Live Webinar: Pre budget tax planning for UK residents and UK nationals living abroad

Date: Monday, 23rd September
Time: 9am UK time

The UK Autumn Budget 2024 – the first from the new Labour government – is scheduled for Wednesday, 30 October. It will contain a raft of new measures targeting UK residents, particularly non-UK domiciled residents.

The existing income tax and capital gains tax regime for non-doms – the ‘remittance basis’ – is to be abolished for future income and gains arising on or after 6 April 2025, and replaced by a new residence-based foreign income and gains (FIG) regime that can only be claimed during the first four years of UK tax residency.

The current domicile-based Inheritance tax (IHT) system is also to be replaced by a new residence-based system from 6 April 2025, which will bring non-UK assets into scope after 10 years of UK tax residence with provision to keep them in scope for 10 years after leaving the UK.

The protected trust regime will also cease to apply from 6 April 2025, so that income and gains in affected trust structures could become taxable for UK resident settlors from that date, while the government plans to end the use of Excluded Property Trusts to keep assets out of the scope of IHT.

This webinar will focus on strategies to mitigate the effects of these proposed measures and the potential increased tax charges that will arise through pre-Budget planning and/or migration to other jurisdictions, many of which offer low tax residency-by-investment programmes.

This webinar will be of interest to:

• Non-UK domiciled persons who are currently resident in the UK.
• UK-based entrepreneurs, directors and shareholders who may sell a business in the short to medium term.
• Domiciled UK residents who wish to take advantage of the existing pre-Budget opportunities for IHT planning.
• Individuals planning to leave the UK, by examining the key criteria to assess before establishing residence in a new jurisdiction.
• UK nationals living abroad most of whom will have retained their UK domicile and therefore their liability to UK IHT

Speakers:
Laurence Lancaster – Group Head of Tax, Sovereign Tax Services Pte Ltd
Simon Denton – Managing Director, Sovereign Trust UK ltd