2024–25—Budgets and Finance Bills

This subtopic draws together content on the fiscal events throughout the tax year 2024–25, starting with the Spring Budget on 6 March 2024.

All the analysis produced in this subtopic will be collected in Practice Note: 2024–25—Fiscal events, including Spring Budget 2024 and Finance Bill 2024—Private Client analysis.

For more information on the annual Budget and Finance Bill process, see Practice Note: The Budget and Finance Bill process and Tax—Finance Bill 2025 tracker.

Spring Budget 2024

The Spring Budget 2024 was delivered by the Chancellor of the Exchequer, Jeremy Hunt, on Wednesday 6 March 2024.

Our analysis includes:

  1. Spring Budget 2024—Private Client analysis—a summary of the key private client announcements in the Spring Budget and initial reactions from experts in the market,

  2. Video analysis—Spring Budget 2024: Key Private Client announcements—Neil Lancaster, Private Client partner and John Bull, Head of US UK Private Client at Blick Rothenberg LLP discuss the key Private Client measures announced in the Spring Budget 2024,

  3. Spring Budget 2024—Tax analysis—a summary of the key business tax announcements in the Spring Budget and

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Powered by Lexis+®
Latest Private Client News

All in? Court confirms when a settlement is 'made' for the purposes of excluded property (Accuro Trust (Switzerland) SA v The Commissioners for HMRC)

Private Client analysis: This case considered the meaning of 'relevant property' under the settlements regime of the Inheritance Tax Act 1984 (IHTA 1984) and, in particular, the time at which this definition is to be tested. The question arose as to whether the trustees of an offshore trust established by a non-UK domiciled settlor were subject to the UK settlements regime in respect of property added to the trust after the settlor became deemed domiciled in the UK, or whether they were exempt from such charges as the trust consisted solely of excluded property. The First-tier Tribunal (FTT) held that whether trust property is excluded property is based on the status of the trust at the time that it was established, not at the time that the property in question was added to the settlement. As a result, the trust in this case did consist solely of excluded property and no inheritance tax (IHT) charges arose as a result of either the ten-year anniversary or capital distributions. The FTT was also asked to consider whether their jurisdiction was appellate, or supervisory only. The FTT held that, while their jurisdiction was supervisory, the questions raised by the trustees were relevant in establishing whether HMRC had acted reasonably and that the outcome (ie that the paid IHT should be refunded and that no further IHT was due) would be the same in either case. Written by Katherine Willmott, senior associate solicitor at Foot Anstey LLP.

View Private Client by content type :

Popular documents