The recent budget by Labour has sparked widespread concern and speculation, particularly around anticipated tax changes. Despite initial panic, especially regarding Capital Gains Tax (CGT), it is clear that residential property gains won't be impacted. However, individuals with business assets should prepare for CGT increases by 2025 and 2026, which could affect financial settlements in divorces.
Associate, Lisa Payne has written an article for Today's Family Lawyer providing a family lawyer's perspective on Labour's first budget.
Lisa writes: "There was much anticipation ahead of Labour’s first budget since being elected into government. The usual media frenzy and some questionable headlines fuelled panic with people wanting to cash in their investments, their pensions and bring forward house purchases/sales to avoid the anticipated tax rises.
Rachel Reeves pledges to reduce national debt and to boot the UK economy, but as ever, the devil is in the detail and this budget needs unpicking."
Read the full article here.
