15 March 2023 l BUDGET 7 • Some individuals who have transferred their interest in the former matrimonial home to their ex-spouse or civil partner are entitled to receive a percentage of the proceeds when that home is eventually sold. They can then apply the same tax treatment to those proceeds, when they are received, that applied when they transferred their original interest in the home to their ex-spouse or civil partner. Carried interest rules UK-resident investment managers can use a new elective accruals basis from 6 April 2022 for carried interest to accelerate their tax liabilities, in order to align their timing with the position in other jurisdictions where they may obtain double taxation relief. Inheritance tax (IHT) The IHT nil rate band will remain at £325,000 from 2023/24 to 2027/28, as previously announced. The residence nil rate band (RNRB) likewise stays at £175,000 and the RNRB taper continues to apply until April 2028 if the value of a deceased person’s estate is greater than £2 million. Stamp duty land tax (SDLT) There are no changes to SDLT rates. WELFARE AND FAMILY SUPPORT Childcare From April 2024, working parents of two-year-olds will be able to access 15 hours of free childcare a week in England. This will be extended from September 2024 to working parents of children aged between nine months and two years. From September 2025, all eligible working parents of children aged between nine months and three years will be able to access 30 hours of free childcare a week. The hourly funding rate that the government pays to providers in England will be increased from September 2023 and again in 2024. As a result, there will be an average of a 30% increase in the rate paid for two-yearolds this year.
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