A general election has been announced and the people of the UK will hit the polls in close to six weeks, but will they make a decision on wealth planning as well? Does it depend on the results?
Andrew Dixon, head of wealth planning, SG Kleinwort Hambros comments on wealth planning for private banking clients in light of the General Election announcement: “In terms of personal finances, all eyes will be on Labour’s proposals for pensions. Following the initial uproar and promise to reinstate the Lifetime Allowance, Labour have been decidedly quiet on the subject. Will they instead turn their attention to the annual limits to pension contributions? Also, more recent speculation that Labour may look to limit the inheritance tax relief which applies to certain businesses will be keenly watched by business owners and AIM shareholders.
Go deeper with GlobalData
“Non-doms will feel the timing of the election could not have come at a worse time. Only last week, rumours were circulating that the Treasury were prepared to make some concessions to the original proposals. Yesterday’s announcement suggests there will be no time for any legislation before the election providing further uncertainly over what the rules will be and the April 2025 date for their implementation.”
Nji Lorimer, head of UK domestic wealth planning adds: “Labour’s pledge to end the charitable status of private schools and add VAT to fees will require careful financial planning for some families and could put a strain on some educational trusts. Families will be eager to see the details of this proposal and whether fees can be paid up front or if VAT charges will be backdated up to a certain period.”
In February 2024, Barclays was considering a takeover approach for Societe Generale‘s private bank in the UK in an effort to grow its clientele of affluent individuals.
Societe Generale, advised by Rothschild & Co, has begun to invite buyers to participate in an auction for its Kleinwort Hambros unit, according to Reuters.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataFor more thoughts on the general election, click here.
