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On 30 October 2024, the Chancellor of the Exchequer delivered the UK government's annual Budget.
This is the first budget from the recently elected Labour government, and follows months of speculation around tax increases, reforms to the taxation of UK resident non-domiciliaries (RNDs or non-doms), and UK inheritance tax (IHT) reform.
The Budget contains a number of far-reaching changes relevant to our clients, and confirms proposed changes previously announced to the RND regime and IHT.
Notably, the Budget also contains a "tax trap" for deemed domiciliaries with "excluded property trusts" who have exited within the current and preceding two tax years. Those who have left in anticipation of the changes to the RND regime should therefore ensure they have not unwittingly been caught by this trap and, if so, explore any potential solutions with their advisers.
We recommend clients take immediate advice on the potential implications for them, their businesses, and any structures through which they hold assets.
Click here to read the full alert.
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