How the U.K. Autumn Budget 2024 Impacts British Expats and Non-Domiciled Individuals

U.K. Autumn Budget 2024 has introduced major changes with significant tax implications for British expats and non-domiciled individuals, including updates to pension inheritance taxes, capital gains, and the non-domicile regime. Below are some of the key points:

Key Changes at a Glance

• Pension Inheritance Tax: From April 2027, U.K. pensions will become subject to inheritance tax, potentially impacting legacy planning. Reviewing your pension strategy now can help mitigate exposure to these taxes.

• Non-Domicile Regime: From April 2025, the traditional non-domicile status will be replaced by a residency-based tax regime. For British expats considering a return to the U.K., this change makes early tax planning essential.

• Capital Gains and Stamp Duty: New capital gains tax rates and an increased stamp duty surcharge on second properties will affect expats holding or selling U.K. property, particularly those investing in the U.K. from abroad.

Strategic Steps for British Expats and Non-Doms

With these changes on the horizon, now is the time for expats and non-doms to evaluate their pension plans, trust structures, and offshore investments. Early planning can help maximise tax efficiencies and keep your finances aligned with these new regulations.

For a deeper dive into these changes and personalised strategies to protect your assets, reach out to us. Sign up below to request a more detailed summary, the webinar recording, and presentation slides. We are here to help you navigate these changes effectively.