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UK AUTUMN BUDGET 2024

While tax rules may continue to evolve, we’re committed to providing stability and support for our clients and focus together on making the most of the present opportunities, adapting as needed in a way that aligns with your unique needs and dreams. We’re here to guide you through these changes with care and to reassure you that we’re monitoring every detail.

1. Inheritance Tax (IHT) on Pensions

  • What’s changing? Starting in 2027, pensions will be subject to IHT, and the threshold will remain frozen through to 2030
  • Our approach: Including pensions within estates, this will impact many individuals, but we can guide you toward strategies that help mitigate this.

2. Capital Gains Tax (CGT) Increase

  • Effective date: October 2024
  • Our approach: With the upcoming increase, it’s an ideal time to review past recorded losses and consider tax-efficient options that best align with your goals.

3. Income Tax Threshold Freeze

  • Effective until: April 2028
  • Our approach: This freeze may shift more individuals into higher tax brackets over time, but there are ways to help reduce the impact.

4.  Changes to Tax-Free Overseas Pension Transfers

  • Effective date: October 30, 2024
  • Our approach: With the changes to the Overseas Transfer Charge (OTC) exclusions, we will assess any effect on your retirement planning and explore alternative strategies as needed to ensure your peace of mind and financial security.

5. Abolishment of UK Resident Non-Domicile Status

  • Effective date: April 6, 2025
  • Our approach: These changes bring more non-UK assets within the IHT scope for those with extended UK residency. We’ll look closely at how this applies to you, including thoughtful planning around insurance solutions for potential liabilities, and align these decisions with your broader goals and values.

Please feel free to reach out for a conversation anytime. Our advisers are here for you, ready to make this process as smooth and supportive as possible.

Contact us on +44 (0)1483 202072 or email info@montfort-intl.com

 

 

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Montfort were incredibly helpful during our move to Spain. The team took the time to explain everything to ensure we could act quickly on their advice. I was really impressed with the end report which gave us clear guidelines on managing our pensions, income, residency and setting up bank accounts, everything! We would not hesitate to recommend Montfort again.

Ms S. Stienen-Durand Spain - 2016

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