How to protect your assets under a Corbyn government

buffman
buffman Posts: 436 Forumite
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in Savings & investments
With the Conservatives looking more and more shambolic, the unthinkable - a Corbyn led government - is looking a distinct possibility. Does anyone have any advice of how to protect ones assets if this were to happen, particularly against a possible wealth tax?
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Comments

  • EdGasketTheSecond
    EdGasketTheSecond Posts: 2,558 Forumite
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    GOLD (.....more characters to satisfy posting limits)
  • Rheumatoid
    Rheumatoid Posts: 886 Forumite
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    Plenty of ideas in the recent Paradise leaks.
    16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme); 9.6kWh US2000C Pylontech batteries + Solis Inverter installed 12/4/2022 Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:Average over 6 years = 4400 :j
  • Shashy
    Shashy Posts: 139 Forumite
    buffman wrote: »
    With the Conservatives looking more and more shambolic, the unthinkable - a Corbyn led government - is looking a distinct possibility. Does anyone have any advice of how to protect ones assets if this were to happen, particularly against a possible wealth tax?

    What the F are you talking about?
  • Alexland
    Alexland Posts: 9,653 Forumite
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    Fill the garage with stuff you would eventually buy anyway to reduce your paper wealth for a while?
  • Morphoton
    Morphoton Posts: 90 Forumite
    We already have a wealth tax. It's called Inflation.
  • le_loup
    le_loup Posts: 4,047 Forumite
    buffman wrote: »
    Does anyone have any advice of how to protect ones assets if this were to happen, particularly against a possible wealth tax?
    As it's such a worry for you, why not give it away - then you have no wealth to give you sleepless nights.
  • unkle
    unkle Posts: 338 Forumite
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    To do so you'll need to first predict what Labour would do, their manifesto provides some clues but it is far from clear exactly.

    For me, my thoughts are:

    1. IHT - they are likely to make this more onerous, in my view highly likely to remove the additional amount for property and also likely lower the £325k limit before tax applies. Therefore best to give away to your children/grandchildren now if you can.

    2. Wealth tax, or more likely a land tax, little you can do if you are a homeowner and you want to stay owning your own home.

    3. if there is a tax on pure assets (house or otherwise) again little you can do, someone mentioned gold but one assumes to avoid you'd need to 'hide' it and not declare.

    I wouldn't worry too much, plan as best you can on things like IHT and worry about the rest when something to worry about.
  • System
    System Posts: 178,090 Community Admin
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    I'm not fan of Ms May or Mr Corbyn but what are you expecting him to do?
  • A_T
    A_T Posts: 959 Forumite
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    put your money in an ISA
  • zagfles
    zagfles Posts: 20,317 Forumite
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    I'd be more worried about the indirect effects of a Corbyn govt, over the direct effects. They'd probably increase IHT and introduce a wealth tax, but even if they did they'd likely pale into insignificance next to the indirect effects eg the pound getting trashed and inflation rising (which has already started with Brexit).

    So maybe bias your investments to foreign rather than the UK if you're worried - to hedge against inflation or the pound plummeting.

    It could be that any wealth tax is assessed on individuals so sharing assets out between spouses might be a sensible move.

    Obviously all guesswork and speculation.
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