This browser is not actively supported anymore. For the best passle experience, we strongly recommend you upgrade your browser.
Perspectives

Perspectives

All Posts
| less than a minute read

Hugely significant legislation day looms

Themis Statue of justice Law Legal System Justice Crime concept. 3d render.

Get in touch

Avatar
Roderick Smith
Partner

Get in touch

Avatar
Roderick Smith
Partner

Next Monday, 21 July 2025, the Government will publish draft legislation and other supporting papers for the tax policy changes which it previously announced. The aim is to publish before the recess to allow as much time as possible for assimilation.  

This legislation day will be of huge significance to private client practitioners and their clients as the areas to be addressed include -

  1. proposed changes to inheritance tax reliefs; agricultural relief and business relief;
  2. transitional provisions applying to gifts made on or after 30 October 2024;
  3. (potentially) pensions being treated as chargeable to  inheritance tax; and
  4. the taxation of carried forward interest.  

The take-away from the consultation, which closed in April, was the need for clarity. Absent clarity many clients have stalled over making key decisions which no doubt must have been a factor in the shrinking economy.

Given the strength of the reactions which the policy changes provoked, ranging from demands for delay, amendment to reversal it will also be a hugely significant legislation day for the Government.  Let's see. 

 

The Exchequer Secretary to the Treasury (James Murray) Sharethis specific contribution The Government are committed to developing and legislating for tax policy in a way that achieves long-term economic stability and supports economic growth. The Government are committed to a single major fiscal event each year, through which the Budget is delivered. Following the Budget, relevant tax policy measures will be legislated for in the Finance Bill or another appropriate legislative vehicle. The Government will publish draft clauses for the next Finance Bill, covering pre-announced policy changes, on 21 July, along with accompanying explanatory notes, tax information and impact notes, responses to consultations and other supporting documents. All publications will be available on the gov.uk website. [HCWS779]
hansard.parliament.uk/...

Tags

tax, probate & estate administration, wills & trusts

Get in touch

Avatar
Roderick Smith
Partner

Get in touch

Avatar
Roderick Smith
Partner

Latest Insights