Since the Autumn Budget in the UK last year, more and more individuals have been seeking professional advice for their personal finances. Just before the Autumn Budget on October 30, 2024, there was a noticeable rush for advice related to personal finance, including estate planning and Capital Gains Tax (CGT). This trend has continued to grow since the July 4th UK General Elections, reflecting public concern about potential shifts in financial regulations with the new Labour government taking office.
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What Does Data Say?
An increasing number of people are approaching professional financial advisors for personal finance-related queries and guidance. This relates to tax planning and wealth management, accounting, CGT, pensions, retirement planning, etc.
Data shows that inquiries about accounts have increased by up to 122.7% from July 5, 2024, to October 15, 2024, compared to the same period in 2023.
There’s also been a 72.5% rise in inquiries related to general tax planning. This can be attributed to a public perception that the Autumn Budget can impact personal finances substantially. For example, in the case of tax planning, individuals might want to reduce their tax liabilities, minimising the chances of unplanned tax bills.
Similarly, real estate planning inquiries have hiked up by about 70.3%. This could be attributed to apparent speculations related to Inheritance Tax (IHT). There were fears related to the reduction of the ‘nil rate band.’ There were also speculations about possible changes in exemptions and gifting allowances.
The increased interest in personal finances reflects the Labour Party’s pre-election talks of CGT changes and business tax roadmap that could potentially affect businesses that intend to sell assets.
Financial Advice in CGT
Interestingly, there has been an increase of 61.2% in queries related to CGT and probable changes. There have been widespread speculations in the media about proposed changes in CGT rates. It was said that the rates might be high involving the sale of shares. CGT charges for the sale of second homes are speculated and not quite certain, as experts have said that they could impact the UK property market.
Another gamut where there has been a significant rise in queries related to finances is retirement planning. There has been a marked increase of 9.8%. Speculation around pensions potentially being subject to IHT in the future, along with possible changes to the lump sum tax-free amount, has fueled this interest.
Due to the rising uncertainties, many individuals have withdrawn their pension pot funds, even if they are aware that this can impact their retirement plans in the long term.
Expert suggestions have been related to acting with caution and seeking advice from professionals to enable informed decision-making.
Are you looking for financial guidance and advice?
Get in touch with experts at Cangaf Accountants for assistance related to your retirement planning, property sale, accounting, pensions, and more. We are here to help!
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