In March the Chancellor of the Exchequer, Jeremy Hunt MP, delivered Spring Budget 2024, which has provided the main UK tax law developments since my last update, at the end of 2023. The Budget certainly ticked all of the boxes of an election-year budget, with a focus on personal taxes and putting income in people’s pockets, including a 2p reduction to National Insurance Contributions. The abolition of the “non-dom” tax regime, one of the Labour Party’s flagship policies, and the announcement of a new residence-based regime for foreign income and gains have also been the focus of much debate and discussion. An overview of these measures, other notable tax measures in the Spring Budget and some developments in UK tax law outside of those announced in the Budget is given below.
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