Helen McGhee and Lynnette Bober (Joseph Hage Aaronson) examine what we know now following this week’s policy paper.
Some of us were clinging to the hope that a new government without the same political forces driving it as existed at Spring Budget 2024 would take the necessary time with such important legislation and not rush to legislate. To be clear the changes announced in 2014 were not legislated until 2017 and those were less far reaching. Any such hopes were immediately crushed as this policy paper makes it clear that the changes will be effective from 6 April 2025. That is:
2024/25 will be the last year for which the remittance basis can be claimed.
The new four-year FIG regime will be introduced from 6 April 2025.
Trust protections will not apply to income arising or gains accruing within trusts from 6 April 2025 onwards.
The new IHT...
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Helen McGhee and Lynnette Bober (Joseph Hage Aaronson) examine what we know now following this week’s policy paper.
Some of us were clinging to the hope that a new government without the same political forces driving it as existed at Spring Budget 2024 would take the necessary time with such important legislation and not rush to legislate. To be clear the changes announced in 2014 were not legislated until 2017 and those were less far reaching. Any such hopes were immediately crushed as this policy paper makes it clear that the changes will be effective from 6 April 2025. That is:
2024/25 will be the last year for which the remittance basis can be claimed.
The new four-year FIG regime will be introduced from 6 April 2025.
Trust protections will not apply to income arising or gains accruing within trusts from 6 April 2025 onwards.
The new IHT...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
