"Isas also provide another way for people to save tax-free. Married couples can contribute up to £40,000 a year. There are many different types of Isa so it’s crucial to involve your financial advisers early and find the Isa that provides the best suits your investment objectives and your risk profile.”
“What changes an incoming government would make to Isas remains unclear – which underscores the importance of fully using your Isa allowance while you can.”
On the subject of tax, Ollie Saiman and Katherine Waller, co-founders of Six Degrees, said they would be keeping a close eye on any mentioning of CGT as well IHT in the run up to the Budget.
They added: “Now that the extent of the Labour majority is clear, we can be confident that promises made around VAT on school fees, winding up the non-dom regime, and higher taxation of PE professionals will come to pass.
"Business owners will welcome the pledge to keep corporation tax at 25 per cent for the new parliament, and the commitment to one budget a year means clients’ planning can be more strategic in nature, rather than having to respond to increasingly common tactical tax changes under the last government.”
Tony Smith and Angelina Lai from St James's Place Asia and Middle East believed the UAE would likely see an increased number of people entering the region and making it their long-term base.
"Labour has announced plans to charge inheritance tax on all non-UK assets held on trust, a move that could result in significantly higher tax bills.
"With the expected move to a residence-based regime for inheritance tax purposes, individuals who will immediately become subject to UK IHT on their worldwide assets, or those who will likely come within scope, will need to consider how their assets are structured and whether alternatives offer greater efficiencies.
"Individuals able to move jurisdictions should examine their long-term plans and consider the impact of the changes.
"It is likely that the individuals most affected and free to move will consider other jurisdictions offering a more favourable tax outcome, together with a lifestyle that meets their requirements," they said.
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