Keep Reeves's grabbing hands off your assets

SOME taxpayers could face bills potentially running into tens of thousands of pounds if Chancellor Rachel Reeves drives through some of the changes rumoured to be coming into her November Budget.

- By Harvey Jones

For those with large estates, reforms to inheritance tax and capital gains tax reforms could potentially cost hundreds of thousands of pounds, said Sarah Coles, head of personal finance at Hargreaves Lansdown: “Some speculation won't come to fruition, of course, but the potential costs of some suggestions are eye-watering. Fortunately there are steps you can take to protect yourself.”

Capital gains tax. One idea being floated is to charge CGT on property sales above £1.5million. If a higher-rate taxpayer bought a property for £1.5m and it rose 15% in value, they could face a £54,000 bill on their £225,000 gain.