The Statement included the reduction of Capital Gains Tax Relief from PS12,000 to PS6,000, and PS3,000. Jamie Mathieson of JMW Solicitors stated that this could lead to a fire sale of second homes prior April.
“Not included in the Budget is how this change will affect Trustees who currently receive a CGT allowance equal to half that of an individual,” he stated.
Mark Fenhalls KC, speaking on behalf of Bar Council, criticized the government’s plans to cut justice spending. Mark Fenhalls KC, speaking on behalf of the Bar Council, criticized the government’s proposed cuts to justice spending.
“The justice sector was among the most severely affected by austerity cuts a decade back and was just beginning to rebuild. Real terms cuts to justice funding could mean that we are back at square 1, which would be catastrophic for the most vulnerable .”
These proposed cuts are in response to a Bar Council report entitled ‘Access denied. The state of the justice systems in England and Wales 2022’. It urged the government to not reduce funding for the justice system as part of its Autumn Statement.
Emily Deane, STEP’s Technical Counsel and Head for Government Affairs, argued that the government missed an opportunity to reform inheritance taxes and related issues. She stated that any changes to the tax system must consider the whole tax, not individual rates and reliefs, which, if removed or modified in isolation, can increase avoidance and abuse.