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New tricks

With more changes to the government’s rules on tax and trusts and the arrival of commoditisation, private client practitioners have to up their game if they want to stay on top, says Jenny Ramage

2 June 2009

Two words: The Budget. Finally, we are clear about the government’s plans for the nation’s wealth, aren’t we?

Jo Summers, a consultant at Penningtons and sole practitioner at PWT Advice, a service for other professionals seeking advice on wealth management issues, isn’t so sure. “It seems strange to have changed the capital gains tax,” she comments. “A lot of people feel it’s hard to see what the strategy is.”

This isn’t surprising when you consider the juxtaposition of the new 50 per cent tax on income over £150,000 with the reduction in capital gains tax (lowered from 40 per cent to 18 per cent). Naturally, clients hit by the 50 per cent rate are looking to convert income to capital.

And the upshot? “You know the Revenue are retroactive,” says Summers, “they are guaranteed to act pretty quickly if they see a lot of revenue being lost from the Exchequer.”

The decline of UK trusts

The impact the new ra...

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