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Autumn Budget 2024: Impact of Changes on Investors 英國秋季預算案：資本增值稅、遺產稅及居留與非本國居民(domicile) 稅制變動對投資者的影響

A new era is emerging, with significant changes that are reshaping how UK investors view their situation

11 Nov 2024

A new era is emerging, with significant changes that are reshaping how UK investors view their situation under the new Labour government. Many people are raising questions and expressing uncertainty and concern about how their wealth will be impacted by the new tax regime.

The upcoming reforms signal a major shift in the UK tax framework, particularly concerning Capital Gains Tax, Inheritance Tax, and the taxation of non-domiciled individuals, who may need to rethink their financial and estate planning strategies.

Let’s now take a closer look at these key issues.

Increase in Additional Stamp Duty

Starting from 31 October 2024, the government will increase the rate of the Additional Residential Stamp Duty (Stamp Duty Land Tax) from 3% to 5%. This rate change will apply to the following situations:

Second properties – Buyers purchasing a second residential property.
Rental properties – Buyers purchasing a residential property to rent out.
Company purchases of residential properties – Residential properties purchased under a company’s name. On the purchase of dwellings over £500,000 by corporate bodies will be increased by 2% resulting in an increase in the rate from 15% to 17%.

Increase in Capital Gains Tax (CGT) Rate

According to the latest policy changes: From 31 October 2024, the capital gains tax (CGT) rate will change as follows:

Basic Rate: Increased from 10% to 18%.
Higher Rate: Increased from 20% to 24%.
For real estate, the CGT rate for residential properties will remain unchanged at 18% and 24%.
Trust Funds and Personal Representatives: For disposals made on or after October 30, 2024, the CGT rate will increase from 20% to 24%.
Business Asset Disposal Relief and Investor Relief:
- For disposals made on or after April 6, 2025, the CGT rate will increase from 10% to 14%.
- For disposals made on or after April 6, 2026, the rate will increase from 14% to 18%.

Increase in Carried Interest

“Carried interest” is a performance-based reward typically earned by investment managers from the profits generated by investment funds they manage. In the case of private equity and venture capital funds, this profit is primarily derived from capital gains on the underlying assets held by the fund.

Currently, the carried interest tax rate is 28%. This measure will increase the capital gains tax rate on carried interest to 32%.

Inheritance Tax

The current overview of inheritance tax charges is as follows:

Single individuals (no descendants): Inheritance tax is charged at 40% on estates exceeding £325,000.

Single individuals (with descendants): If property valued at £175,000 or more is left to descendants, inheritance tax is charged at 40% on the part exceeding £500,000.

Married couples or civil partners (no descendants): On second death, inheritance tax is charged at 40% on the part of the estate exceeding £650,000.

Married couples or civil partners (with descendants): On second death, if property worth at least £350,000 is left to descendants, inheritance tax is charged at 40% on the part of the estate exceeding £1,000,000.

Residential nil-rate band:

This begins to reduce if the estate exceeds £2,000,000.

Descendants include not only biological children but also stepchildren, adopted children, individuals under guardianship, and widows or widowers of descendants.
Starting from 6 April 2027, unused pension funds will be counted as part of an individual’s estate for inheritance tax calculations.
From 6 April 2026, tax reliefs for farms (APR) and family businesses (BPR) will be restricted, and estate assets over £1 million will be subject to a 20% tax rate.

Changes to Taxation for Domicile and Residency

Starting from 6 April 2025, the government will abolish the outdated “domicile” tax concept and implement an internationally competitive, residency-based tax system, ensuring that all individuals residing in the UK will be required to pay taxes in the UK. This new system will end the use of offshore trusts to avoid inheritance tax and will cancel the 50% tax reduction on foreign income in the first year of residence.

The new UK tax system brings significant changes, especially for those with foreign income and gains. Here are the key points:

Four-Year Foreign Income and Gains Regime: New arrivals to the UK can benefit from 100% exemption on foreign income and gains during their first four years of UK tax residency, provided they were not UK tax residents in the prior 10 years.
Trust Structures Benefiting Settlor’s Interests: Non-resident and deemed resident individuals who do not qualify for the new four-year regime will lose tax protection on foreign income and gains held in a settlor-interest trust.
Capital Gains Tax Transition: Individuals who previously used the remittance basis can rebase their foreign assets to their value as of April 5, 2017, for the purpose of capital gains tax.
Taxation of Foreign Income and Gains: Foreign income and gains arising before April 5, 2025, will still be taxed under the existing remittance basis, even for those who qualify for the four-year regime.
Temporary Repatriation Facility: This allows individuals who previously used the remittance basis to bring foreign income and gains into the UK between 2025 and 2026, subject to reduced tax rates (12% for the first two years, 15% for the final year).
Inheritance Tax Changes: A residency-based inheritance tax system will replace the nationality-based system. Individuals who have been UK residents for at least 10 of the past 20 years will be considered long-term residents and will be liable to UK inheritance tax on their non-UK assets. Any non-UK assets placed into a settlement by a long-term resident will be subject to inheritance tax.

These changes aim to simplify the tax system and align it with global mobility trends, but they also introduce complexities that require careful planning for affected individuals.

英國秋季預算案：資本增值稅、遺產稅及居留與非本國居民(domicile) 稅制變動對投資者的影響

一個嶄新的時代正在來臨，隨著重大的變化，正在重新塑造英國投資者在新工黨政府領導下對財務狀況的看法。許多人提出問題，並對新稅制如何影響他們的財富表示不確定和擔憂。

即將到來的改革標誌著英國稅制框架的重大轉變，特別是涉及資本增值稅、遺產稅以及非 domiciled 個人的稅收問題，這些人可能需要重新考慮他們的財務和遺產規劃策略。

讓我們現在更仔細地看看這些關鍵問題。

額外印花稅（Stamp Duty)上調

自2024年10月31日起，政府將把額外住宅印花稅（Stamp Duty Land Tax）稅率從3%提升至5%。這項稅率變更適用於以下情況：

第二物業 – 購買第二套住宅的買家。
出租房產 – 購買用作出租的住宅。
公司購買住宅 – 公司名義下購買的住宅物業

(對於公司機構購買超過50萬英鎊的住宅，徵收的稅率將增加2%，由15%提高至17%。)

資本增值稅(CGT)率提升

根據最新的政策變更：

自2024年10月31日起，資本增值稅（CGT）的稅率將發生以下變更：

基本稅率：從10%上調至18%。
高稅率：從20%提高至24%。
對於房地產，住宅物業的資本增值稅稅率將保持在18%和24%不變。

信託基金和個人代表：對於在2024年10月30日或之後進行的處置，資本增值稅的稅率將從20%提高至24%。
商業資產處置減免和投資者減免 (Business Asset Disposal Relief and Investor Relief)：

對於在2025年4月6日或之後進行的處置，資本增值稅的稅率將從10%提高至14%。
然後，對於在2026年4月6日或之後進行的處置，稅率將從14%提高至18%。

攜帶利益稅(Carried interest)上調

是一種基於表現的獎勵形式，通常為投資經理管理的投資基金所產生利潤的一部分。對於私募股權和風險投資基金而言，這些利潤主要來自於這些基金所持有的基礎資產實現的資本增值。

目前，攜帶利益的稅率為28%。

這項措施將適用於攜帶利益的資本增值稅率提高至32%。

遺產稅 (Inheritance tax）

以下是目前遺產稅的收取概述：

單身人士（沒有後裔）：
- 遺產超過325,000英鎊時，遺產稅按40%徵收。
單身人士（有後裔）：
- 如果將價值至少175,000英鎊的房產留給後裔，則遺產稅在超過500,000英鎊的部分按40%徵收。
已婚夫婦或民事伴侶（沒有後裔）：
- 在第二次去世時，遺產稅在超過650,000英鎊的部分可能按40%徵收**。
已婚夫婦或民事伴侶（有後裔）：
- 在第二次去世時，將價值至少350,000英鎊的房產留給後裔，則遺產稅在超過1,000,000英鎊的部分按40%徵收**。
住宅零稅率帶：
- 如果資產超過2,000,000英鎊，則開始減少。

*後裔包括不僅限於血緣後裔，還可包括繼子女、養子女、在監護令下的人以及後裔的寡婦或鰥夫。

由2027年4月6日起，未使用的退休金將會計入個人遺產的價值，用於遺產稅的計算。
由2026年4月6日起針對農場(APR)及家庭企業(BPR)的減稅優惠將被限制，超過£1百萬的遺產資產將適用20%的稅率。

英國「非本國居民」稅務制度重大變革

自2025年4月6日起，非本國居民制度將過渡為基於居住地的稅務模式，確保所有在英國居住的人都需在英國納稅。這個新稅制將包括終止利用離岸信託來避開遺產稅的方式，並取消對首年外國收入的50%稅減計劃.

新的英國稅制帶來了重大變化，尤其是對於擁有外國收入和收益的人。以下是主要要點的摘要：

四年外國收入和收益制度：新來英國的人在其首次四年稅務居民身份期間，可以享受外國收入和收益的100%減免，前提是他們在來英國之前的10年內沒有成為英國稅務居民。
受設立者利益的信託結構：非居留和被視為居留的個人，如果不符合新的四年制度，將失去在受設立者利益信託中對外國收入和收益的稅收保護。
資本增值稅過渡：之前使用匯入基礎的個人可以在處置外國資產時，將他們在2017年4月5日持有的資產重新計算為該日期的價值，以適用於資本增值稅。
外國收入和收益的課稅：在2025年4月5日之前產生的任何外國收入和收益，依然會根據現行的匯入規則課稅，即使是那些符合四年制度的人也是如此。
臨時匯回設施 (Temporary Repatriation Facility): 此設施允許之前使用匯入基礎的個人在2025至2026年期間，以減免稅率（前兩年為12%，最後一年為15%）匯入外國收入和收益，包括在信託結構中未歸屬的收入和收益。
遺產稅變更：以居留為基礎的遺產稅系統將取代以國籍為基礎的系統。若個人在過去20年內至少有10年為英國居民，則將被視為長期居民（因此需對其非英國資產支付英國遺產稅）。任何放入結算的非英國資產，在設立者為長期居民時，將會受到遺產稅的徵收。