Effective date of changes in forthcoming budget.

Judesman

There are reports in the press that any changes to CGT in the 30th October Budget may be effective from 6.00pm that night. This had not occurred to me and I had assumed that changes would apply from 6th April next year.  So, what about changes to the Inheritance Tax PET rules? There are rumours that that The Potentially Exempt Transfer rules might be scrapped and a lifetime gift tax introduced. Obviously we do not know but, Reeves would not want to be faced with a flood of assets being transferred in advance of the new tax year and might make any changes in IHT effective from budget night 6.00pm as well. Obviously this is all conjecture but, any thoughts please? 

Dazed_and_C0nfused

Judesman said:

There are reports in the press that any changes to CGT in the 30th October Budget may be effective from 6.00pm that night. This had not occurred to me and I had assumed that changes would apply from 6th April next year.  So, what about changes to the Inheritance Tax PET rules? There are rumours that that The Potentially Exempt Transfer rules might be scrapped and a lifetime gift tax introduced. Obviously we do not know but, Reeves would not want to be faced with a flood of assets being transferred in advance of the new tax year and might make any changes in IHT effective from budget night 6.00pm as well. Obviously this is all conjecture but, any thoughts please? 

Yes. 









It's all conjecture.

MattMattMattUK

Judesman said:

There are reports in the press that any changes to CGT in the 30th October Budget may be effective from 6.00pm that night. This had not occurred to me and I had assumed that changes would apply from 6th April next year.  So, what about changes to the Inheritance Tax PET rules? There are rumours that that The Potentially Exempt Transfer rules might be scrapped and a lifetime gift tax introduced. Obviously we do not know but, Reeves would not want to be faced with a flood of assets being transferred in advance of the new tax year and might make any changes in IHT effective from budget night 6.00pm as well. Obviously this is all conjecture but, any thoughts please? 

Things may, or may not change on the day of the budget.

Personally I would expect any changes to be immediate, or as near as immediate as possible if they require subsequent legislation rather than statutory instruments or ministerial guidance. 

subjecttocontract

Surely this is political discussion & not permitted ?

Grumpy_chap

Judesman said:

There are reports in the press that any changes to CGT in the 30th October Budget may be effective from 6.00pm that night. 

It has always been so.
Very common with fuel duty changes.
Less common with more complex changes - there can be anti-forestalling measures though.

Bookworm105

my thoughts are no one on here will be able to state the outcome with certainty as those actually in the know are not going to say 

dealyboy

subjecttocontract said:

Surely this is political discussion & not permitted ?

... it's a weekend 

Sea_Shell

What I do know, is that MSE is likely to go into meltdown, once the details of the budget ARE known.

kempiejon

Ho ho, I was having a chat about budget changes last night. It's clear to me that I can't know, so why waste the time trying. It's an interesting academic distraction but nothing meaningful came out of it. I might reassess my plans after the details have been published but certainly not before.
Risk of government changes was been one of the reasons I started with majority of my investments outside of the restrictions imposed by pensions.

Albermarle

subjecttocontract said:

Surely this is political discussion & not permitted ?

There are plenty of similar discussions on the Pensions and Investments boards.
As long as it does not become party political/personal, with people making disparaging comments about socialists or Tories etc , then I think it is seen as inevitable that people will discuss potential changes that may ( or may not ) affect them.