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UK assets have always been subject to Inheritance Tax but non-UK assets held in non-UK trusts settled by UK non-domiciled residents have been excluded so far. The Autumn Budget 2024 delivered on the 30th October has removed IHT protection for non-UK trusts from 6 April 2025, but some transitional rules has been introduced which soften its impact. Settlor-interest trusts (trusts where the settlor can benefit from the assets in the trust) established before 30th October 2024. Foreign property held in such trusts, even if the settlor remains a beneficiary after the 30th of October 2024, will be exempt from 40% inheritance tax (IHT) on the death of the settlor. Previous announcements had not made this clear, leading to anxiety that significant numbers of non-doms would emigrate to avoid the charges before they were brought into effect. Nevertheless, all trusts will be exposed to the 10 Year Charging Regime (10 year anniversary and exits charges up to 6% of the assets value) from the date the settlor becomes long-term UK residents (i.e. have been UK resident for more than 10 years out of the previous 20). IHT liability after leaving the UK. It had previously been announced that a ’10-year tail’ would apply to anyone ceasing UK residence after 10 years of UK residence, effectively meaning that they would continue to face worldwide UK IHT exposure for 10 years after leaving the UK. This has been somehow softened, with the length of the ‘tail’ now increasing in line with how long the individual had been UK resident before they left. For those residents between 10 and 13 years, the ‘tax tail’ will exist for a further three years. The tax tail will increase by one year, for each year of previous residence, up to a maximum of 10 (20 years of prior residence).
Autumn Budget 2024 – Non-domicile tax regime abolished from 6th April 2025 The Chancellor of the Exchequer presented her Autumn Budget 2024 to Parliament today, Wednesday the 30th October 2024. It is confirmed that the Non-domiciled tax regime will end on the 6th of April 2025. The UK Chancellor Rachel Reeves confirms abolition of non dom regime. Temporary Repatriation Facility regime to be extended from 2 to 3 years.
HMRC’s Wealthy team is sending letters to taxpayers who they believe should have paid the remittance basis charge for 2022/23. Taxpayers who have been UK residents for 7 out of 9 years, or 12 out of 14 years, must amend their returns and pay a £30,000 or £60,000 charge, or switch to the arising basis, within 60 days. Failure to correct errors may result in penalties, additional tax, and interest.

About us

Established in the late 1990s, VERA Group is a distinguished boutique firm and an independent service provider specialising in the field of private wealth management.

Our core expertise lies in international tax consultancy, accounting, financial services, fiduciary duties, and trust services, catering to a diverse clientele that includes international corporations, entrepreneurs, institutional investors, non-profit organizations, expatriates, private individuals, and families.

Expertise. Always with you

Our Team

Andrea La Magra

Andrea La Magra

Managing Director and Partner
1-Paolo-di-Filippo​

Paolo di Filippo

Founder
Filippo Campailla

Filippo Campailla

Managing Director and Partner

Our Locations

DUBLIN

Dublin

66 Baggot Street Lower,
Dublin 2,
Ireland

Read more

LONDON

St. George's House, 15 Hanover Square, London W1S 1HS

Read more

LUXEMBOURG

Luxembourg

3, Place de Clairefontaine,
L-1341 Luxembourg

Read more

MONACO

Monaco

15 Avenue Crovetto Freres, 98000, Monaco

Read more

Get in touch

Speak to a member of our team today to discuss how we can assist.

We endeavour to respond to any enquiries within 2 working days

London Office

St. George’s House
15 Hanover Square
London, W1S 1HS, UK
T. +44 (0) 20 7434 6000
E. info@veragroupltd.com

Luxembourg Office

3, Place de Clairefontaine
L-1341 Luxembourg
Luxembourg

T. +352 (0) 24 61611
E. contact@veralux.lu

Monaco Office

15 Avenue Crovetto Freres
98000 
Principality of Monaco
T. +33 (0) 6079 39 490
E. alm@veraconsultingmc.com

Dublin Office

66 Baggot Street Lower,
Dublin, D02 FK85,
Ireland

T. +353 (0) 1 661 0720 
E. mt@veragroupltd.com

Your Wealth,
Our Care,
Your Tomorrow

UK assets have always been subject to Inheritance Tax but non-UK assets held in non-UK trusts settled by UK non-domiciled residents have been excluded so far. The Autumn Budget 2024 delivered on the 30th October has removed IHT protection for non-UK trusts from 6 April 2025, but some transitional rules has been introduced which soften its impact. Settlor-interest trusts (trusts where the settlor can benefit from the assets in the trust) established before 30th October 2024. Foreign property held in such trusts, even if the settlor remains a beneficiary after the 30th of October 2024, will be exempt from 40% inheritance tax (IHT) on the death of the settlor. Previous announcements had not made this clear, leading to anxiety that significant numbers of non-doms would emigrate to avoid the charges before they were brought into effect. Nevertheless, all trusts will be exposed to the 10 Year Charging Regime (10 year anniversary and exits charges up to 6% of the assets value) from the date the settlor becomes long-term UK residents (i.e. have been UK resident for more than 10 years out of the previous 20). IHT liability after leaving the UK. It had previously been announced that a ’10-year tail’ would apply to anyone ceasing UK residence after 10 years of UK residence, effectively meaning that they would continue to face worldwide UK IHT exposure for 10 years after leaving the UK. This has been somehow softened, with the length of the ‘tail’ now increasing in line with how long the individual had been UK resident before they left. For those residents between 10 and 13 years, the ‘tax tail’ will exist for a further three years. The tax tail will increase by one year, for each year of previous residence, up to a maximum of 10 (20 years of prior residence).
Autumn Budget 2024 – Non-domicile tax regime abolished from 6th April 2025 The Chancellor of the Exchequer presented her Autumn Budget 2024 to Parliament today, Wednesday the 30th October 2024. It is confirmed that the Non-domiciled tax regime will end on the 6th of April 2025. The UK Chancellor Rachel Reeves confirms abolition of non dom regime. Temporary Repatriation Facility regime to be extended from 2 to 3 years.
HMRC’s Wealthy team is sending letters to taxpayers who they believe should have paid the remittance basis charge for 2022/23. Taxpayers who have been UK residents for 7 out of 9 years, or 12 out of 14 years, must amend their returns and pay a £30,000 or £60,000 charge, or switch to the arising basis, within 60 days. Failure to correct errors may result in penalties, additional tax, and interest.

About us

Established in the late 1990s, VERA Group is a distinguished boutique firm and an independent service provider specialising in the field of private wealth management.

Our core expertise lies in international tax consultancy, accounting, financial services, fiduciary duties, and trust services, catering to a diverse clientele that includes international corporations, entrepreneurs, institutional investors, non-profit organizations, expatriates, private individuals, and families.

Our Team

Andrea La Magra

Andrea La Magra

Managing Director and Partner
1-PaoloDiFilippoPortrait

Paolo di Filippo

Founder
Filippo Campailla

Filippo Campailla

Managing Director and Partner

Our Locations

DUBLIN

Dublin

66 Baggot Street Lower,
Dublin 2,
Ireland

Read more

LONDON

St. George's House, 15 Hanover Square, London W1S 1HS

Read more

LUXEMBOURG

Luxembourg

3, Place de Clairefontaine,
L-1341 Luxembourg

Read more

MONACO

Monaco

15 Avenue Crovetto Freres, 98000, Monaco

Read more

Get in touch

Speak to a member of our team today to discuss how we can assist.

We endeavour to respond to any enquiries within 2 working days

London Office

St. George’s House
15 Hanover Square
London, W1S 1HS, UK
T. +44 (0) 20 7434 6000
E. info@veragroupltd.com

Luxembourg Office

3, Place de Clairefontaine
L-1341 Luxembourg
Luxembourg

T. +352 (0) 24 61611
E. contact@veralux.lu

Monaco Office

15 Avenue Crovetto Freres
98000 
Principality of Monaco
T. +33 (0) 6079 39 490
E. alm@veraconsultingmc.com

Dublin Office

66 Baggot Street Lower,
Dublin, D02 FK85,
Ireland

T. +353 (0) 1 661 0720 
E. mt@veragroupltd.com