UK Lawyers Swamped with Inquiries Ahead of Potential Budget Tax Changes.

UK lawyers representing wealthy clients are experiencing an unprecedented surge in inquiries leading up to the upcoming Budget announcement. The frenzy is driven by concerns over potential changes to inheritance and capital gains taxes. Many clients are considering transferring assets to family members or disposing of them in anticipation of these changes.

Lawyers report working extended hours, including weekends and late nights, to manage the influx of client requests. Some firms have implemented measures such as limiting initial consultations to 30 minutes to cope with the demand. The level of activity is described as the busiest pre-Budget period in decades, with dynamics similar to those seen in mergers and acquisitions.

Chancellor Rachel Reeves is considering raising capital gains tax rates and making significant reforms to inheritance tax. These potential changes have led to increased anxiety among wealthy clients, particularly in sectors such as farming. Many are accelerating plans to transfer assets or make other financial decisions before the Budget announcement on October 30.

Report by Financial Times