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<\/p>\nIf Chancellor Rachel Reeves announces even a handful of the tax rises rumoured to be under consideration in her November Budget, then the wealthiest families in the country are in for a tough time.<\/p>\n
Last year\u2019s Budget drove many of these families to flee to lower-tax destinations such as Dubai, Monaco and Milan.<\/p>\n
So what are they doing this time around to shield their assets from possible tax hikes \u2013 and could you learn vital tips from their careful planning?<\/p>\n
Here, wealth managers to the rich reveal the moves their clients are making now.<\/p>\n
First, a word of warning: no one yet knows what will be in the Budget and many of the following are complex strategies. Speak to an adviser and avoid taking knee-jerk decisions based on speculation \u2013 it\u2019s unlikely to end well.<\/p>\n
The trick is to make changes to your personal finances that you will be happy with whether rumoured changes are announced in the Budget or not.<\/p>\n
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Before you plunge into these complex strategies, start with basic tax efficiency tools\u00a0<\/p>\n
Offloading assets to realise gains earlier<\/p>\n
Affluent families are selling assets to crystalise their gains ahead of November 26 \u2013 but capital gains tax<\/a> (CGT) is payable when you sell and make a profit on assets such as second homes, investments or belongings such as art.<\/p>\n Last year, the basic and higher rates were hiked from 10 and 20 per cent to 18 and 24 per cent, respectively. Now fears are once again growing that Ms Reeves could tinker with rates to align with income tax<\/a> or slash the \u00a33,000 CGT-free allowance. So to avoid a second sting, households with large amounts of assets are reviewing whether to realise these gains ahead of the Budget.<\/p>\n Nicholas Nesbitt, a partner at tax firm Forvis Mazars, says: \u2018A lot of people intended to do this last year before the Budget and didn\u2019t, so now there may be investors looking to take some profit.\u2019<\/p>\n But only think about selling your investments and assets if you were planning on doing so at some point anyway. Otherwise, in the event that nothing changes, you may regret selling.<\/p>\n But there is one step that you could take ahead of the Budget that could benefit you whether or not the rules change. You could sell shares with gains under the \u00a33,000 annual tax-free allowance, and then buy them back in a stocks and shares individual savings account (Isa<\/a>) where future profits and dividends are free from tax.<\/p>\n This is called \u2018bed and Isa\u2019 and your Isa provider can carry it out for you. The repurchase will attract a trading fee and 0.5 pc stamp duty<\/a>. The amount going into the Isa will count towards your annual Isa allowance of \u00a320,000.<\/p>\n Taking tour tax-free pension lump sum<\/p>\n Advisers report wealthy clients asking about withdrawing the tax-free lump sum from their pensions.<\/p>\n They fear the maximum amount that can be taken tax-free could be slashed from its current level of \u00a3268,275.<\/p>\n Mr Nesbitt says his clients who have a tax-free lump sum of at least \u00a3150,000 are taking these rumours seriously, explaining: \u2018They are telling me, \u201cI\u2019d be gutted to lose this allowance \u2013 paying tax on money outside of a pension is the lesser of two evils.\u201d \u2019<\/p>\n He has also seen a surge in doctors \u2013 who have more lucrative defined benefit pensions \u2013 trying to take their tax-free cash.<\/p>\n