Invest Daily Pro
  • Economy
  • Investing
No Result
View All Result
  • Economy
  • Investing
No Result
View All Result
Invest Daily Pro
No Result
View All Result
Home Top News

Business owners speed up plans to sell amid fears of tax rises in upcoming budget

by
October 12, 2024
in Top News
0
Business owners speed up plans to sell amid fears of tax rises in upcoming budget
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

Growing concerns about tax increases have led nearly 30% of business owners in the UK to accelerate plans to sell their companies, according to new analysis from wealth management firm Evelyn Partners.

The survey, conducted among 500 business owners with turnovers of at least £5 million, found that 29% of respondents had sped up their plans to exit their businesses over the past year, with 23% citing fears of higher capital gains tax as a primary factor.

The findings come as the government continues to hint at tax hikes ahead of the budget on October 30. Labour leader Sir Keir Starmer has also suggested that wealthier individuals and businesses may face a heavier tax burden to help manage the UK’s challenging financial situation.

Laura Hayward, tax partner at Evelyn Partners, said that business owners are increasingly “on edge” due to concerns over potential changes to capital gains tax and inheritance tax. She noted that many entrepreneurs are looking to secure the value of their businesses before any unfavourable tax changes come into effect.

“The business environment for many owners has already been tough enough in recent years as they’ve worked to rebuild after the pandemic amidst cost-of-living pressures and high inflation,” Hayward said. “Now, with the potential for unfavourable tax changes in the upcoming budget, it’s understandable that some are looking to realise the gains of their hard work sooner rather than later.”

The analysis also coincides with a decline in both business and consumer confidence. The Institute of Directors’ economic confidence index fell sharply from -12 in August to -38 in September as business leaders expressed concerns about the tax burden. Additionally, the GfK consumer confidence index dropped from -13 in August to -20 in September, with more people reporting a less optimistic outlook on their personal finances and the economy overall.

As the budget date approaches, businesses are bracing for potential changes, hoping for clarity on how any new tax measures might affect their plans for growth, investment, or selling their businesses.

ShareTweetPin

Related Posts

Have a taste of the perfect day in paradise with SULÀ Spirits
Top News

Have a taste of the perfect day in paradise with SULÀ Spirits

January 8, 2025
First months of 2025 likely rainy amid La Niña conditions, says PAGASA
Top News

First months of 2025 likely rainy amid La Niña conditions, says PAGASA

January 8, 2025
December inflation rises to 2.9%
Top News

December inflation rises to 2.9%

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
PHL end-December dollar reserves drop to $106.8B
Top News

PHL end-December dollar reserves drop to $106.8B

January 7, 2025
Next Post
Using TikTok fosters growth, but also challenging for big businesses

Using TikTok fosters growth, but also challenging for big businesses

Recommended

Why You Should Consider Co-Investing in UK Buy-to-Let Property

Why You Should Consider Co-Investing in UK Buy-to-Let Property

October 24, 2024

Up to 4 million homes could be built on green belt under Rayner’s planning overhaul

September 23, 2024
James vs Curry

James vs Curry

December 26, 2024
KYC360 Partners with LSEG Risk Intelligence

KYC360 Partners with LSEG Risk Intelligence

November 18, 2024
Yulo wins men’s vault to scoop second gold in Paris

Yulo wins men’s vault to scoop second gold in Paris

August 5, 2024
Eala draws Croatia’s Fett for Aussie Open qualifiers

Eala draws Croatia’s Fett for Aussie Open qualifiers

January 5, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 InvestDailyPro. All Rights Reserved.

    Disclaimer: InvestDailyPro.com, its managers, its employees, and assigns (collectively InvestDailyPro ) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    No Result
    View All Result
    • About us
    • Contact us
    • Home
    • Privacy Policy
    • Suspicious engagement
    • Terms & Conditions
    • Terms & Conditions
    • Thank you

    Copyright © 2024 investdailypro.com | All Rights Reserved