Budget changes make financial planning essential, says leading expert

A leading legal expert in estate and inheritance tax planning said today’s Budget had changed the financial landscape. 

Tracy Ashby, partner in the Wills, Probate & Lifetime Planning team at FBC Manby Bowdler, said a raft of new measures would draw more people into paying tax. 

Tracy, who works at the law firm’s Knowle office and is ranked as a key lawyer for private wealth matters in the prestigious Chambers High Net Worth Guide, said: “There is much in today’s Budget which will have a direct impact on lifetime planning and how people most efficiently manage their finances. 

“A combination of freezing allowances on Inheritance Tax (IHT) and rising property values means that more people will inevitably be drawn into its scope over the coming years. 

“The changes to the rules around cash ISAs will also be something many more people will need to consider as they seek the most efficient ways of managing their money. 

“The introduction of the so-called Mansion Tax and cap on the amount workers can put into their pensions through salary sacrifice schemes before National Insurance contributions become due are added factors those planning their financial future must now consider. 

“There is no doubt today’s Budget has changed the landscape for lifetime planning and it’s essential people seek expert advice if they think they could be affected.” 

FBC Manby Bowdler has offices in Birmingham, Wolverhampton, Knowle, Shropshire and Worcestershire and is one of the region’s most successful law firms, employing more than 200 people.   

Turnover topped £16 million in the last year and the firm has plans to double its size in the next 24 months.  

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Editors notes

FBC Manby Bowdler LLP is a 30-Partner award winning regional law firm focused on and committed to intelligently delivering stellar service to its customers.

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FBC Manby Bowdler LLP is recognised in the 2019 Legal 500 Directory as a top tier Firm for Agriculture & Estates, Contentious Trusts & Probate, Family, and Commercial Litigation.

For further information, please visit www.fbcmb.co.uk, or follow the firm on Twitter @FBCManbyBowdler.