As we were finalising the Spring edition of our newsletter, the world watched aghast as Russia invaded Ukraine. Having spent two years consumed with the worldwide transmission of Covid-19 and the resultant disruption to our lives, what should have been momentous developments – the gradual lifting of restrictions around the UK – has taken a back seat. The Russian attack on Ukraine at the end of February now dominates the news agenda. While the suffering of the Ukrainian population, and millions of refugees fleeing their homes in fear for their lives, are of paramount concern, the ramping up of sanctions imposed on Russia by the West are likely to have a wider effect beyond the region.
Even before this latest crisis, and despite the hopes for many of almost getting back to ‘business as usual’, the economic fallout from the pandemic is hitting home this year. Rising inflation coincides with the increase to National Insurance contributions and Dividend Tax rates to come in from 6 April, all of which contribute to concerns on the rising cost of living. We cover these issues in our first newsletter for 2022. Our feature considers how gifting from income can help you structure your estate planning in the light of frozen inheritance tax thresholds and the Chancellor’s decision to keep the tax broadly unchanged.
Other stories for this edition include:
- Counting the cost of the frozen tax landscape
- Who gets to choose when you retire?
- Tax loophole closing on second homes
