½Ū×ÓŹÓʵ

Autumn Budget 2024

Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance

Autumn Budget 2024

Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance
imgtext

In the first Budget speech delivered by a female Chancellor, Rachel Reeves set out proposals to raise £40bn in taxes.

The key changes / announcements made on 30 October 2024 are discussed below.

Personal taxes

Abolition of the remittance basis from 6 April 2025

As expected, the Chancellor confirmed that the remittance basis will be abolished from 6 April 2025 and replaced with the foreign income and gains regime (FIG regime). As well as publishing a detailed technical paper, 103 pages of draft legislation for Finance Bill 2025 was also released.

In summary:

  1. •

    the four-year FIG regime will be implemented, meaning that individuals in their first four years of UK tax residence will pay no UK tax on foreign income and gains arising in those tax years (including distributions from offshore trusts, but subject to the exceptions listed in paras 37–38 of the technical paper) as long as they had not been UK resident in the 10 years prior to their arrival. To benefit from the FIG regime, the individual will need to make a claim each tax year

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+ā„¢
Powered by
  • 31 Oct 2024 11:50

Popular Articles

Double tax relief

Double tax reliefWhen income arises in a foreign country to a UK resident company and that income is taxable in that foreign country, the UK may give the company relief for the foreign tax by crediting the foreign tax against the UK tax charged on that income. This might include withholding tax on

14 Jul 2020 11:31 | Produced by Tolley Read more Read more

UK VAT invoice requirements

UK VAT invoice requirementsThis guidance note provides details of the information that must be shown on a valid tax invoice. Businesses supplying goods and services that are liable to the standard or reduced rate of VAT are required to issue a tax invoice to another VAT registered person.If the

14 Jul 2020 13:46 | Produced by Tolley Read more Read more

Bare trusts ― income tax and CGT

Bare trusts ― income tax and CGTThis guidance note explains how trustees of bare trusts are treated for income tax and capital gains purposes. Although a bare trust is, in equity, a type of trust, for both income tax and capital gains tax purposes its existence is transparent. This means that no tax

14 Jul 2020 15:34 | Produced by Tolley Read more Read more