The long awaited Budget, one the most speculated about and potentially impactful that I can remember, is to be announced tomorrow. We'll find out exactly what the government intends to do soon, but before then I wanted to pen a few requests... The Chancellor has the opportunity to reverse the previous direction of travel and extend access to legal, state-endorsed tax optimisation vehicles, rather than putting barriers in place and limiting their usage to just the wealthiest individuals in our society. It’s right that the people with the broadest shoulders should bear the biggest tax burden. However, many aspirational people and households end up paying more than their fair share in taxes because, unlike the ultra-wealthy, they don’t have the tools to make their money work harder for them. While the ultra-wealthy are able to maximise all available tax allowances, many of these options simply aren’t accessible to the average retail investor. And for the past two years the policy agenda has been moving in the opposite direction, first with the needless clampdown on fractional shares within ISAs, then with the misguided attempts to raise the thresholds for promotion of higher risk investments to sophisticated and high-net worth individuals. Both of which are thankfully being resolved. My hope is that the Chancellor avoids the ridiculous own-goals of the past two years, and focuses on helping more aspirational, growth-minded people to access these financial vehicles. Otherwise, what’s the point in having them? #Budget2024 #LinkedInInsiderUK #UKbudget
✔️ɪ ꜱᴘᴇᴄɪᴀʟɪᴢᴇ ɪɴ ᴄᴏɴɴᴇᴄᴛɪɴɢ ᴄᴇᴏꜱ, ꜰᴏᴜɴᴅᴇʀꜱ, ᴀɴᴅ ɪɴᴠᴇꜱᴛᴏʀꜱ.
5moWe could see a system where financial tools and vehicles are no longer perceived as exclusive to those with substantial wealth but rather as resources available to a wider audience of diligent savers and investors. Matthew Ford Do you think everyone, regardless of income level, should have fair access to tax-optimization tools and strategies?