Maurice | Turnor | Gardner – Budget Update

Having waited 19 weeks from the election to deliver the first Budget, Chancellor Rachel Reeves seemed eager to prolong her moment in the spotlight with a speech that would seemingly never end. However, there was very little that had not already been leaked/pre-announced (for which the deputy speaker admonished the government). In this briefing, we provide an overview of the headline issues for all private clients with a UK tax nexus. We then turn to the reforms that are specific to those with carried interest and finally to the detailed measures for non-UK domiciliaries and “long term UK tax residents” (where we now have draft legislation). As ever, the “devil is in the detail”.