22 February 2023
Tax U-turns but Beneficial Ownership Registers Proceed at Pace – The Complicated World of the HNW Adviser
Helen Ratcliffe Consultant
Following on from their chapter last year, consultant Helen Ratcliffe and legal director Lara Mardell pick out the points of concern for high-net-worth (HNW) advisers, in a chapter for ICLG. Reflecting on the tumultuous past year, from post-COVID 19 recovery, to the working out of BREXIT, the authors discuss the key changes in legislation from the Spring Budget 2022 to the newly introduced Beneficial Ownership Registers.
‘The pandemic and the response required led to a rise in government debt. Tax changes were announced in 2021 that reflected the need to raise tax revenues – so corporation tax was to rise from April 2023 for profits over £250,000 and a temporary increase in National Insurance contributions, paid by both employers and employees, of 1.25% was to take effect from April 2022. This one-off levy was then to be replaced by a new 1.25% Health and Social Care Levy from April 2023 on earnings or profits. Tax on dividends was also to rise by 1.25% from April 2022. At the time the debate was whether the government needed to raise taxes and whether it would stifle recovery in economic growth. Interest rates were low and it was thought by some economists that they would remain so.’
The full chapter is available to read on the ICLG website.
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