Mitchell Gordon LLP

Following the recent November 24 Budget announcement, please see below some information regarding Personal Tax. For full details, please email enquiries@mitchellgordon.co.uk and request our highlights. 2024 BUDGET HIGHLIGHTS: Personal Tax Income Tax charge and rate Starting rate for savings The government will retain the 0% band for the starting rate for savings income at its current value of £5,000 for tax year 2025 to 2026. This measure will apply to the whole of the UK.  Changes to the taxation of non-UK domiciled individuals The government will abolishing the remittance basis of taxation for non-UK domiciled individuals and replacing it with a residence-based regime, which will take effect from 6 April 2025. Individuals who opt into the regime will not pay UK tax on foreign income and gains (FIG) for the first 4 years of tax residence. From 6 April 2025, the government will introduce a new residence-based system for Inheritance Tax. For Capital Gains Tax purposes, current and past remittance basis users will be able to rebase personally held foreign assets to 5 April 2017 on a disposal where certain conditions are met. Overseas Workday Relief will be retained and reformed, extending to a 4 year period and removing the need to keep the income offshore. The amount claimed annually will be limited to the lower of £300,000 or 30% of the employee’s net employment income.  The government is extending the Temporary Repatriation Facility to 3 years, expanding the scope to offshore structures, and simplifying the mixed fund rules to encourage individuals to spend and invest their FIG in the UK. 

Our very own Mike Parker is turning into a TV star next week (that's Mike on the right of the pic!) First, he's on This Morning on Monday to discuss It's Showtime, the story of a group of Darlington men who decided to buy a racehorse. Then, he's in the main show, It's Showtime, which is on the next day, Tuesday night at 9pm on ITV1. We're all looking forward to seeing him on prime-time TV and hope everyone tunes in to see the show!

We're delighted to announce that Helen Clarke has been promoted to Associate at Mitchell Gordon! Helen has been an integral part of the firm for several years, we are absolutely thrilled she will be continuing to provide our clients with great advice and assistance, and we're sure that everyone will join us in wishing Helen every success in her new role!