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UK Budget 2024 Update for Advisers

With Rachel Reeves, the newly appointed UK Chancellor, delivering her first Budget Statement since July’s general election, our UK Technical Services Team has created a concise summary of the primary highlights and wealth planning considerations.

Among the important updates, we note that overseas insurance bonds remain a valuable tool for a range of tax-efficient strategies

Preserving Tax-Deferred Growth

Significant reforms to the Resident Non-Domicile Regime and the introduction of a new Foreign Income and Gains (FIG) Regime offer fresh opportunities for UK residents to preserve tax-deferred growth through overseas bonds. This tax-efficient solution can prove advantageous in the current landscape.

Inheritance Tax Changes

Unexpected amendments to pension taxation and adjustments to Business Property and Agricultural Property Relief may increase inheritance tax (IHT) liabilities for some investors. For those looking to manage their IHT exposure, offshore bonds—when used within a suitable trust—can offer meaningful mitigation options.

Download our full UK Budget Summary and access our updated UK Tax Tables to explore these insights further:

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