“This includes the personal allowance of £ 12,500 per year, the dividend supplement of £ 2,000 per year and the capital income tax break of £ 12,300.”
Julia Rosenbloom, tax partner at Smith & Williamson, also shared her thoughts on possible changes.
After an IHT reform document was released last year, “some aspects” of it could be expected, she suggested.
“In particular, we anticipate the possible abolition of potentially exempt transfers (PET), essentially the ability to give a gift of unlimited value that is exempt from inheritance tax (IHT) when you live an additional seven years,” she said.
“Coupled with a likely increase in the tax rate on capital gains, this would place a significant constraint on passing on your property, making it much more expensive to give gifts to your children or grandchildren.