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What is your duty to co-operate with your regulator?
Zoe Beels
Is your camel’s back broken yet? Or will this year’s Autumn Budget be the proverbial last straw?
Rachel Reeves’ Autumn Budget in 2024 not only brought in an immediate increase to capital gains tax (CGT) rates, but also announced a swathe of changes to the taxation of international individuals which mostly took effect on the 6th April this year.
There have been a flurry of media reports that the Treasury is considering changes to the IHT regime at the next Budget in the form of a gifting cap or amending the tapering rules on gifting. The reports make clear nothing has been decided but the kite-flying will no doubt focus minds on estate planning in the weeks ahead.
The increase in the value of cryptoassets has undoubtedly contributed to the continued interest and adoption of this still relatively new asset class across organisations and individuals. The ease of purchasing, selling or transferring a cryptoasset has improved significantly over the last few years (and which has in part stemmed from the development of the regulatory environment). However, there is still a technical barrier to entry. This presents a practical problem; if your assets pass to your loved ones on your death, how do you ensure that they are able to actually access and benefit from any cryptoassets that you hold?
Please see below for our immediate thoughts on pertinent parts of the Budget affecting our client base but do let us know if you have any questions or there is anything you wish to discuss.
If someone dies domiciled in the UK for inheritance tax (IHT) purposes (or non-domiciled but with UK assets exposed to IHT), this is a tax that cannot be ignored.
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