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Private client review for July 2024

Edward Reed and Kazia Gagg (Macfarlanes) consider what’s in store for private clients under the new Labour government and comment on a number of tribunal decisions on the remittance rules, SDLT and entrepreneurs’ relief.

General election 2024: what’s next for private clients?

Following an emphatic win on 4 July the new Labour government is keen to implement manifesto commitments as quickly as possible. So what can private clients expect?

Key policies

The Labour Party’s election manifesto published in the run-up to the election emphasised the party’s commitment not to ‘increase taxes on working people’ with a pledge not to raise national insurance income tax VAT or corporation tax rates.

However funding for schools and the NHS is to be found by implementing Labour’s well-publicised policies including the abolition of the ‘non-dom’ regime the imposition of VAT on private school...

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