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08 November 2024 / James Ward
Issue: 8093 / Categories: Opinion , Inheritance tax , Tax
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Budget fallout

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James Ward on why the families of business owners, landowners, and those with pension assets will be the most heavily impacted by the recent Budget measures

In her first budget, and subsequent media comments, our new Chancellor of the Exchequer Rachel Reeves has shown that she views inherited wealth as fair game for increased taxation. With over a trillion pounds worth of assets set to be transferred to the younger generations over the next few years, this is not an altogether surprising strategy for her to follow. Politically she sees this money as unearned and giving the recipients an unfair advantage in life.

Taxing matters

While the changes to CGT are less than many business owners feared (albeit the entrepreneurs relief tax rate disproportionally increases over the next couple of years), their businesses will be clobbered with the increase in the Minimum Wage and Employers National Insurance during the company’s lifetime and by the loss of full IHT business relief for asset transfer on death. Some owners may even decide it makes more sense to liquidate the business

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MOVERS & SHAKERS

Slater Heelis—Charlotte Beck

Slater Heelis—Charlotte Beck

Partner and Manchester office lead appointed head of family

Civil Justice Council—Nigel Teasdale

Civil Justice Council—Nigel Teasdale

DWF insurance services director appointed to Civil Justice Council

R3—Jodie Wildridge

R3—Jodie Wildridge

Kings Chambers barrister appointed chair of R3 Yorkshire

NEWS

The abolition of assured shorthold tenancies and section 21 evictions marks the beginning of a ‘brave new world’ for England’s rental sector, writes Daniel Bacon of Seddons GSC

Stephen Gold’s latest Civil Way column rounds up a flurry of procedural and regulatory changes reshaping housing, alternative dispute resolution (ADR) and personal injury litigation
Patients are being systematically failed by an NHS complaints regime that is opaque, poorly enforced and often stacked against them, argues Charles Davey of The Barrister Group
A wealthy Russian divorce battle has produced a sharp warning about trying to challenge foreign nuptial agreements in the wrong English court. Writing in NLJ this week, Vanessa Friend and Robert Jackson of Hodge Jones & Allen examine Timokhin v Timokhina, where the High Court enforced Russian judgments arising from a prenuptial agreement despite arguments based on the landmark Radmacher decision
An obscure Victorian tort may be heading for an unexpected revival after a significant Privy Council ruling that could reshape liability for dangerous escapes, according to Richard Buckley, barrister and emeritus professor of law at the University of Reading
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