Jurisdiction(s):
United Kingdom

UK Spring Budget 2024 for Private Client lawyers: abolishing non-doms, residence-based IHT, CGT/NIC cuts, SDLT and FHL reforms, ISA changes, anti-avoidance and reporting updates

Published on: 06 March 2024

Published by a LexisNexis Private Client expert

Legal News

Article summary

On 6 March 2024, Chancellor Jeremy Hunt set out the government’s Spring Budget amid a weak economic outlook and Conservative polling behind Labour ahead of the forthcoming general election. He had to juggle the political urge to woo voters through personal tax cuts with the constraint of the OBR’s latest fiscal headroom. With income tax reductions viewed as too expensive, reliefs targeted at squeezed households focused on further cuts to employees’ and self‑employed National Insurance contributions, reform of the High Income Child Benefit Charge, and a lower higher rate of Capital Gains Tax on residential property disposals. For Private Client lawyers, the most unexpected move was the abolition of the non‑UK domicile tax regime. In the months ahead, Private Client advisers will be busy guiding clients through the ramifications, and only time will show whether, under the proposed residence‑based approach, the UK remains appealing as a place to live for internationally mobile high net worth individuals. Many were also surprised by the ending of the current favourable tax treatment for furnished holiday lettings...

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