{"id":173405,"date":"2020-07-09T08:30:06","date_gmt":"2020-07-09T12:30:06","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=173405"},"modified":"2020-07-09T07:46:14","modified_gmt":"2020-07-09T11:46:14","slug":"soon-to-be-scrooge-sunaks-summer-statement-will-spook-higher-earners","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/07\/soon-to-be-scrooge-sunaks-summer-statement-will-spook-higher-earners\/","title":{"rendered":"Soon-to-be Scrooge Sunak\u2019s Summer Statement will spook higher earners"},"content":{"rendered":"
July 9, 2020<\/div>
\r\n<\/div><\/div>

By George Prior<\/strong><\/p>\n

The UK finance minister Rishi Sunak\u2019s Summer Statement can be expected to spook many higher earners into considering the available international financial planning options, affirms the CEO of one of the world\u2019s largest independent financial advisory and fintech organizations.<\/p>\n

The comments from Nigel Green, chief executive and founder of deVere Group, follows the UK Chancellor\u2019s so-called \u2018mini Budget\u2019 in which he announced a raft of measures to help the UK economy recover from the worst effects of coronavirus.<\/p>\n

Mr Green notes: \u201cThe Chancellor Rishi Sunak has set out a series of extra measures to help kick-start the UK economy, whilst revealing that the Treasury has allocated \u00a3188bn of economy-bolstering measures since the start of the Covid-19 pandemic.<\/p>\n

\u201cHe has galvanised his position as Santa Sunak and has, rightly, been praised for his handling of the economy; he has done an impressive job.<\/p>\n

\u201cBut what happens when, in the Budget in November, he is forced into becoming Scrooge Sunak to pay for his record-beating level of support measures.\u201d<\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

\r\n
\r\n
\r\n

<\/a>\r\n\t Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p>

\r\n<\/div>\r\n

\r\n
<\/div>\n

He continues: \u201cMany higher earners and investors will now be looking forward and thinking that the result of Sunak\u2019s largesse, inevitably, means higher taxes to help plug the enormous \u00a3300bn blackhole in government coffers.<\/p>\n

\u201cTaxes on income contribute the highest proportion of the government\u2019s tax-take, meaning even a small change would have a disproportionately positive impact for the Treasury.<\/p>\n

\u201cBut they will not want to be hitting household incomes too much at this stage, as it will move to raise taxes in the medium to longer-term in order to indicate to financial markets that they are intent on controlling the deficit.<\/p>\n

\u201cThere is also the potential of the oft-mooted one-off or continual tax on personal wealth.\u201d<\/p>\n

Mr Green goes on to add: \u201cThis can all be expected to spook higher earners into considering the available international financial planning options.\u201d<\/p>\n

Back in May, the deVere boss said: \u201cIt is almost inevitable that pension tax relief will be a target as the government looks to plug gaps in November\u2019s Budget.<\/p>\n

\u201cAs it\u2019s likely the pension contribution relief for those on higher incomes will be reduced, an increasing number of people are now mulling making a larger one-off contribution before the Budget, in order to benefit from the higher tax relief whilst they still can.\u201d<\/p>\n

Nigel Green concludes: \u201cWe\u2019re in highly unusual times economically and taxes will need to be raised to fund the gap. Those who will be likely expected to carry the burden can be expected to be exploring all the legitimate financial planning options, including international ones, to safeguard their wealth.\u201d<\/p>\n

About:<\/strong><\/p>\n

deVere Group is one of the world\u2019s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.\u00a0 It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

By George Prior The UK finance minister Rishi Sunak\u2019s Summer Statement can be expected to spook many higher earners into considering the available international financial planning options, affirms the CEO of one of the world\u2019s largest independent financial advisory and fintech organizations. The comments from Nigel Green, chief executive and founder of deVere Group, follows […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-173405","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/173405","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=173405"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/173405\/revisions"}],"predecessor-version":[{"id":173406,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/173405\/revisions\/173406"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=173405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=173405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=173405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}