The Sovereign Group is hosting a webinar which is free to attend which will examine strategies to reduce the impact of the proposed tax changes through pre-Budget planning, on 23^rd September at 9am (GMT)

A statement continued: “The first UK Autumn Budget under the new Labour government is set for Wednesday, 30 October 2024. This budget will introduce significant changes, particularly affecting non-UK domiciled residents.

“From 6 April 2025, the current income tax and capital gains tax system for non-domiciled individuals, known as the ‘remittance basis’, will be abolished. It will be replaced by a new residence-based foreign income and gains (FIG) regime, which will only be available for the first four years of UK tax residency.

“Additionally, the existing domicile-based Inheritance Tax (IHT) system will transition to a residence-based system starting on 6 April 2025. Under this new system, non-UK assets will fall within the scope of IHT after 10 years of UK tax residency, with provisions to maintain that liability for 10 years after leaving the UK.

“Furthermore, the protected trust regime will end on 6 April 2025, meaning that income and gains in affected trust structures could become taxable for UK resident settlors. The government also plans to discontinue the use of Excluded Property Trusts, which have previously kept assets outside the scope of IHT.

“This upcoming webinar will focus on strategies to mitigate the impact of these proposed changes, helping individuals plan for increased tax liabilities through pre-Budget planning or by relocating to jurisdictions offering low tax residency-by-investment programmes.

 Who Should Attend?

• Non-UK domiciled individuals currently residing in the UK
• UK-based entrepreneurs, directors, and shareholders considering selling their businesses in the near future
• Domiciled UK residents looking to optimize their IHT planning before the new rules come into effect
• Individuals planning to leave the UK, looking for guidance on key considerations when establishing tax residency in another jurisdiction
• UK nationals living abroad, many of whom may still retain their UK domicile and remain subject to UK IHT

 Speakers:

• Laurence Lancaster, Group Head of Tax, Sovereign Tax Services Pte Ltd
• Simon Denton, Managing Director, Sovereign Trust UK Ltd

Register now to secure your place: https://www.sovereigngroup.com/events/webinar/live-webinar-pre-budget-tax-planning-for-uk-residents-and-uk-nationals-living-abroad/?_gl=1*ch33f9*_up*MQ..*_ga*MTcwODY4MzI5Ny4xNzI2NDg1NDk1*_ga_X9N5Z4YZ23*MTcyNjQ4NTQ5NC4xLjEuMTcyNjQ4OTA0My4wLjAuMA..