Budgets and elections Archives

Non-dom tax status: how are the rules changing?

The government outlined its planned reforms to the taxation of non-domiciled (non-dom) individuals last week, saying it would end the “preferential” tax treatment of foreign income and gains (FIG) based on the “outdated” concept of domicile. A new, residence-based regime will take effect from April 6, 2025. This will replace the current remittance basis of […]

General Election 2024: The Major Parties on Tax

74% of financial advisers say clients have asked them about the impact a potential change in government could have on their finances. With the UK general election just around the corner, we combed through the manifestoes of all the major parties to find out what key things they have planned for tax. CONSERVATIVES National […]

Spring Budget 2024: What You Need to Know

In what is likely to be the last fiscal event before a general election, the Chancellor delivered a budget that may be seen as more of a political statement than an economic one. As readers will no doubt know, the Chancellor confirmed a further 2 pence cut to the main employee rate of National […]

Autumn Statement 2023

Whilst the headlines have been dominated by the cut to National Insurance, the partial sale of the government’s stake in NatWest, and the increases to Universal Credit and the full state pension, we were looking more closely at the announcements that affect taxes on investments: At a glance Abolition of the pensions Lifetime Allowance from […]

Spring Budget 2023: Pension Changes & Pre-Retirement Benefits

Our team has been hard at work analysing the 2023 Spring Budget. Here we provide a summary of the tax changes which may affect our clients and explore what the budget will mean for the 2023-24 tax year and beyond. 2023 Spring Budget at a glance The personal allowance and starting rate for savings will […]

Autumn Budget 2022: What You Need to Know

There were a number of personal tax changes announced in the Autumn Budget today. These could potentially have a significant effect on our clients and the Business Analysis team is on hand to discuss any issues or queries that arise as a result of today’s announcements. Below is a summary of the headline announcements affecting […]

Update to the Autumn 2022 Mini-Budget

On 14th October, Kwasi Kwarteng was removed as Chancellor after a resounding negative response to his Autumn Mini-Budget. Following his dismissal, the government and new Chancellor, Jeremy Hunt, announced a reversal of various points from the mini-budget: What changed? Dividend Tax: the dividend income tax rates (currently 8.75%, 33.75% and 39.35%) will no longer be […]

Autumn Mini-Budget 2022: Key Points for FSL Clients

Below is a summary of the key items announced in the Autumn 2022 Mini-Budget that may be relevant to FSL clients. For more detail, please refer to the GOV.UK website and the Growth Plan 2022 published by the Treasury and HMRC. Corporation tax: next year’s planned increase in corporation tax will be cancelled. The corporate […]

Autumn Budget Update: CGT on Residential Property

Though the Autumn Budget didn’t include the anticipated changes to capital gains tax (CGT) as suggested in the Office of Tax Simplification’s May 2021 report, one recommendation was announced. The deadline for reporting CGT on residential property sales will be extended from 30 days to 60 days. This new rule will be applied to all […]

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