Private client briefing for January 2014

Miranda Chamberlain

Wendy Walton

Speed read

The Autumn Statement and draft FB 2014 proposals which affect private clients include a transferable personal allowance, new pension protection, a scaling back of proposed changes to loans to participators in close companies, the halving of the extended main residence period of exemption, a capital gains tax charge on disposals of UK residential property by non-residents, a social investment tax relief, an extension of the qualifying loan interest rules, restrictions on the use of venture capital trusts, and several changes to inheritance tax and trusts. HMRC has updated its statutory residence test guidance and online residence status indicator tool, and announced several other changes which affect private clients.

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