings and investments is their main concern. They know that if they do not make a Will, there’s a risk that their hard earned wealth could end up in the wrong hands. ❗️ If you do not make a Will, there are laws which will determine who inherits your money, property and possessions when you die, which are known as the #RulesOfIntestacy. If you speak to the loved ones of a person who died without making a Will, it’s likely they’ll advise you to avoid a similar situation arising for your family at all costs! Need I say anymore ... My message to you is this: don’t let the uncertainty and fear that some of the media are creating around the approaching Budget distract or delay you from getting your affairs in order ... even if it’s just to establish a professionally drawn up simple Will to ensure your wealth ends up in the right hands until after the Budget. ❤️

As expected plenty to consider in the UK Autumn Budget. There are increases in Capital Gains Tax rates for non-property disposals, an increase in employer National Insurance Contributions to 15%, measures that disincentivise activities that cause ill health including higher tobacco duty, a new vaping duty and increases in the Soft Drinks Industry Levy. We also now have more details about residence-based regime will replace the current non-dom regime from April 2025 and the consequent changes to Inheritance Tax (IHT). Offshore trusts will no longer be able to be used to shelter assets from Inheritance Tax. I'll discuss these initiatives and how they will affect Kiwis in tomorrow's podcast. #uktax #iht #cgt https://lnkd.in/ghyp_wxr

#TaxTipTuesday Did you know you may have to repay a portion of your Old Age Security (OAS) if your net income is above a certain threshold? 💡 The OAS clawback, as it is commonly referred to, is a mechanism used by the Canadian government to recover some, or all, of the OAS pension paid to individuals exceeding a certain income level. The clawback system begins the moment your net income exceeds roughly $91,000, and the social benefit is entirely repayable when your net income reaches around $150,000. Though you may consider yourself unaffected, there are many circumstances that may cause an OAS clawback. For example, you may report a taxable transaction (such as a sale of a cottage) that could put you over the limit. You may also have income from non-registered investments, as well as RRIF withdrawals, that cause this scale to tip. Unfortunately, the clawback is little forgiving – and has the potential to add an additional burden to the taxpayer of close to $10,000. Being cognizant of the many tax mechanisms will only aid in making informed decisions as you plan ahead for taking your OAS, or managing this social benefit while you are entitled to receive it. If you are looking for clarity in respect of how such mechanisms impact your strategic wealth plan – feel free to reach out to a member of Armstrong Jones LLP! Call us at 613-695-9087 or contact us online 📨 at https://lnkd.in/g85pkjjX Connor Jones, CPA | Adam Armstrong, CPA, CA | Jeff Rowsell, CPA, CA | #armstrongjonesllp | #armstrongjones | #tax | #cpa

After months of cliffhangers and an eternal, nail-biting countdown, the #budget finally blasted off with full force last month. And it’s safe to say that there were a few shockers in there. Top jaw- dropping moments were: A double- whammy of both inheritance tax and income tax on pension pots (and a potential triple- whammy if the Residence Nil Rate Band is also lost). Employers’ National Insurance increases (despite election pledges.) But the biggest surprise of all was the breadth of the changes to Agricultural Property Relief (‘APR’) and Business Property Relief (‘BPR’) and particularly the implications for farmers and family businesses. So what does this mean for the future of #APR and #BPR planning? Is this the end of the road? Or is it just another speed-bump along the way? Put yourself back in the driving seat and find out, by reading my article here: https://lnkd.in/ezJHm5eY

From increased thresholds for the High-Income Child Benefit Charge (HICBC) to reductions in capital gains tax on residential property disposals, the UK’s Spring Statement 2024 introduces measures to support UK families and property owners. These adjustments aim to alleviate financial pressures and encourage investment, aligning with the broader goals of economic recovery and growth. Learn more about the implications for UK households.

https://lnkd.in/dtz7fns9 This clip from 'The News Agents' featuring Chancellor Rachel Reeves highlights the critical importance of Financial Planning now more than ever. ☝ It's possible that we're going to have dramatic changes to Capital Gains Tax, Inheritance Tax and Pension Reform. Whether you’re a business owner, an employee, or retired, keeping up with changes in tax and legislation can be challenging. When these changes occur, it’s essential to understand their impact on your future and your Financial Plan. ·      Are you maximizing your tax efficiency? 🤔 ·      Are you saving enough? 💸 ·      Are you still on track to achieve your goals? 🎯 Or have these changes detrimentally impacted your future. Our job is to ensure you're on the right path to achieve what you want in life. Take control of your future—your life, your business, and your ambitions. Speak to us today. #FinancialPlanning #Slaithwaite #Yorkshire #Huddersfield #FinancialServices #IFA #IndependantFinancialAdviser

🏠 Abolition of Principle Private Residence Relief? 🏡 Another topic of discussion with a lot of clients recently ahead of the Autumn Budget are the potential changes that could be made to one of the most used reliefs in the UK tax code - Principal Private Residence (PPR) relief. Most people who use this relief probably aren't even aware that they are using it on the sale of their home to stop them from paying tax on such a sale. Now, let's be clear: the likelihood of the Chancellor abolishing PPR relief entirely is very, very slim. PPR relief has long been a cornerstone of the UK tax system, allowing homeowners to sell their main residence without facing a CGT bill. Eliminating this relief altogether could create widespread financial strain and would be extremely unpopular to say the least! However, there have been whispers of considering the introduction of a "rollover" aspect to PPR relief, meaning that the relief would only apply if the proceeds from the sale are reinvested into a new main residence. This would be a significant shift in how PPR relief works, and it could have some interesting effects on the property market. If the rollover model were introduced, it might encourage homeowners to stay in the property market, continuously moving their wealth from one home to another rather than cashing out entirely. This could create some unintended consequences. For instance, homeowners who were thinking of downsizing might be discouraged from doing so if they would lose the CGT relief unless they reinvested in another property of similar value. It could also mean that those who choose to sell their home without reinvesting - perhaps to fund retirement or pay off debts - could face a tax bill that they wouldn't have anticipated under the current rules. While a full abolition of PPR relief is unlikely, any tweaks to this well-established relief could have wide-ranging implications for homeowners and the overall housing market. It would be a move that requires careful consideration, as it could either help boost government revenue or stifle property mobility, depending on how it is implemented. Would it be worth changing PPR relief? For the hassle of implementing any changes and the potentially low impact on the exchequer, I can't personally see too much being changed on this one. We will find out in a little over a fortnight. #cgt #capitalgains #capitalgainstax #budget #autumnbudget

March’s newsletters out and it’s a quick read. Headline - The end of the current tax year and beginning of a new one is a perfect time to ensure you have the right plans in place for the future. Have yourself a read. #FinancialEmpowerment #LifePlanning #FinancialPlanning #MoneyMatters #Gloucestershire #Gloucester https://lnkd.in/efDtqpvM?

How Albanese could tweak negative gearing to save money and build more new homes .An astounding one in nine taxpayers negatively gear, costing Australia more than $2.7 billion a year. Here’s how we could get better value for that money – and supercharge investment in new housing. #BusinessInnovation #MarketLeadership #StrategicInsights #CorporateEvolution #DailyBusinessNews

The UK government’s recent Budget unveiled a series of significant inheritance tax changes, setting new caps on Business Property Relief and Agricultural Property Relief and freezing the IHT nil rate bands until 2030. These measures bring profound implications for family businesses, agricultural estates, and high-value properties. Experts from Saffery, Keystone Law, Vanguard Europe and Kingsley Napley provide insights into the impacts the changes could have on family businesses, estates and succession and retirement planning - and how to mitigate them. https://lnkd.in/ex8Y-fGM