Higher rates of income tax on savings, property, and dividends will mean wealth outside of tax-efficient accounts like ISAs and Pensions will be affected.  Therefore, we will be discussing with clients how their wealth and financial plans could be restructured to minimise the impact.

The proposed changes to the ISA system will reduce the amount under 65s can put into Cash ISAs from 6 April 2027. This will reshape the ISA landscape for many people, and we will review the ramifications in due course.

The concerns around IHT/estate planning did not materialise, as we have been spared further major moves this year. The inclusion of pension pots in estates from April 2027 and the limitation of agricultural and business reliefs from April 2026 has already had a dramatic effect on intergenerational planning.

The rates of CGT also remain unchanged following the increases in last year’s Budget and the £3,000 annual exemption stays the same.  It is worth noting that 100% CGT relief on sales of businesses into an Employee Ownership Trust is to be cut to 50%, impacting some retiring business owners.