Is Mr Blue Sky up there waiting? | IFAM98 | May 2021

Page 18

May 2021

I NGE N IOUS

TAX: A WINDOW OF STABILITY IN

UNCERTAIN TIMES? Matt Dickens, Senior Business Development Director at Ingenious considers how advisers can help to steer their clients through any further speculation and undoubted change around tax rises in future

A

s the Spring Budget on 3 March drew closer, speculation about the potential for tax increases to help pay for the booming deficit brought about by COVID-19 grew and advisers and investors alike were clearly mindful of this threat. So it was a relief to many when, instead of announcing sweeping hikes in taxation, Chancellor Rishi Sunak proved mindful of the fragility of the economic

For more than a year now, many people have held off on making vital long-term decisions due to the fear of the unknown

18

recovery and focused on retaining and creating jobs and supporting businesses. For personal tax affairs, the headline was a long list of rates and reliefs being frozen until 2026. THE ROAD AHEAD However, uncertainty about the future is a constant, especially in a period of profound economic adjustment. So, how should advisers help to steer their clients through any further speculation and undoubted change? For more than a year now, many people have held off on making vital long-term decisions due to the fear of the unknown, yet they need to accept that another year or more of inaction due to the potential for further uncertainty comes with its own real risk. And the longer it goes on, the more risk they are taking.

I FAmagazine.com


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.