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    Keir Starmer – Looking the Other Way?

    Keir Starmer – Looking the Other Way? Introduction

    As the UK economy wobbles under the weight of fiscal strain and household pressure, something curious seems to be happening in Downing Street: the Prime Minister is looking the other way.

    With public anxiety growing over cost-of-living increases and questions about the Government’s tax and spending plans, Sir Keir Starmer and his team appear more concerned with global diplomacy – namely, avoiding a full-blown trade spat with the United States.

    So what exactly is going on?

    And why are key domestic tax issues being quietly nudged to the sidelines?

    The Background – Tariffs vs Taxes

    Much of the current tension stems from the looming threat of retaliatory tariffs from the United States.

    These are part of an ongoing row over the UK’s Digital Services Tax – a levy aimed at tech giants such as Google, Meta, and Amazon.

    The US has long opposed this type of tax and hinted at trade consequences if the UK doesn’t repeal it soon.

    Rather than front-footing domestic concerns like frozen tax thresholds or squeezed public services, Starmer’s team has prioritised de-escalation with Washington.

    Chancellor Rachel Reeves has also kept her focus international, looking to manage the diplomatic fallout before it starts affecting export markets.

    A Hole in the Books

    Meanwhile, the UK’s public finances are creaking. A key plank of the Government’s fiscal plan – expected savings on welfare reforms – hasn’t delivered.

    This has left a budgetary gap that may need to be filled with future tax rises or spending cuts.

    And while the headline tax rates haven’t gone up yet, people are feeling the pinch in other ways.

    Stealth taxes – such as frozen income tax bands and thresholds – are dragging more earners into higher tax brackets without any formal announcements.

    Political Friction

    Inside the Labour Party, murmurs of discontent are starting to surface.

    Some MPs are worried that the leadership is losing touch with core voters, especially as energy bills, food prices, and interest rates remain stubbornly high.

    There’s also growing concern that the Government’s silence on long-term tax strategy could backfire.

    Without a clear plan to either reform or rebalance the tax system, uncertainty continues — and that’s not good for businesses or families.

    Is This Strategic Silence or Policy Paralysis?

    There may well be logic to the Prime Minister’s apparent side-stepping of tax reform talk. Avoiding political minefields in the early days of government is a time-honoured strategy. But it comes at a cost.

    The UK tax system is showing signs of strain, and the public’s appetite for answers is growing.

    Whether it’s fuel duty, inheritance tax, or the endless debate about non-doms – these are issues that won’t stay quiet forever.

    Keir Starmer – Conclusion

    The UK Government’s current focus on international relations, while understandable, risks leaving key domestic tax issues under-addressed.

    With both internal party tensions and public dissatisfaction simmering, a clearer economic vision – especially on tax – may soon be unavoidable.

    Final thoughts

    If you have any queries about this article on UK tax policy or international trade tensions, or tax matters in the United Kingdom more broadly, then please get in touch.

    Alternatively, if you are a tax adviser in the UK and would be interested in sharing your knowledge and becoming a tax native, then there is more information on membership here.

    Budget NIC Hike Criticised as Tax on Skills

    Budget NIC Hike Criticised – Introduction

    The recent national insurance hike introduced in the UK has been met with criticism, particularly from business leaders who see it as an indirect tax on skills and workforce development.

    Halfords CEO Graham Stapleton is among the most vocal critics, arguing that the increase will lead to job cuts and reduced investment in employee training programs.

    The Impact on Employers and Employees

    National insurance contributions are a significant cost for employers, particularly those in sectors that rely on skilled labour.

    The latest hike adds further financial pressure on businesses already grappling with inflation and economic uncertainty.

    Many fear that these changes will discourage companies from hiring or investing in upskilling employees, ultimately affecting economic growth.

    Response from Business Leaders

    Stapleton and other business leaders have urged the government to reconsider the hike or introduce exemptions for companies that invest in workforce training.

    They argue that failing to do so could undermine the UK’s competitiveness and deter innovation-driven industries from expanding.

    Budget NIC Hike Criticised – Conclusion

    The debate over the national insurance hike highlights the delicate balance between generating government revenue and supporting business growth.

    While the policy aims to fund public services, its unintended consequences could hinder long-term economic resilience.

    Final Thoughts

    If you have any queries about this article on the UK’s national insurance hike or tax matters in the UK, then please get in touch..

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    Labour’s Tax Plans Trigger Exodus of Millionaires from the UK

    Labour’s Tax Plans Trigger Exodus of Millionaires – Introduction

    Labour’s proposed tax reforms are creating waves among high-net-worth individuals (HNWIs) in the UK.

    Reports indicate that a growing number of millionaires are leaving the country in response to planned changes targeting non-domiciled individuals and introducing higher taxes on the wealthy.

    This article explores the details of these tax proposals, why they’re causing concern among HNWIs, and the potential impact on the UK’s economy and tax revenues.

    What Are Labour’s Proposed Tax Reforms?

    Labour’s tax agenda includes significant changes aimed at ensuring greater fairness in the tax system. Key measures include:

    The party estimates these measures could raise billions of pounds to fund public services, but critics argue they may have unintended consequences.

    Why Are Millionaires Leaving?

    1. Increased Tax Burden
      Abolishing the non-dom regime would significantly raise the tax liabilities of many HNWIs, making the UK a less attractive place to live and work.
    2. Perceived Uncertainty
      Changes in tax policy, especially those targeting wealth, can create uncertainty for individuals and businesses, leading some to preemptively relocate to more tax-friendly jurisdictions.
    3. Global Mobility
      In an increasingly globalized world, HNWIs have the resources and flexibility to move to countries with lower tax burdens, such as Monaco, Switzerland, or the UAE.

    Economic Implications for the UK

    The exodus of HNWIs could have significant repercussions:

    Global Comparisons

    Countries like France have experienced similar challenges after implementing wealth taxes, leading to significant outflows of wealthy residents.

    Meanwhile, jurisdictions like Portugal and the UAE are attracting global talent and investment through tax incentives and residency programs.

    Labour’s Tax Plans Trigger Exodus of Millionaires – Conclusion

    Labour’s tax reforms, we are told, are aimed at creating a fairer system but it seems that they risk driving away HNWIs and the economic contributions they bring.

    Striking a balance between equity and competitiveness will be crucial to ensuring the UK remains an attractive destination for talent and investment.

    Final Thoughts

    If you have any queries about this article on Labour’s tax plans, or tax matters in the UK, then please get in touch.

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    Branson Issues Russia Exit Call for Western Firms

    Branson Russia Exit Call – Introduction

    Western businesses operating in Russia are facing renewed scrutiny as global efforts to isolate the country economically intensify.

    Sir Richard Branson has added his voice to the debate, urging companies to reconsider their presence in Russia.

    At the heart of the issue lies the $21.6 billion in taxes these firms reportedly paid to the Russian government in 2023, indirectly supporting its military operations.

    What’s this all about?

    The ongoing conflict in Ukraine has prompted widespread sanctions and restrictions on Russia, aiming to curb its financial and military capacity.

    However, many Western firms have chosen to maintain operations in the country, citing legal obligations and concerns about abandoning market share to competitors.

    Sir Richard Branson has criticised this stance, arguing that the taxes paid by these businesses directly contribute to Russia’s military capabilities.

    Branson’s remarks add to the ethical quandary for multinational corporations: Should they prioritise profits, or align their operations with the global outcry against the war?

    Many companies face challenges beyond ethics.

    Withdrawing from Russia often involves financial losses, complex contractual obligations, and navigating legal frameworks that may not favour foreign entities exiting the market.

    Some firms argue that staying ensures continued compliance with Russian law and provides a platform for eventual re-engagement when geopolitical tensions subside.

    Nevertheless, the reputational risks are significant.

    Public sentiment in Western countries leans heavily towards disengagement from Russia, and consumer boycotts of companies perceived as complicit in the conflict are a growing concern.

    Branson Russia Exit Call – Conclusion

    Western firms in Russia face a stark dilemma: the financial implications of exiting versus the ethical consequences of staying.

    As geopolitical tensions persist, these decisions will continue to draw public scrutiny.

    Final Thoughts

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    Brazil’s Tax Revenue Soars

    Brazil’s Tax Revenue Soars – Introduction

    Brazil has showcased a robust economic performance with a significant boost in its federal tax revenue for November 2024.

    According to official reports, collections surged by 11.21% year-on-year, amounting to a total of 209.2 billion reais (approximately $34.4 billion).

    This increase marks another milestone in Brazil’s ongoing economic recovery and underscores the impact of its fiscal policies.

    The Drivers of Growth

    The increase in tax revenue is attributed to multiple factors:

    1. Improved Industrial Output: Brazil’s industrial sector, which contributes significantly to tax collections, has shown notable recovery after navigating global supply chain disruptions. Key industries, including manufacturing and export-oriented businesses, have posted stronger-than-expected performances.
    2. Corporate Profitability: Higher corporate earnings, especially in sectors like agriculture and commodities, have translated into increased tax contributions. Brazil’s rich resource base and strong global demand for its exports have been instrumental in driving profitability.
    3. Inflation and Taxation: While inflation has been a global concern, it has inadvertently contributed to higher tax revenues in Brazil, with higher prices leading to greater nominal tax collections.

    Strategic Fiscal Policies

    Brazil’s government has implemented policies aimed at streamlining tax collection and compliance.

    Enhanced digital tools and a crackdown on tax evasion have played a pivotal role in ensuring efficient revenue collection.

    Additionally, reforms targeting corporate tax structures and incentives for compliance have improved voluntary participation in the tax system.

    Implications for Businesses and Investors

    This strong revenue performance is a promising sign for both domestic and international investors.

    It suggests that Brazil’s fiscal framework is resilient and capable of supporting its ambitious economic development goals.

    However, businesses operating in Brazil should remain vigilant, as future fiscal policies might focus on balancing growth with deficit reduction, potentially leading to new tax measures.

    Brazil’s Tax Revenue Soars – Conclusion

    Brazil’s ability to achieve double-digit tax revenue growth highlights the country’s economic resilience and fiscal discipline.

    For businesses and investors, this performance serves as a reminder of Brazil’s potential as a lucrative and stable market.

    However, understanding Brazil’s complex tax framework is key to navigating opportunities effectively.

    Final Thoughts

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    Brazil’s Faces Concerns Over Tax Changes

    Brazil’s Faces Concerns Over Tax Changes – Introduction

    Brazil has found itself in the financial spotlight as its Finance Minister scrambles to address market jitters over proposed tax reforms.

    With a currency under pressure and investors seeking clarity, the government’s balancing act between fiscal responsibility and populist tax measures has taken center stage.

    This article delves into the specifics of the proposed tax changes, the market’s reaction, and the implications for businesses and individuals operating in Latin America’s largest economy.

    What Sparked the Concern?

    At the heart of the issue are proposals to overhaul Brazil’s income tax system.

    Critics argue that the reforms could discourage investment by increasing tax burdens on corporations and high-income earners.

    Congressional leaders recently delayed the reforms to allow more time for discussion, a move aimed at calming markets.

    The proposed changes are part of a broader fiscal package that the government claims will save 327 billion reais ($65 billion) from 2025 to 2030.

    These savings are crucial for meeting Brazil’s budgetary goals, but the fine line between achieving fiscal discipline and maintaining investor confidence is proving challenging to navigate.

    The Market’s Reaction

    The uncertainty surrounding the reforms has already impacted the Brazilian real, which saw a sharp decline earlier this week.

    However, reassurances from Finance Minister Fernando Haddad and congressional leaders have helped stabilize the currency—for now.

    Investors remain cautious, with concerns focusing on:

    What’s Next?

    The Finance Minister has pledged to engage with stakeholders to refine the proposals. Key priorities include:

    1. Ensuring that corporate tax increases do not deter foreign direct investment.
    2. Protecting middle-income Brazilians from excessive tax burdens.
    3. Striking a balance between short-term revenue needs and long-term economic stability.

    The government’s ability to achieve these goals will depend on collaboration between Congress, the private sector, and international partners.

    Brazil’s Faces Concerns Over Tax Changes – Conclusion

    Brazil’s tax reform debate highlights the delicate interplay between fiscal policy and market confidence.

    While the government’s intentions to shore up finances are clear, the path forward is fraught with challenges.

    Businesses and individuals should closely monitor developments and prepare for potential changes to their tax obligations.

    Final Thoughts

    If you have any queries about this article on tax reforms in Brazil, or tax matters in Latin America, then please get in touch.

    Alternatively, if you are a tax adviser in Brazil and would be interested in sharing your knowledge and becoming a tax native, then there is more information on membership here.

    US policy shift: Asia Braces itself after Trump’s Re-Election

    US Policy Shift – Introduction

    Donald Trump’s re-election as US president has sparked widespread speculation about potential shifts in US trade and tax policies.

    Countries in Asia are particularly concerned about the implications for regional trade, foreign investment, and tax agreements.

    Let’s explore what this means for Asia and its economic future.

    What Policies Might Change?

    Trump’s presidency is expected to bring significant changes to U.S. economic policies, including:

    1. Increased Tariffs: Trump has previously imposed tariffs on goods from countries like China and India. A renewed focus on “America First” policies could lead to higher tariffs, impacting Asian exporters.
    2. Tax Reform: Changes to US corporate tax rates and international tax rules may affect US businesses operating in Asia, as well as Asian companies with US ties.
    3. Focus on Reshoring: Trump’s emphasis on bringing manufacturing jobs back to the US could lead to reduced investment in Asian supply chains.

    How Are Asian Countries Preparing?

    Asian governments and businesses are taking steps to mitigate potential risks:

    What Are the Broader Implications?

    1. Uncertainty for Businesses: Changes in U.S. policies may disrupt global supply chains, forcing companies to adapt quickly.
    2. Impact on Tax Agreements: Potential renegotiations of tax treaties could create additional compliance burdens for businesses operating cross-border.

    Opportunities for Growth

    While challenges are inevitable, Trump’s re-election also presents opportunities.

    For example, countries that can position themselves as alternatives to China for manufacturing may attract increased foreign investment.

    US Policy Shift – Conclusion

    Asia faces a mixed outlook as it prepares for potential policy shifts under Donald Trump’s presidency.

    By focusing on diversification and regional cooperation, the region can navigate these challenges and capitalise on new opportunities.

    Final Thoughts

    If you have any queries about this article on US policy shifts, or tax matters in Asia, then please get in touch.

    Alternatively, if you are a tax adviser in Asia and would be interested in sharing your knowledge and becoming a tax native, then there is more information on membership here.

    Trump on tax: What might we see from the new adminstration?

    Trump on tax: Introduction

    On November 5, former President Donald J. Trump was elected as the 47th President of the United States, with the Republican Party securing control of the Senate.

    However, the political control of the House of Representatives remains uncertain and may take a few more days to resolve.

    Despite the uncertainty, Republicans are optimistic about achieving a unified government, which could significantly influence tax policy and legislative outcomes.

    Unified vs. Split Government: Implications for Tax Policy

    Republican Control of Both Chambers

    Should Republicans gain control of both the House and Senate, this unified government would provide a pathway for President Trump’s tax proposals to advance.

    Leveraging “budget reconciliation” procedures—similar to those used during the passage of the Tax Cuts and Jobs Act of 2017 (TCJA) and the Inflation Reduction Act of 2022 (IRA)—Republicans could bypass some procedural hurdles to enact tax changes with a simple majority.

    However, these procedures are limited in scope and application, influencing the extent of legislative changes.

    Democratic Control of the House

    If Democrats retain control of the House, President Trump’s tax agenda would likely face significant opposition, necessitating bipartisan compromises.

    Such a split government may hinder the resolution of crucial tax policy issues, including the looming expiration of TCJA provisions in 2025.

    A partisan stalemate could delay decisions, impacting individuals, businesses, and the federal deficit.

    Key Tax Proposals Under President Trump’s Administration

    General

    While President Trump has not released a formal tax plan for his 2024 campaign, he has proposed several tax policy ideas that may shape his administration’s agenda. Below are key highlights:

    Corporate Tax Rate and Tariffs

    President Trump has suggested reducing the corporate tax rate from 21% to 20%, with an additional reduction to 15% for domestic manufacturing through a revived domestic production activities deduction (DPAD).

    While these measures aim to incentivize domestic production and boost mergers and acquisitions (M&A), his aggressive tariff policies could introduce supply chain risks, creating both opportunities and challenges for multinational corporations.

    Potential Repeal of the IRA

    Certain Republicans advocate for repealing the corporate alternative minimum tax (CAMT) and the stock repurchase excise tax, as well as eliminating clean energy tax credits introduced under the IRA.

    Although this could alleviate tax burdens for businesses, it may increase the federal deficit.

    Additionally, the repeal could affect the supplemental funding provided to the Internal Revenue Service (IRS) for compliance, modernization, and customer service improvements.

    Carried Interest Reforms

    President Trump has previously called for the elimination of carried interest deductions, although the TCJA only extended holding periods for long-term capital gains.

    Whether this proposal will be revived remains uncertain, but it could serve as a funding source for other tax initiatives.

    Vice President-Elect J.D. Vance’s Proposals

    J.D. Vance has supported legislation to limit beneficial tax treatment of large corporate mergers, which could create tension with President Trump’s deregulation priorities.

    These proposals may serve as bipartisan funding sources to offset other tax cuts.

    TCJA-Related Extensions and Modifications

    Businesses

    President Trump has discussed reinstating 100% bonus depreciation, reversing the TCJA phase-out schedule.

    Proposals to eliminate the amortization requirement for R&D expenditures under Section 174 and restore the EBITDA-based business interest deduction are also on the table.

    International Provisions

    Modifications to global intangible low-taxed income (GILTI), foreign-derived intangible income (FDII), and the base erosion anti-abuse tax (BEAT) are expected.

    President Trump has also raised the possibility of withdrawing the U.S. from the OECD’s global tax framework, which could disrupt international tax planning and compliance but may enhance the U.S.’s appeal as an investment destination.

    Individuals

    The administration aims to make individual TCJA provisions permanent while eliminating the $10,000 cap on state and local tax deductions.

    Additionally, proposals to exempt Social Security payments, tips, and overtime income from federal taxation have been discussed.

    Trump on Tax: Conclusion

    The outcome of the 2024 elections and the composition of Congress will significantly influence the direction of U.S. tax policy over the coming years.

    Whether through unified Republican control or bipartisan compromises, the potential changes will impact individuals, businesses, and international tax planning.

    Final Thoughts

    If you have any queries about this article on Trump Tax, or tax matters in the United States, then please get in touch.

    Alternatively, if you are a tax adviser in the United States and would be interested in sharing your knowledge and becoming a tax native, then there is more information on membership here.

    Luxembourg 2025 Draft Budget

    Luxembourg 2025 Draft Budget – Introduction

    On 9 October 2024, Luxembourg’s government introduced its 2025 draft Budget law (number 8444) to the Luxembourg Parliament, referred to as the Draft Law.

    This Budget aims to make Luxembourg’s economy more competitive, strengthen its financial centre, and improve the purchasing power of households.

    In this article, we explore the key tax changes proposed in the Budget and what they mean for individuals and businesses.

    Key Tax Changes in Luxembourg’s 2025 Budget

    Reduction of Registration and Transcription Duties on Real Estate

    The Luxembourg government proposes a reduction in the taxable base for registration and transcription duties on real estate transactions. This change is aimed at boosting the housing market. Here’s how it works:

    To qualify for this reduction, the property must:

    1. Be rented as housing under the rules set by the amended law of 22 May 2024, or
    2. Be used as the main residence of the buyer according to the amended law of 30 July 2002.

    For those buying real estate between 1 October 2024 and when the Draft Law officially comes into force, a written request for a recalculation of duties must be submitted to the relevant authorities.

    The reduction applies between 1 October 2024 and 30 June 2025.

    Increase of the CO₂ Tax Credit

    In line with Luxembourg’s environmental goals, the Draft Law includes an increase of €24 to the CO₂ tax credit, bringing it to €192 starting from 1 January 2025.

    This tax credit is designed to offset the impact of the CO₂ tax on individuals with low or moderate incomes, aligning with Luxembourg’s environmental commitment while supporting household finances.

    Additional Measures in the 2025 Budget

    The Draft Law also references additional measures initially proposed in draft law number 8414, dated 17 July 2024, which include:

    These additional measures are designed to complement Luxembourg’s broader fiscal goals, aiming to foster economic growth and maintain Luxembourg’s competitive edge as a financial centre.

    Luxembourg 2025 Draft Budget – Conclusion

    Luxembourg’s 2025 Budget brings forward several significant tax changes with the potential to benefit both the real estate market and individuals.

    The reduction in real estate duties is expected to encourage housing investment, while the increased CO₂ tax credit aims to make environmentally friendly policies more affordable for lower- to middle-income residents.

    Together with the personal and corporate income tax changes, these adjustments reflect Luxembourg’s commitment to economic resilience and sustainability.

    Final Thoughts

    If you have any queries about this article on Luxembourg’s 2025 Budget or tax matters in Luxembourg, then please get in touch.

    Alternatively, if you are a tax adviser in Luxembourg and would be interested in sharing your knowledge and becoming a tax native, there is more information on membership here.

    Tax changes for pensions in UK Budget 2024

    Tax changes for pensions in UK Budget 2024 – Introduction

    The UK Budget 2024 brought both relief and new challenges for pension savers, scheme trustees, and administrators.

    While some feared changes to National Insurance on pension contributions and tax-free lump sums, these concerns were unfounded.

    However, significant changes to inheritance tax (IHT) on pension-related death benefits are set to take effect from April 2027, prompting a closer look at the implications.

    Good News for Pension Savers

    In yesterday’s Budget, there were a couple of reassuring announcements for pension savers:

    However, while these aspects remain unchanged, new IHT rules will bring added complexity for scheme trustees and administrators in the coming years.

    New IHT Rules on Pension Transfers

    Starting immediately, the Budget extends the tax on transfers to overseas (QROPS) pension schemes, impacting those moving pensions outside the UK.

    IHT on Pension Lump Sums and Unused Funds

    The Chancellor has introduced new measures to include more pension-related death benefits within IHT.

    Previously, only unused defined contribution (DC) funds were anticipated to be affected, but now many other death benefit lump sums, including those from defined benefit (DB) schemes, will also be subject to IHT.

    This aligns with the government’s aim to prioritize retirement income for the member and their spouse or civil partner, rather than for descendants.

    To implement these changes, HMRC has launched a technical consultation on the practical application of IHT to pension death benefits, with draft legislation expected in 2025.

    The government has also confirmed its commitment to incentivize pension saving, maintaining tax relief on contributions and investment growth.

    When Will the IHT Changes Apply?

    The new IHT rules will come into force on 6 April 2027, applying the standard IHT rate of 40%.

    What Death Benefits Will Be Liable for IHT?

    From April 2027, the following death benefits from registered pension schemes will be included in a member’s estate for IHT purposes, unless they are left to a spouse, civil partner, or charity:

    Currently, where trustees have discretion over lump sum death benefits, these funds typically fall outside IHT.

    However, HMRC intends to end the different treatment of discretionary versus non-discretionary death benefits.

    New Reporting Duties for Pension Administrators

    Starting from 6 April 202, pension scheme administrators will be responsible for reporting and paying IHT on unused pension funds and death benefits.

    This shift means that:

    Practical Challenges in IHT Reporting

    The collaboration between PRs and pension administrators will involve

    When a spouse or civil partner is the beneficiary, the exemption from IHT applies. However, if trustees need time to assess beneficiaries, meeting the two-month reporting deadline may prove difficult.

    Deadline for IHT Payment

    IHT payments must be reported and paid within six months of the month of the member’s death.

    From April 2027, pension administrators will face this same deadline, with interest charges for late payments.

    After 12 months, the member’s beneficiaries will share liability with administrators for any outstanding IHT on pension funds.

    Threshold for IHT on Pension Death Benefits

    HMRC expects only about 10% of estates to exceed the IHT threshold, currently set at £325,000 (with a potential extra £175,000 if a home is left to direct descendants).

    Pension administrators are required to report IHT information only when payable on unused funds or lump sum death benefits.

    Exemptions for Life Assurance and Top-Up Pensions

    HMRC clarified that IHT changes won’t apply to certain life policy products purchased with or alongside pensions as part of an employer package.

    Further consultations may address specific exclusions for excepted life assurance and unregistered top-up pensions.

    Tax changes for pensions in UK Budget 2024 – Conclusion

    While aspects of the Budget 2024 bring relief for pension contributors, new IHT rules on death benefits from 2027 introduce additional obligations for pension schemes and PRs.

    This development could significantly impact estate planning for pension holders.

    Final Thoughts

    If you have any queries or comments about this article on tax changes for pensions in UK Budget 2024 then please get in touch.