“These include the personal allowance of £12,500 pa, the dividend allowance of £2,000 pa and the capital gains tax allowance of £12,300.”
Julia Rosenbloom, tax partner at Smith & Williamson, has also shared her thoughts on potential changes ahead.
Following the publication of an IHT reform document last year, “some aspects” of this could be expected, she suggested.
“In particular, we anticipate the potential abolition of Potentially Exempt Transfers (PET), essentially the ability to make a gift of unlimited value that is exempt from Inheritance Tax (IHT) if you live for another seven years,” she said.
“Coupled with a probable increase in the rate of Capital Gains Tax, this would represent a significant restriction on people passing on their wealth, making it much more expensive to gift to their children or grandchildren.