The new UK tax year

lowance and minimum Tapered

Annual Allowance from £4,000 to £10,000, and from £40,000 to £60,000 for the Annual Allowance for contributions.

UK income tax

By Cathal Rochford, Partner,

contributions and growth. A future government could, however, reverse this move and the Labour Party quickly pledged to do so. Since pension transfers can take up to six months, there may be a limited opportunity to transfer your pension out of the UK and avoid any future UK charges.

The spring budget did not include any significant changes to income tax, but the autumn statement included measures to increase taxation.

The income tax personal allowance, higher rate threshold, national insurance contributions, upper earning limit and upper profits limit were frozen at their 2021 levels for another two years, until April 2028.

Freezing allowances and thresholds is often referred to as ‘tax by stealth’ since it increases taxation without putting up tax rates.

The income threshold for the additional 45% tax rate (47% in

Corporation tax increased to 25% for businesses making over £250k in profits.

Capital gains and dividends taxation

As announced in the Autumn Statement, the Capital Gains Tax Annual Exempt amount has dropped from £12,300 to £6,000 for the 2023-2024 tax year. It will be cut in half again, to £3,000, in April 2024.

The Dividend Allowance has also been halved, from £2,000 to £1000 from April 2023, and then to £500 in 2024.

UK inheritance tax

Both the general Nil Rate Band and Residential Nil Rate Band will remain frozen at £325,000 and £175,000 respectively until April 2028. Coupled with rising house prices, this will drag more and frozen since 2009, which has impacted many families.

Cross-border tax advice

Take personalised advice from a cross-border specialist to establish if and how the UK tax changes could impact you and your family, even as a non-resident. If you have not yet left the UK, take advice before you dispose of UK assets to ensure you do that as taxefficiently as possible.

The tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; an individual should take personalised advice.

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