Labour Pension Tax Raid? How To Beat

Labour Pension Tax Raid? How to Protect Your Wealth? As conversations around potential Labour government tax policies increase, many investors and pensioners are left wondering how they can protect their wealth from possible future changes. Capital gains tax, Inheritance Tax, and pension rules are all areas that could potentially see changes.

One of the key areas that may come under scrutiny is capital gains tax (CGT). If Labour increases CGT rates or broadens the scope of taxable investments, those holding general investment accounts could face significant tax bills. Inheritance tax (IHT) is another concern for high-net-worth individuals, especially those with large estates. The key strategy to protect your wealth from potential tax changes is accelerating your inheritance planning. By starting the 7-year rule on Potentially Exempt Transfers (PETs), you can ensure that gifts to your children or grandchildren are tax-free after seven years.

Now is a good time to review your financial plans and consider strategies to protect your wealth. Whether it’s locking in capital gains, accelerating your inheritance strategy, or planning for gifting, taking action now could save your family money in the long run.

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Key Points of the Video:
Labour Pension Tax Raid?
— Potential future Labour tax policies, focusing on speculation rather than confirmed plans. Capital gains tax might be a target, and it’s suggested to consider taking gains now.

Capital Gains Tax: Take Action Before Rates Rise
— Consider selling investments now to lock in gains before potential tax changes.
— Exiting the market could mean missing key growth days, impacting long-term returns.
Inheritance Tax and UK Pension Pots: A Possible Target?
— SIPPs can currently be passed on tax-free to beneficiaries.
— There’s speculation Labour may change this rule, potentially affecting estate planning.

Accelerate Your Inheritance Strategy
— Giving while living starts the 7-year rules on Potentially Exempt Transfers (PETs).
— This can reduce the inheritance tax burden on estates over £325,000 (£650,000 for couples).
— Consider starting the gifting process earlier to take advantage of the seven-year rule.

School Fees and Gifting Strategies
— Prepaying school fees may not be a foolproof strategy to avoid taxes.
— Gifting from grandparents to cover school fees could be a more tax-efficient approach, but must be structured correctly.

Reference:
https://www.ft.com/content/96c77095-8...
https://www.moneyhelper.org.uk/en/fam...

Video Timestamps:
0:00: Labour Pension Tax Raid? How To Protect Your Wealth
0:51: Capital Gains Tax: Take Action Before Rates Rise
2:01: Inheritance Tax: What’s at Stake for UK Pensions?
3:15: Accelerating The Inheritance Tax Strategy
5:26: School Fees: Prepaying as a Strategy?
6:10: Outro & Summary

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