Mar 2024
As foreseen before Wednesday’s budget, the Chancellor announced sweeping changes to the way non-UK domiciliaries are to be taxed from 6 April 2025.
The changes will affect all bases of taxation for non-doms who arrive in the UK after that date and for clients who are already UK resident. For clients who are already UK resident there may be some planning opportunities to take advantage of lower tax rates on the remittance of income and capital gains.
The changes to the inheritance tax regime will change and are going to be subject to a consultation. It has been confirmed that the tax treatment of trusts holding non-UK assets which have been set up before 6 April 2025 will not change and will remain outside the scope of UK inheritance tax. This potentially provides potential planning opportunities for certain clients.
Speak to us to discuss how the changes may affect your estate planning arrangements.
