header-logo header-logo

08 November 2024 / James Ward
Issue: 8093 / Categories: Opinion , Inheritance tax , Tax
printer mail-detail

Budget fallout

196084
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

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

NLJ Career Profile: Daniel Burbeary, Michelman Robinson

NLJ Career Profile: Daniel Burbeary, Michelman Robinson

Daniel Burbeary, office managing partner of Michelman Robinson, discusses launching in London, the power of the law, and what the kitchen can teach us about litigating

Joelson—Jennifer Mansoor

Joelson—Jennifer Mansoor

West End firm strengthens employment and immigration team with partner hire

JMW—Belinda Brooke

JMW—Belinda Brooke

Employment and people solutions offering boosted by partner hire

NEWS

The Court of Appeal has slammed the brakes on claimants trying to swap defendants after limitation has expired. In Adcamp LLP v Office Properties and BDB Pitmans v Lee [2026] EWCA Civ 50, it overturned High Court rulings that had allowed substitutions under s 35(6)(b) of the Limitation Act 1980, reports Sarah Crowther of DAC Beachcroft in this week's NLJ

Cheating in driving tests is surging—and courts are responding firmly. Writing in NLJ this week, Neil Parpworth of De Montfort Law School charts a rise in impersonation and tech-assisted fraud, with 2,844 attempts recorded in a year
As AI-generated ‘deepfake’ images proliferate, the law may already have the tools to respond. In NLJ this week, Jon Belcher of Excello Law argues that such images amount to personal data processing under UK GDPR
In a striking financial remedies ruling, the High Court cut a wife’s award by 40% for coercive and controlling behaviour. Writing in NLJ this week, Chris Bryden and Nicole Wallace of 4 King’s Bench Walk analyse LP v MP [2025] EWFC 473
A €60.9m award to Kylian Mbappé has refocused attention on football’s controversial ‘ethics bonus’ clauses. Writing in NLJ this week, Dr Estelle Ivanova of Valloni Attorneys at Law examines how such provisions sit within French labour law
back-to-top-scroll