Anticipated Changes To Private Wealth & Inheritance Following Election Results

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