The tax rumours most worrying my clients

As Budget day approaches, JMW partner Craig Harrison shares which tax rumours are most concerning his clients. Over the years, many tax changes have been discussed, but now the focus is on potential new taxes. A wealth tax, though difficult to implement and collect, has been mentioned, with property being easier to tax than worldwide assets, crypto assets, and shares in private companies.

An exit tax, which would affect those changing residency or tax domicile, is also a topic of debate, though it may attract wealth creators to leave the country due to fear of the tax. Aligning capital gains tax more closely with income tax is another possibility, which could discourage entrepreneurship and deter investors. Despite the focus on these tax increases, Harrison emphasizes the importance of encouraging entrepreneurship through acquisition, which plays a vital role in driving economic growth and job creation.

He hopes for a more stable Budget Day and a return to predictable fiscal events, as uncertainty can slow down economic activity.