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Changes to taxation and property announced in the budget

The UK Chancellor, George Osborne, delivered the first all-Conservative Budget in almost 20 years on 8 July.

The Budget included a widely predicted announcement on changes to the way in which UK resident, non-UK domiciled individuals (“RNDs”) are taxed. It also included a surprise announcement that all UK residential property held through a company or other vehicle will be subject to Inheritance Tax (IHT).

With implementation of the proposed changes not due until April 2017, and with the proposals subject to consultation this autumn, those affected by the changes will have plenty of opportunity to ensure that they have understood the new rules and take appropriate planning steps.

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