David Denton, technical specialist from Quilter International, provides his three top ideas, that your clients may not be aware of, opening up wealth planning discussions in 2021.
Nothing is forever
Benjamin Franklin in 1789 famously said that ‘the only certainties in life are death and taxes’. More recently the raconteur Will Rogers suggested ‘the only difference between death and taxes is that death doesn’t get worse every time congress meets’. Given the COVID-induced debt we see almost everywhere in the world today, this latter is most certainly true, and those of us with UK domicile clients will be interested in Rishi Sunak’s next budget.
| UPDATED: 14:59, Wed, Feb 3, 2021
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There are slightly different rules regarding the National Insurance exemption from state pension age, depending on whether a person is employed or self-employed. People who are employed, for instance, stop paying Class 1 National Insurance when they reach state pension age.
| UPDATED: 13:35, Thu, Feb 4, 2021
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Chancellor Rishi Sunak has faced mounting scrutiny in from the self-employed throughout the coronavirus pandemic, as many feel they haven t been supported. The fourth Self Employed Income Support Scheme (SEISS) grant will cover February to April 2021, but HMRC has not announced how much the fourth SEISS grant will be worth yet. It is also not known when the applications will open for SEISS grant four. The uncertainty comes as rules have resulted in millions being excluded from the support measure. Another bitter blow could be dealt to self-
Can advice firm sellers beat a potential CGT hike?
By Justin Cash 3
rd February 2021 3:55 pm
Advice firm buyers and sellers are racing to beat a potential hike in capital gains tax as Budget day nears.
Sources in the world of mergers and acquisitions tell
Money Marketing that firms are looking to get a move on with deals as 3 March approaches.
Speculation has grown in recent weeks that chancellor Rishi Sunak could increase the rate of capital gains tax, or bring it in line with income tax, in order to help prop up the public purse which has been depleted by stimulus spending to stave off the worst effects of the coronavirus crisis.