Chancellor Rachel Reeves’ first Budget on 30 October “more than ever highlights the importance of financial advice”.
This is what Triple Point regional business development manager Lucy Dolan said on a panel at the Money Marketing Interactive conference in Leeds today (24 October).
Speaking on the same panel, Moran Wealth Management founder Nicola Crosbie said there has been a lot of “panic and hysteria” surrounding the Budget.
“The need for tax planning advice will increase” as a result, Crosbie added.
She said that at the moment it is all speculation, but “we need to have a plan in place to help clients quickly following the Budget”.
Dolan, on a more positive note, said: “We have been through a lot of change before and come out of it on the other side”.
Still, her diary is packed with post-budget sessions and webinars.
Syndaxi Financial Planning managing director Robert Reid also asked the audience how many had been asked about tax-free cash in the run-up to the Budget.
The majority of those attendance raised their hands.
Dolan also spoke about venture capital trusts (VCTs) and enterprise investment schemes (EIS).
EIS and VCTs enable businesses to secure equity investment and grow rapidly, with tax reliefs helping reduce investor risk, she said.
In regards to the abolition of the lifetime allowance (LTA), Crosbie said she does not believe it will be reintroduced.
Reeves initially indicated that Labour would reverse this move, which was originally announced by then chancellor Jeremy Hunt.
However, Labour dropped plans to reintroduce the pension LTA, saying it would be “too complex”.
This move was widely welcomed by the financial services industry.
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