My Take on 'that budget'!

Since the Autumn Budget was announced, the hot topic of conversation in the office and with our clients has been: What does this mean to me, and what do I need to worry about?

Following the budget, our Webinar attracted over 15,000 attendees, demonstrating the heightened level of interest in this budget.

My top takeaways are:

1. The proposed overhaul of tax on pensions from 2027
2. The increase in capital gains tax with immediate effect
3. Pain for employers

We're finding many clients already interested in how the proposed pension changes will impact their family in the future, particularly the proposed tax on passing their legacy to their family and the introduction of a 40% tax on their fund.

Given that the proposals would not take effect until 2027 and at this stage, we know little or nothing about how this might work, our current advice is not to make radical decisions and instead focus on continuing with your financial plan and your retirement strategy.

It didn't surprise many people that the Chancellor did indeed increase the basic and higher rates of capital gains tax; many were surprised that it was a more minor increase than many speculators had hinted at, in the lead-up to the budget. I suspect that this will not have a significant impact on people's ongoing strategies, which is probably aligned to what Rachel Reeves suspected, and therefore, it is likely that this will increase government revenue as we all continue on our merry way moving forward.

As an employer, I was, if I'm honest, a little surprised at this significant increase in employers’ national insurance that was announced in the budget. It will generate substantial revenue for the government, but what does it mean to employers, their employees and ultimately their clients?

Find out all you need to know about what the budget means to you in our recent article.

With the Budget announcement made CEO, Mark Fitzpatrick at St. James’s Place has some encouraging words for the future.

As ever, we are here for you, if you need any help, have any questions or would like to get in touch to discuss exactly how this might impact you just reach out.