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UK GENERAL ELECTION UPDATE – Important Tax News – UK Budget 2024

The UK prime minister’s decision to call a general election for 4 July 2024 means that UK Parliament will be dissolved next Thursday (30 May).

Although Finance (No.2) Bill is likely to be enacted in the legislative wash-up before dissolution, it does not contain the government’s proposals for reform of the non-dom tax system, due to be implemented with effect from 6 April 2025 but now either abandoned or shelved until a new government is elected. The Labour Party has announced its plans for reforming the system, dropping some of the transitional reliefs offered by the Conservatives, and more detail should appear in its election manifesto.

The outcome and contents of the announced reform therefore remain more uncertain than ever.

We will keep you updated on future developments.