09/09/24
News, Resources, Insight and Opinion from Browning Financial Planning
The Impending Budget
09/09/24
People ask me "what do we need to do to plan for the Chancellor's budget on 30th October?"
There have been many rumours circulated as to what will happen. Undoubtedly there will be some bad news but the bottom line is we do not know what. Capital Gains tax? Loss of Council Tax single person discounts, including personal pensions in the estate for inheritance Tax, reduction of ISA or pension allowance, etc, etc.
You could make sure you maximise the current available allowances, which is paying £20,000 into an ISA, £9000 into a Junior ISA or the maximum into a personal pension.
Other than this, planning is difficult as it normally means giving away an asset for a reason which might not happen.
So our advice is mostly do nothing, it is possible that not all the scare stories will come true and you may end up jumping out of the frying pan and into the fire.