Private Clients

Recent Articles

•  

  31/10/2024

  United Kingdom

  Autumn Budget 2024 – key changes for non-doms and new arrivals

  Rachel Reeves’ Budget set out a series of measures designed to close what Labour perceives to be the non-dom ‘loophole’, effectively abolishing the concept of domicile in the UK tax system.Labour will implement (with some adjustment) many of the far-reaching non-dom reforms proposed in the Spring Budget by the Conservatives - most notably:abolition of the remittance basis regime for foreign income and gains of non-doms and its replacement with a residence-based regime with effect from 6 April 2025; and replacement of the domicile-based system for inheritance tax (“IHT”)...

  Read more
•  

  31/10/2024

  United Kingdom

  Autumn Budget 2024 – reforms to UK Inheritance Tax

  The Chancellor has announced a series of reforms to the UK Inheritance Tax (“IHT”) regime as part of the Autumn Budget 2024. We have summarised these below.Freeze on IHT nil-rate band and residence nil-rate bandIt was announced that the freeze on the IHT nil-rate band and residence nil-rate band (including taper) will be extended for another 2 years, until 5th April 2030. This means that qualifying estates can continue to pass on up to £500,000 (a combined figure of the nil-rate band set at £325,000 and the residence nil-rate band set at £175,000) and qualifying estates...

  Read more
•  

  30/10/2024

  United Kingdom

  Autumn Budget 2024 – key tax announcements

  The 2024 Autumn Budget has been one of the most anticipated fiscal events in recent years. Not only is it a post-election Budget – the Labour Party’s first Budget in almost fifteen years – but the length of the period that has elapsed since the election, the Government’s discovery of a £22bn “black hole” in the public finances, and the broad commitments contained in Labour’s manifesto have all contributed to a lengthy period of intense speculation.Recent confirmation from the Chancellor that tax increases were a certainty, combined with the Government’s...

  Read more
•  

  24/10/2024

  South Africa

  Navigating the African Investment Landscape: Opportunities, Trends, and Strategies

  Held under the theme “Navigating the African Investment Landscape: Opportunities, Trends, and Strategies,” our panel discussion sparked thought-provoking discussions and valuable exchanges on shaping the future of private equity in the region. Among the most pressing issues identified by speakers were exits, fundraising, regulatory approvals, value creation, ESG/DEI, and talent development. As the African private equity landscape evolves, investors increasingly focus on flexibility, strategic partnerships, and impact investing.The white paper below expands on the issues and key...

  Read more
•  

  24/09/2024

  United Kingdom

  The taxing question of carried interest

  This article previously appeared in Thomson Reuters Regulatory IntelligenceWhilst it is a political decision as to how carried interest is taxed, there is some confusion in the Treasury’s suggestion in the Call for Evidence “that the current tax regime does not appropriately reflect the economic characteristics of carried interest and the level of risk assumed by fund managers in receipt of it.”In our experience, most carried interest is structured in accordance with paragraph 8 of the Memorandum of Understanding (MOU) between the British Private Equity & Venture Capital Association...

  Read more
•  

  09/09/2024

  United Kingdom

  UK Tax Disputes Digest (Summer 2024)

  Welcome to the Summer 2024 edition of our UK Tax Disputes Digest: a high-level summary of key developments in contentious tax over the last few months for heads of tax, finance directors, general counsel and other in-house professionals.As with previous editions, we have seen a continued increase in HMRC activity across various areas. Both individual and corporate taxpayers would be well-advised to check their tax position as soon as possible to prepare for any potential HMRC investigation into their tax affairs.In this edition, we look at just a few of these developments, including the latest...

  Read more