Private client review for November 2024
02 December 2024In this article, the November monthly update for Tax Journal, Edward Reed and Klara Kronbergs look at a number of private client developments.
This month, we share our thoughts on some of the more nuanced aspects of the reforms to the “non-dom” regime, as announced at the Autumn Budget, including on increased reporting requirements and double tax treaties. We consider another HMRC SDLT victory in Mudan, where a property requiring extensive repairs was still held to be suitable for use as a dwelling, thus attracting residential SDLT rates. Beresford acts as a timely reminder of the threshold that must be met for a property rental business to qualify for BPR. Finally, we discuss Lincoln, which reiterates some of the issues arising when assessing whether (foreign) property is ‘"settled" or “excluded property” under the current IHT regime.
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