Proposed changes to inheritance and capital gains taxes have led to frenzy of client activity
UK lawyers representing wealthy clients are reporting the busiest run-up to a Budget in decades as they manage a rush of activity ahead of some potentially significant tax changes next week. Lawyers acting for high-net-worth individuals have reported a huge influx of enquiries in recent weeks, leading to working practices more akin to corporate lawyers, as they field out-of-hours calls, work weekends and have a series of late nights to manage the deluge.
They could also make assets given away during an individual’s lifetime more liable to tax. The possible changes have led some wealthy clients in areas such as farming to consider transferring assets to children or relatives ahead of time, to shore up their security for the future, lawyers said, as families attempt to ensure assets are not wiped out by a future tax bill.
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