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Budget 2024: navigating the changes
Posted: 31/10/2024
After months of intense speculation, the Chancellor of the Exchequer, Rachel Reeves, delivered both her own and the new government’s first Budget yesterday. While the chancellor’s statement has significant impact for individuals and trusts and has created real challenges for some, we now at least have some certainty about those areas the......>>
Art – the difficult question of ownership upon death or relationship breakdown
Posted: 10/10/2024
October is a special month for art lovers and collectors alike in London. Frieze London and Frieze Masters take over Regents Park and bring with them a multitude of pop-up exhibitions and auctions across the city. In October 2022, the combined evening sales of Christies, Sotheby’s and Phillips totalled nearly £160 million, showing Frieze Week......>>
Two new appointments strengthen contentious private client team’s international offering
Posted: 12/09/2024
Penningtons Manches Cooper’s contentious private client team in London has welcomed two new additions, senior associates Sarah Sussman and Charlotte Finley, in a move that expands its capability for handling international and cross-border matters. The contentious private client team currently acts on a wide variety of international......>>
Non-dom tax changes – government policy paper published
Posted: 02/08/2024
The new Labour government has now published a policy paper on 29 July, in which it has confirmed its intention to proceed with abolishing the remittance basis, and change inheritance tax to a residence-based regime. This is expected, as Labour had previously stated that it largely supported the changes proposed by the last Conservative......>>
‘A Rolls-Royce service’ – Penningtons Manches Cooper’s private wealth lawyers recognised in Chambers High Net Worth 2024
Posted: 19/07/2024
Penningtons Manches Cooper’s private wealth sector group has been recognised in the latest edition of the Chambers High Net Worth Legal Guide, in a reflection of the strength and depth of its offering. In total, 19 individual lawyers have been ranked, with collective recognition for five teams. The Chambers High Net Worth Legal Guide is a leading......>>
General election 2024: anticipated non-dom tax changes under a newly elected Labour government
Posted: 05/07/2024
The Labour Party has won an historic, albeit expected, victory, obtaining a significant majority and enabling it to form a new government. Keir Starmer may not have settled into his new accommodation yet, but eyes are already turning to what the new government will mean for the country, particularly for non-doms and new arrivers to the UK......>>
General election 2024: the UK needs to offer certainty, or risk deterring high net worth individuals
Posted: 25/06/2024
One may think that any incoming government has limited scope to raise taxes because the UK is already one of the highest taxed nations. However, that will not stop a government with big spending plans from considering how best to increase revenues with tax rises, whether directly or by stealth; for example, with so-called 'fiscal drag'......>>
Planning for the tax-efficient payment of school fees
Posted: 04/06/2024
A common question for families who have children at private school (or who are considering this option) is whether it is possible to share the costs of school fees tax-efficiently across the generations. The answer to this is yes, particularly for grandparents, who have a number of inheritance tax options available to them, if they would like to assist with......>>).
The legacy of classic cars: tax considerations when passing on a prized possession
Posted: 16/05/2024
There are over 330,000 ‘classic’ cars in Britain according to a freedom of information request to the DVLA in December 2023, which defines these as being cars that were first registered over 40 years ago. There are several diverse legal exemptions that historic cars can benefit from, including exemption from vehicle excise duty (the often......>>
Spring Budget 2024
Posted: 07/03/2024
The Chancellor of the Exchequer, Jeremy Hunt, delivered his Spring Budget on 6 March 2024. The most dramatic announcement of the Spring Budget was the abolition of non-domiciled (‘non-dom’) status from 6 April 2025. Broadly speaking, a non-dom is an individual whose permanent home, or domicile, is outside the UK. The current UK tax......>>

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