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ARTICLE · 01 AUGUST 2024

Anticipated Changes To Private Wealth & Inheritance Following Election Results

Herrington Carmichael LLP
Herrington Carmichael LLP
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Herrington Carmichael LLP

Herrington Carmichael LLP

The origins of the practice can be traced back over 180 years in Wokingham and 150 in Aldershot. It...

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The newly elected Labour government plans significant changes to Private Wealth and Inheritance, including abolishing non-domicile status, raising Capital Gains Tax, reforming inheritance tax reliefs, and enhancing HMRC's capabilities to tackle tax avoidance.

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Following the recent election results, it is expected there will be significant change to Private Wealth and Inheritance, to reflect the priorities of the newly elected government. The Labour party have been vocal about their wishes to reform the current economic and social challenges with a focus on addressing the unfairness in the tax system. It is important to ensure you have up to date estate planning and wealth management in place before the changes are made to ensure you can make the most of the current rules as there is no guarantee they will stay.

Abolition of Non-Domicile Status

The Labour Party have indicated that they will be looking to abolish the non-domicile status, which currently allows certain individuals to limit their tax liability in the UK. The proposal includes replacing it with a modern scheme designed for those actually residing in the country. This reform is intended to ensure that individuals who make their home in the UK contribute

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