No man’s land prior to General Election

Author: Tim Parker

Chartered Financial Planner, Associate Director - Member of the Investment Committee

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Published:  May 2024


Yesterday (30 May 2024) saw the dissolution of Parliament, marking the start of the pre-election restrictions period, historically referred to as ‘purdah’.  When parliament is dissolved, all unfinished parliamentary business falls – including any bills that have not received Royal Assent.  Bills cannot be carried over from one parliament to another, reflecting the convention that no parliament can bind its successor.  As a consequence, there are now no Ministers of Parliament in the House of Commons or House of Lords or any Prime Minister’s question time until after 4 July 2024!


So, what does this mean?  Some of the changes announced in the recent Spring Budget had a hard deadline on getting Royal Assent and becoming law.  After receiving Royal Assent on 24 May, a number of measures outlined in the Finance (No.2) Bill have been confirmed and it:


  • increases the thresholds for the high income child benefit charge (HICBC) for 2024/25 and subsequent tax years.  The lower threshold is increased from £50,000 to £60,000 and the higher threshold from £60,000 to £80,000;
  • reduces the higher rate of capital gains tax for residential property gains from 28% to 24% with effect for disposals made on or after 6 April 2024;
  • abolishes multiple dwellings relief for stamp duty land tax (SDLT).  This measure applies to land transactions where the effective date falls on or after 1 June 2024, subject to transitional arrangements; and
  • ensures that individuals cannot bypass the transfer of assets abroad (ToAA) anti-avoidance legislation by using a closely-held company to transfer assets offshore.


Now we wait on the manifestos and for the campaign trails to ramp up!

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The information in this article is not intended as an offer or solicitation to buy or sell securities or any other investment, nor does it constitute a personal recommendation.

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The information contained within this blog is based on our understanding of legislation, whether proposed or in force, and market practice at the time of writing.  Levels, bases and reliefs from taxation may be subject to change.


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