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\t\tFamilies have been getting ahead of inheritance tax changes before the Budget\t<\/p>\n
Parents are locked in a race to organise financial gifts and inheritance tax arrangements ahead of an anticipated clampdown at next month\u2019s Budget, with some advisers reporting a doubling of transactions in recent weeks.<\/p>\n
Half a dozen lawyers and tax advisers told City AM that the widely expected overhaul of gifting rules at the Budget has prompted a flurry of transfers from parents to their children that have included cash, shares in family businesses<\/a> and even second homes.<\/p>\n \u201cWe\u2019re carrying out more than double the number of gift-giving transactions for our clients than normal,\u201d said Stephanie Tremain, a partner at tax consultancy Blick Rothenberg. \u201cEverybody is asking the question, \u2018Should I be doing something about it?\u2019 The only people that aren\u2019t, already have plans in place.\u201d<\/p>\n As part of their efforts to plug a fiscal shortfall estimated at \u00a330bn, ministers are said to be planning a major inheritance tax crackdown at next month\u2019s Budget that will tighten the rules around gifts from parents<\/a> to children and estates\u2019 liability to capital gains tax.<\/p>\n Chancellor Rachel Reeves has vowed to use her eagerly anticipated speech to shake up the way the UK taxes wealth, with a mansion tax on homes worth more than \u00a32m and an exit tax on people departing Britain with unrealised gains all rumoured to be under consideration.<\/p>\n Last month,<\/a> she said that \u201cthose with the broadest shoulders\u201d should pay their \u201cfair share\u201d of taxes, despite fears the government was presiding over an exodus of wealthy residents in response to a similar round of changes at last year\u2019s Budget.<\/p>\n And in a Downing Street speech on Tuesday, Reeves is expected to say that at the November 26 Budget she \u201cwill make the choices necessary to deliver strong foundations for our economy \u2013 for this year, and years to come.<\/p>\n \u201cIt will be a budget led by this government\u2019s values, of fairness and opportunity and focused squarely on the priorities of the British people:<\/p>\n \t\t\t\t\tRead more<\/p>\n \t\t\tBudget rumours spark a surge in client queries for financial advisers<\/a><\/p>\n \u201cProtecting our NHS, reducing our national debt and improving the cost of living.\u201d<\/p>\n \u2018A heck of a lot\u2019 of inheritance tax gifting going on<\/p>\n Alexander Marcham, managing director at Alvarez and Marsal said his professional services firm was also seeing \u201ca clear acceleration in wealth transfers\u201d ahead of any decisions next month.<\/p>\n \u201cFamilies are using existing reliefs while they still can, particularly through large gifts to children under the current \u2018Potentially Exempt Transfer\u2019 rules, which could be capped overnight,\u201d he added.<\/p>\n Among the inheritance tax changes being considered is a cap on the total value of assets that parents can give away tax-free to their children regardless of when the transfer takes place. The government is also said to be weighing whether to increase the seven-year exemption period to a decade and end the so-called \u2018rebasing\u2019 rule, which resets capital gains tax liability on someone\u2019s death.<\/p>\n \u201cThere\u2019s a heck of a lot of gifting going on,\u201d Joshua Ryan, a private client solicitor at Weightmans, said. \u201cThe main concern is the implementation of a gift tax similar to what you see in France or in the US \u2013 a limit on the overall amount you can give. The majority of what we\u2019re doing here is gifting and trying to beat any risk on that front.\u201d<\/p>\n Clients \u2018punch drunk\u2019 on speculation<\/p>\n