Article Summary
This guidance note provides an overview of the key tax changes announced in the Spring Budget 2024 for tax professionals. The Chancellor set out proposals to stimulate growth, including changes to personal taxes, business taxes, and tax administration. Notably, the remittance basis of taxation will be abolished from 2025 and replaced with a regime based on years of UK residency. There will be a transitional period with incentives to repatriate overseas income and gains. The government will also tackle non-compliance in the umbrella company market and is consulting on regulating the tax advice market. Significant changes were announced across all taxes, including increases to NIC thresholds, SDLT reforms, and new environmental reliefs.This is a topical update that tax professionals should read to ensure they are aware of the upcoming changes that will affect their clients. The measures outlined demonstrate the government's aims to simplify the tax system, encourage investment, and align taxes to environmental goals. With major reforms to areas like the taxation of non-domiciled individuals, tax professionals will need to consider the impact for their clients' tax planning and compliance.