Leading Financial Planners and wealth managers expect only modest changes from the Budget which most see as neutral or mildly positive.
Mike Seagrove, Financial Planner at Albert Goodman, believes the prospects for Financial Planning remain broadly positive.
He forecast: “Financial planning will remain largely unchanged over the next 12 months as Capital Gains Tax, which was tipped to increase, escapes changes.
“The Pension Lifetime Allowance is frozen, as are Personal Allowance, ISA allowances and the amount you are able to leave on death, before Inheritance tax is payable. Corporation Tax will increase to 25% in 2023 for companies with profits over £250k but will remain at 19% for smaller companies with profits of less than £50k.
“2021 will provide the opportunity to continue to take profits, create capital gains and diversify into other areas, and for business owners, making employer pension contributions may be more attractive for larger