The global pandemic has severely impacted how we live our lives, run our businesses, connect with friends and family and much more. It has also potentially affected the value of assets such as shares, property, etc.
Whilst it is difficult to see any upside to Covid-19, the potential negative impact on valuations does present an opportunity to consider whether now is a good time to pass wealth to the next generation. Furthermore, the increased uncertainty surrounding potential changes to the rates of capital gains tax may present a window to lock in to the current rates of tax before any increases (if these happen) take effect.
If you are considering inheritance tax planning and gifting assets and/or crystallising capital gains prior to any perceived increases in tax rates more aligned to those applicable to income please contact our tax team on 0161 832 6221 or email [email protected] today.