"We have seen a more than 200% increase in the last couple of months in enquiries from clients looking for tax advice and especially around the possibility of transferring assets out of their names to take advantage of the current rates of Capital Gains Tax (CGT)," says Elliot Lewis, who has headed the Private Client department since 2014.
"It has been widely predicted that Rachel Reeves will increase Capital Gains Tax, potentially from its current rates which range from 10 to 28% to as much as 39%. This has caused an enormous amount of anxiety and led to clients looking at bringing forward plans to transfer assets away to crystalise gains at what may be a cheaper tax rate," he explains.
"We have seen a 50% increase in instructions in the last three months, compared to the same period last year," comments the sector head Vikki Herbert. "We also have a number of transactions currently on hold as people are waiting to see what tax changes may unfold in the budget."
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