Budget 2018: predictions, hopes and fears
By Cristian Angeloni, 25 Oct 18
With the Budget only a few days away, industry experts share their views on what to expect
Lastly, the general belief is that the answers will be in the details set out in next week’s Budget.
“The government has already announced its intention to increase stamp duty for overseas buyers. However, as always, the devil will be in the detail, and that is likely to be revealed in the Budget,” said Quilter’s Griffin.
“The motivation behind the increase is sound, but government needs to think through all the potential consequences. For instance, British expats looking to move back home could be caught out as they are, by definition, non-UK residents.”
However, little to no changes are expected to be released in the budget next week, according to Canada Life International’s Christian.
“I think non-doms should feel a little easier too as the UK Government reviewed the tax position for them in recent years, with the changes to the deemed domicile rules – broadening the tax net and bringing this forward to 15 out of 20 years.
“They also have the various taxes for non-residents; capital gains tax, the ATED, the changes affecting UK residential property and so on. Rates may increase but a structural change is unlikely.”
Tags: Canada Life | Quilter | Rachael Griffin | Sean Christian | Time Investments | Utmost
