Wealthy individuals at risk of tax raid due to lack of knowledge

cityam11-21

Wealthy individuals are at risk of tax raid Wealthy Brits are at risk of being slapped with higher taxes in the upcoming Autumn Budget as they fail to understand how to use their tax allowances.The ...

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Depending on the method of donation and tax status, such as leaving charitable gifts in a will, individuals may be eligible for a form of tax relief.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4181":"酒店及度假村房地产投资信托","HNW":"Pioneer Diversified High Income","BK4218":"酒店及度假村房地产信托","IHT":"InnSuites Hospitality Trust"},"translate_title":"富人因缺乏知识而面临税务突击搜查的风险","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"IHT":1,"HNW":1},"content_text":"Wealthy individuals are at risk of tax raid  Wealthy Brits are at risk of being slapped with higher taxes in the upcoming Autumn Budget as they fail to understand how to use their tax allowances.The Treasury is scrambling to fill an estimated £20bn fiscal black hole in next week’s Budget and, with a wide spread of tax rises being discussed, many individuals are working to move their capital into tax-efficient wrappers and optimise their financial position.However, among the UK’s wealthiest a serious knowledge gap persists, with significant numbers unaware of their tax relief and allowances.According to research from investment platform Charles Stanley, nearly 50 per cent of high net worth (HNW) individuals revealed that they are unaware of what capital gains tax allowance.\n\nThe allowance is the amount of profit an individual can make each tax year from selling assets, such as second homes and shares outside of ISAs, before having to pay CGT.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn the 2025 tax year it reached an all time low, with the threshold standing at £3,000, down from £6,000 the previous year.For individuals who were aware of the allowance, 32 per cent believed they could capitalise off the benefit but were unaware of how to do so, while 12 per cent were unsure if the allowance applied to them.Tax reliefSimilarly, over 65 per cent of HNWs  admitted they were unsure of allowances surrounding inheritance tax (IHT)\n\nThe IHT threshold stands at £325,000 and is set to be frozen until 2030, but leftover pension pots will no longer be allowed to sit outside IHT rules from 2027.The government estimates that the decision will raise a total £1.5bn for the Treasury by 2030, bringing in roughly 1.5 per cent more estates on top of the current 4 per cent.However, two thirds did not understand what the nil-rate band allowance is, despite it allowing the first £325,000 from a person’s estate to be tax-free.A further 40 per cent lacked clarity over tax relief on charitable donations, while over half did not know how to benefit from the relief.\n\nDepending on the method of donation and tax status, such as leaving charitable gifts in a will, individuals may be eligible for a form of tax relief.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2585146002","isCrawlerRequest":true}