2024-25—Budgets and Finance Bills

This subtopic draws together content on the fiscal events throughout the tax year 2024–25, starting with the Spring Budget on 6 March 2024.

All the analysis produced in this subtopic will be collected in Practice Note: 2024–25—Fiscal events, including Spring Budget 2024 and Finance Bill 2024—Private Client analysis.

For more information on the annual Budget and Finance Bill process, see Practice Note: The Budget and Finance Bill process and Tax—Finance Bill 2025 tracker.

Spring Budget 2024

The Spring Budget 2024 was delivered by the Chancellor of the Exchequer, Jeremy Hunt, on Wednesday 6 March 2024.

Our analysis includes:

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Spring Budget 2024—Private Client analysis—a summary of the key private client announcements in the Spring Budget and initial reactions from experts in the market,
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Video analysis—Spring Budget 2024: Key Private Client announcements—Neil Lancaster, Private Client partner and John Bull, Head of US UK Private Client at Blick Rothenberg LLP discuss the key Private Client measures announced in the Spring Budget 2024,
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Spring Budget 2024—Tax analysis—a summary of the key business tax announcements in the Spring Budget and

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Latest Private Client News

Finance Bill 2025 update: Public Bill Committee to begin in January

The Public Bill Committee is expected to begin scrutiny of the Finance Bill on 28 January 2025. Comments on the Bill are invited before then, and revised explanatory notes have been issued to cover the Government’s proposed Pillar 2 amendments.

Private Client weekly highlights—19 December 2024

This week’s edition of Private Client highlights includes: (1) HMRC updates form IHT100f; (2) Knight v Barnsley, which held that the Court of Protection did have jurisdiction to determine a dispute over a claimant’s deputy’s release from reverse indemnity undertakings; (3) Manolete Partners Plc v White, in which the Court of Appeal held that occupation pension benefits are generally inalienable; (4) Hannah v Revenue and Customs Commissioners, where the First Tier Tribunal (Tax) permitted the amendment of grounds of appeal to include ground that the transfer of assets abroad regime is incompatible with EU law; (5) Hirachand v Hirachand, a decision of the Supreme Court which makes it clear that success fees cannot be included in awards for financial provision under the Inheritance (Provision for Family and Dependants) Act 1975; and (6) the Chancellor has confirmed that the Spring Forecast will take place on 26 March 2025.

Question of the week: Does the inheritance tax exemption for transfers between spouses apply where both spouses are non-UK domiciled and make a transfer of UK situs assets between them?

This Q&A considers the exemption from inheritance tax on a transfer between spouses who both have non-UK domicile status.

Supreme Court unanimously allows appeal (Hirachand v Hirachand and another)

The Supreme Court has unanimously allowed the Inheritance (Provision for Family and Dependants) Act 1975 (I(PFD)A 1975) appeal and excluded from the order, in favour of the daughter, any sum for the success fee. Richard Dew, barrister at Ten Old Square, comments that the decision that costs cannot be recovered as part of the award restores the position to what it ought to have been and Brie Stevens-Hoare KC of Gatehouse Chambers highlights that the decision will ensure that applicants who use conditional fee agreements to access justice pay the price of their costs being conditional. Oliver Ingham of 3 Paper Buildings further notes the Supreme Court has made clear that success fees remain the responsibility of the claimant, preserving the integrity of the wider costs regime and ensuring consistency across civil litigation.