Autumn Budget October 2024: Labour Raises Taxes. How to Protect Your Assets
The chancellor raised taxes in the latest budget. So, if you are running a business you are likely concerned about the tax changes and the potential threat to your long-term wealth.
If you are looking to protect your assets, and family assets, for the long term then you should consider opening a SSAS because SSAS has a number of statutory tax exemptions.
SSAS has been around for a very long time - since 1973, in fact. So, it’s a well-trodden path in that sense. It has been tax exempt for the last 50 years, which is also good news for you. As a pension scheme, SSAS is extremely tax efficient. SSAS is exempt from capital gains tax (CGT) and inheritance tax and it can also help you save on corporation tax.
Capital Gains Tax
As an example: if you are thinking of acquiring a business asset, such as a commercial property, you should put it inside a SSAS. Because if you buy that asset today and you are looking to sell it, the increase in value could be substantial. Held inside the SSAS, the property is protected from capital gains tax.
Even under the last government, capital gains tax and the personal allowances were reduced substantially. So, it’s very sensible to be looking to protect your assets from tax and make the best of SSAS which gives you that next level of protection.
Inheritance Tax
In line with announcements from Labours 2024 budget, SSAS remains statutorily exempt from inheritance tax until April 2027.
Tax on Investments
If you are investing your funds held inside SSAS, don’t forget that SSAS does not pay any tax or income tax on the profits that you are making. So, again, if you are looking to invest you should consider SSAS as your first port of call.
Contact Us to Set-up Your SSAS
As you can see, there are huge tax benefits to opening a SSAS pension as soon as you can following on from this budget. Book a call with us today to get the ball rolling. We’ll discuss your requirements and, if you’re eligible for a SSAS, we’ll get you set up.
