Spring Budget 2024: Highlights

On 7 March 2024, Jeremy Hunt, Chancellor of the Exchequer, delivered the Spring Budget 2024 setting out his plans to continue working to decrease inflation, grow the economy and ensure that the tax system in the country is fair, simple and rewards hard work as the United Kingdom is still facing the legacy of the COVID-19 pandemic, the energy price spike and the globally high inflation.

Below is a summary of the key announcements for the private client world.


Inheritance Tax (IHT)

  • From 1 April 2024, the IHT requirements for personal representatives (PRs) of estates who wish to obtain a ‘grant on credit’ from HMRC will be relaxed.


Capital Gains Tax (CGT) 

  • A change in CGT on residential property gains has been announced.
  • The rate of CGT on chargeable gains arising from the disposal of residential property will decrease from 28% to 24%.
  • The change will be applicable to the disposals on or after 6 April 2024.
  • The rate for basic rate taxpayers will stay at 18%.


Stamp Duty Land Tax (SDLT) 

  • From 1 June 2024, the multiple dwellings relief will be abolished. The relief will still apply to any property transactions where contracts that were exchanged on or before 6 March 2024 regardless of the completion date.
  • The first-time buyers’ relief from SDLT in England will be extended for purchases taking place on or after 6 March 2024. Transitional rules may apply to transactions where the exchange of contracts takes place on or before 6 March 2024.


International Aspects 

‘Non-dom’ Regime

  • The remittance basis of taxation will be abolished. The country will switch to a residence-based regime.
  • This will be a major change for the individuals who are resident but not domiciled in the UK (‘non-doms’), and have foreign income and gains. These individuals will not pay UK tax on any foreign income and gains arising in their first 4 years of UK tax residence as long as they have not been resident in the UK for tax purposes for the last 10 years.
  • The new regime will come into effect on 6 April 2025 and will apply UK-wide.
  • Transitional arrangements will apply to the existing ‘non-doms’ claiming the remittance basis.


IHT Regime 

  • The IHT regime will be switched to a residence-based one replacing the current regime where IHT liability depends on domicile.
  • The consultation along with the draft legislation will be published later in the year.
  • No IHT changes that are supposed to take effect before 6 April 2025 have been announced.

The impact of these announcements will depend on individual circumstances. We suggest that if you have any questions or would any further advice GSC Solicitors would be delighted to be able to assist and suggest you contact James Cohen on 0207 822 2222. Or e-mail on [email protected]


Disclaimer: Rates are for guidance only. Whilst we take care to ensure the accuracy of this document, no responsibility for loss occasioned by any person acting or refraining from action as a result of this information can be accepted by the authors or fir

GSC Queensway Tristan Deal


City law firm GSC Solicitors LLP is delighted to announce that it advised longstanding client Queensway in the £420M acquisition of a majority holding in Raag Hotels Limited which owns Point A Hotels, by Tristan Capital Partners’ European Property Investors Special Opportunities 6 (EPISO 6) Fund. Queensway will remain a minority partner but with management and development responsibility.

The Point A portfolio comprises 1,520 rooms in 10 hotels, with 80% of its value in London and in Glasgow, Edinburgh and Dublin. Under the new partnership, Queensway will co-invest and act as hotel operator, asset manager and development partner for future sites.

Commenting on the transaction, Lead corporate partner Clive Halperin/Peter Belcher, Head of GSC’s Hotel & Leisure team said: “We were delighted to assist our longstanding client Queensway in respect of this complex matter. Under Queensway’s management, the Point A Hotels brand has developed a high-quality product at great value. We look forward to assisting our client further with its expansion plans in the future.”

Naushad Jivraj, CEO, Queensway said:
“GSC Solicitors has acted for Raag Hotels since its inception in relation to all seven London properties. We, at Queensway, are pleased to have been supported by them to form this new partnership with Tristan Capital Partners. We are excited by the next chapter of the Point A Hotels story as we, together with Tristan, continue to develop our product, brand and service to the ever-evolving needs of our guests.”

The Tristan EPISO 6 fund was advised by BCLP, Maples, Brodies, PWC, Savills, Artelia and Longevity.
Raag Hotels was advised by CBRE, Eastdil, Derek Gammage, DLA Piper, BDO and Voisin Law.
Queensway was advised by GSC Solicitors.


For further information please contact Paul Jaffa at Myddleton Communications, London on +44 7957 433312 or [email protected].

Notes for editors
About GSC Solicitors LLP
GSC Solicitors LLP is a Legal 500 recommended commercial law firm based in the City of London. With a client base of innovators and thought leaders, home grown entrepreneurs, global brands and ultra-high-net worth individuals, the firm’s lawyers provide a wide range of services, from wealth management to corporate commercial, real estate, intellectual property and immigration to private client and trusts. The firm has a global portfolio, undertaking work in Asia, the Middle East, Africa and the Far East and in celebrating its 50th Anniversary in 2022.

About Queensway
Queensway is a family-owned business that acquires, develops and operates a broad portfolio of real estate across the hospitality sector.
Founded in 1973, Queensway exists to bring teams together to create meaningful and memorable hospitality experiences for customers. The portfolio comprises a residential property business, Point A Hotels, Montagu Place Hotel, Sloane Place Hotel, The Sloane Club, ibis Styles Hotel Nairobi, sole franchisee for KFC in Austria and Slovakia and a franchise partnership with Starbucks in the UK. The Queensway organisation is made up of over 800 individuals across 50 locations in 5 countries, united by a shared DNA and core values.
For more information on Queensway, please visit www.queensway.com

About Point A Hotels
Small Hotels. Big Heart.
Point A Hotels believes a hotel should never just be a room. Across its 10 properties in central London, Glasgow, Edinburgh and Dublin, the brand aims to deliver heartfelt hospitality to everyone, no matter their budget. They define and customise their hotel offering to provide the best possible experience and value to their guests through thoughtful design, sincere service and active contributions to the local communities in which they operate.
Find out more: www.PointAHotels.com

Another successful event – celebration of International Women’s Day

Last week GSC Solicitors hosted hand-picked female guests for a networking evening with inspirational women while celebrating IWD and having a sushi-making master class.

Seena Williams of GSC’s Real Estate team gave a small speech on buying leasehold and ground rent and Private Client‘s Sana Sheikh gave practical tips on how to safeguard assets and pass down wealth to the next generation.

A short video from the event can be viewed here:

For further information on property-related issues or wealth/assets/wills, please do not hesitate to contact us on 0207 822 2222.