Tax & Wealth: post-budget seminar announced

A SEMINAR to help entrepreneurs and business owners decode the implications of last week’s Emergency Budget has been announced by TheBusinessDesk.com West Midlands.

Changes to Capital Gains Allowances, corporation tax, and the overall impact of other personal and corporate tax measures all have a bearing on financial planning strategies for business owners whether  or not they have already exited from their enterprise.

Arranged in conjunction with law firm Browne Jacobson, accountants Grant Thornton UK LLP and HSBC Private Bank, the breakfast seminar will be hosted by Marc Reeves, editor of TheBusinessDesk.com, and held at the Radisson Blu hotel on Tuesday July 6.

Mr Reeves said: “The new Chancellor encouraged some observers by extending CGT relief on lifetime earnings for entrepreneurs as well as signalling that he wanted the recovery to be enterprise-led. However, as is always the case, the devil is in the detail and there are still pitfalls for the unwary. Our panel of experts has been poring over the fine print since last Tuesday and I’m delighted that we’re able to bring together such expert contributions so soon after the budget.”

Eric Williams, National Head of Private Client Tax, Grant Thornton UK LLP, said: “We need to discuss wealth preservation for the entrepreneur  that will involve maximising on the new generous entrepreneurs\’ relief for CGT and continuing to exploit the gap between CGT (10% where Entrepreneurs\’ Relief applies) and 28% otherwise, and the top rates of income tax at 40% or 50%.”
 
Derek Proctor, regional director of HSBC Private Bank, said: “As a private bank looking after many entrepreneurial clients, our key priorities are to work hand in hand in preserving and developing their
wealth.
 
“The recent budget has re enforced the need to plan properly, and we can help clients to do this when they are usually too busy to look after their own affairs. With taxes increasing and the economy looking difficult for the next few years, having someone to trust to look after your financial affairs properly has never been more important.”

Amanda Elwell, Private Client Tax partner at Browne Jacobson, said: “Whilst we didn’t see the original aspirations of the Conservative Party come to fruition in the budget with an inheritance tax threshold of £1m, neither were there any changes to the existing exemptions and reliefs. Although many of these are relatively small, such as the annual allowance of £3,000, transferable nil-rate bands (£650,000 per married couple), small gifts allowance (£250), marriage exemptions and the seven year gift rule  – they all mount up.  It is sensible therefore to embark on lifetime planning.”