As the dust settles on the far-reaching changes being introduced to the UK tax landscape from the Autumn Budget of 2024, it reminds me of the Lion King quote “Everything the light touches, is our kingdom”. It is easy to feel that no part of the tax code was left untouched or unaffected by the Budget, but such change has not been seen since the deemed-domiciled changes of 2017 and very arguably, change was needed.
These changes bring new challenges but also offer opportunities for strategic planning for individuals, trusts and families alike. This article explores the Budget’s key updates for private clients and their tax planning, ways to optimize investment growth under the new rules, and guidance when thinking of how to manage legacy planning and gifts effectively.