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Aidan Grant
Senior Associate
Private Wealth & Tax & Estate Planning & Trusts
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10 June 2019
Senior Associate
Talk to Aidan about International trusts, tax & estate planning & UK trusts, tax & estate planning & US/UK Tax & estate planning
Johnson’s announcement of his proposed tax cut is certainly grabbing the headlines but it is worth pausing to reflect on the ways it might impact professional advisors and their clients.
Journalists quick out of the gates this morning have estimated that raising the threshold at which 40% income tax is paid from £50,000 to £80,000 will save an individual earning £80,000 per year around £3,000. Indeed, for pensioners the cut could be even more beneficial, with estimated savings of up to £6,000 due to the fact that pensioners will not be liable for the increase in National Insurance which is feted to accompany the cut to help pay for it.
With more take-home pay in their pockets, tax payers may feel less inclined to take advantage of tax mitigation opportunities such as Gift Aid or maximising their pension contributions.
One can be confident that Mr Johnson and his team have rigorously focus-grouped the proposed plan, but it is worth noting that the tax cut is not being achieved by lowering the income tax rates, which Mr Johnson’s rival for the Conservative leadership Dominic Raab suggested only last month, but instead raising the threshold at which higher rate income tax is paid.
10 June 2019
Commercial disputes & Dispute Resolution & Financial services & Private Wealth
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Private Wealth & Tax disputes & investigations
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Tax & Estate Planning & UK trusts, tax and estate planning
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International trusts, tax and estate planning & Private Wealth & Tax & Estate Planning & Tax disputes & investigations & UK/USA Tax & estate planning
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UK/USA Tax & estate planning & International trusts, tax and estate planning & Tax & Estate Planning & UK trusts, tax and estate planning
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