There was an immediate lift for those looking to buy homes, with an end to the so-called “slab structure” for Stamp Duty Land Tax, an increase in the threshold for higher rate tax payers from next April, an additional rise in the personal allowance and a freeze on fuel duty.
For international advisers though, the news has been much less clear cut. The expected introduction of a single settlement nil rate band on multiple trusts did not happen, although the Government did say it still plans to address the use of multiple trusts to avoid IHT.
In this video, Old Mutual Wealth technical marketing manager, Rachael Griffin, explains what this means and also looks at QROPS and whether they remain a valid solution for clients in the “new pension world”.
While there were many winners this week, non-doms buying UK residential properties through trusts will soon feel the pinch, with an increase to the annual tax on enveloped dwellings. In this video, Neil Jones, technical manager, Canada Life International explains what has changed and how it could impact your clients.
