Pension scheme’s failure to fulfil commitment to provide information about annual allowance was...
Pensions analysis: The Pensions Ombudsman has upheld a complaint about member communication. Martin Scott of gunnercooke LLP looks at the decision.
FORTHCOMING CHANGE: Abolition of non-dom regime and introduction of residence-based IHT regime
At Autumn Budget 2024 on 30 October 2024, the Labour government confirmed that it will proceed with plans of the former Conservative administration to abolish the remittance basis of taxation and replace it with a residence-based regime, to commence on 6 April 2025. The government also confirmed its intention to move to a residence-based regime for inheritance tax. The changes will also affect the rules determining excluded property status, the abolition of protected settlements status of offshore trusts, and changes to overseas workday relief.
For information on these changes, including draft legislation published with Autumn Budget 2024, see: Autumn Budget 2024—Private Client analysis—International, Autumn Budget 2024—reforming the taxation of non-doms, Autumn Budget 2024 (paras 2.56 and 5.51), Autumn Budget 2024: Overview of tax legislation and rates (para 1.3) and Policy paper: Reforming the taxation of non-UK domiciled individuals .
From 6 April 2025, the concept of domicile as a relevant connecting factor in the UK tax system will be replaced ...
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