Families need to take advice on how the proposed changes affect them. Families from overseas have changes coming in 2025, business owners and farmers in 2026, and then pension changes for all in 2027.
These changes may raise additional revenue but may drive wealthy families away from the UK into lower tax jurisdictions.
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More details are sure to be released over time, so I recommend against taking any dramatic steps until more information is available. But these are significant changes, and the effects will be felt by more families than ever before.
Jacob Cork is a partner in TLT’s trust and estates team
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