Following the outcome of yesterday’s General Election, Tax-wise the mood of the nation is more settled and the general consensus is that our fiscal future is safer in Tory hands.
However, it’s worth bearing in mind that there may be changes ahead. One area that Boris Johnson has previously mentioned he would review is Entrepreneurs’ Relief, which he believes to be too generous. On the other hand HMRC are expected to curb IHT; especially the seven year PET (Potentially Exempt Transfers) rule, which can be used in IHT planning.
Boris has suggested that there will be a Budget held in February, but hasn’t confirmed the name of the Chancellor who will be presenting it.
We’d advise keeping a cautious eye on developments and seeking professional advice before taking, or not taking, any major decisions.