An austerity Budget full of tax hikes coupled with "dumbed down" pension provision will put the services of professional financial planners in high demand, says the president of the Personal Finance Society (PFS).
Mike Fosberry is urging advisers to take advantage of the business opportunities likely to be thrown up by Wednesday's Budget, if forecast measures to generate much-needed public revenue by raising inheritance tax (IHT) and capital gains tax (CGT) are included. Fosberry, also a director at investment manager Smith & Williamson, says an "austerity Budget" will encourage people to seek out tax avoidance vehicles. "Professional financial planners need to get the message out that they are open for business," he says. "We will have to have austerity Budgets for some time to come. So, f...
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