Among the measures specified by the Statement was the slashing of Capital Gains Tax reduction from £12,000 to £6,000 and £3,000, a transfer which Jamie Mathieson of JMW Solicitors mentioned “could result in a fire sale of second homes before April”.
“Not mentioned in the Budget is the knock-on effect this change will have to Trustees, who currently benefit from a CGT allowance of half that of an individual,” he mentioned. “Unless substantial changes are made to primary legislation, this announcement will eventually reduce Trustees’ CGT allowance to just £1,500.”
Speaking on behalf of the Bar Council, Mark Fenhalls KC criticised the federal government’s proposed cuts to justice spending. “While the Chancellor rightly recognises health and education as vital public services to be adequately funded, it is a mistake not to see justice in the same light,” Fenhalls mentioned in a press release. “The price of dwelling disaster means these most in want are actually much more more likely to require entry to justice for assist with housing, employment, debt and different important authorized points.
“The justice sector was one of the hardest hit by austerity cuts a decade ago and was only just beginning to rebuild. This real terms cut to justice funding could put us back at square one and that would be devastating for those most in need.”
The proposed cuts observe a Bar Council report issued earlier this week titled ‘Access denied: The state of the justice system in England and Wales in 2022’, which urged the federal government to not minimize funding to the justice system within the Autumn Statement.
Emily Deane, Technical Counsel and Head of Government Affairs at STEP, additionally argued that the federal government had missed a possibility to reform inheritance tax and its related points: “Any changes must look at the tax as a whole, not just individual reliefs and rates, which if scrapped and amended in isolation can lead to increased avoidance and abuse,” she mentioned.