Tax, tax and more tax: Elizabeth Small quoted in Citywealth
Corporate Tax Partner, Elizabeth Small, has been extensively quoted in the Citywealth article entitled ‘Tax, tax and more tax’.
With Chancellor Rishi Sunak expected to announce his 2021 Budget on Wednesday 3 March and rumours of potential changes to existing tax reliefs, the article considers the impact this may have on wealthy individuals.
Elizabeth firstly considers Capital Gains Tax (CGT), which is at a historically low level. She comments: “With a CGT rate of 20 per cent versus an income tax rate of 45%, there is a blurring at the edges where people recategorize wealth as ‘capital’ rather than ‘income’. The review has been looking into ways of stopping people abusing this distinction, and one easy way would be to have no differential rates”.
Elizabeth further comments on talks of an expected wealth tax which remain unclear. She then goes on to offer her thoughts on what UHNW individuals are doing in the lead up to Budget Day. As some families choose to bring forward their existing plans of wealth transfer or sale, Elizabeth notes how 'sensible, precautionary action’ is being adopted by families to ensure their assets are protected.
The full article can be accessed here.