Event Roundup: Unraveling the UK’s Autumn Budget at Berkeley Hong Kong

On Thursday, November 7th, Centrick Invest and Berkeley Group hosted the highly anticipated “Unraveling the UK’s Autumn Budget” event at the iconic Landmark, Edinburgh Tower in Hong Kong. This private seminar brought together a dynamic community of property investors, financial experts, and expats to delve into the implications of the UK Autumn Budget on property investment and broader economic trends.

 Led by a panel of industry experts, the event guided investors through crucial tax changes, market forecasts, and tailored investment strategies aimed at maximizing returns in the evolving UK property landscape. A huge thank you to everyone who attended, as well as to our panel partners, Zofi Cheung at SPF and Natalie Smith at Magentum Fiduciary Services, whose expertise was integral to navigating the future of the UK property market.

So, what did the UK Autumn Budget 2024 hold?

Key takeaways from the event:

Understanding Tax Implications

Natalie Smith, Managing Director at Magentum Fiduciary Services, presented key updates on recent tax adjustments, including changes to capital gains tax, inheritance tax, and stamp duty land tax (SDLT). Here’s how these changes affect property investors:

• Stamp Duty (SDLT): Starting October 30, 2024, stamp duty rates in England and Northern Ireland for those buying additional properties have risen by 2%. For companies purchasing residential properties above £500,000 for non-commercial purposes, the SDLT rate increased to 17%. For non-UK residents, with effect from 1 April 2021 the rates will be increased by 2%.
• Capital Gains Tax: The new flat CGT rates of 18% (standard) and 24% (higher) apply to residential property disposals, bringing CGT for property into line with other assets. Natalie emphasized the need for portfolio-wide tax planning to help investors protect long-term financial security.
• Inheritance Tax: Starting in April 2025, the UK will adopt a residence-based inheritance tax regime. This change means that long-term residents’ non-UK assets, in addition to UK assets, will now fall within the scope of inheritance tax.

UK Market Forecast and Economic Overview

Zofi Cheung from SPF presented an in-depth analysis of the UK property market, exploring how the latest budget may impact property prices, rental yields, and investment opportunities over the next five years.

She discussed the importance of economic resilience amid budgetary changes, offering projections for key regions across the UK. This highlighted the importance of identifying high-growth areas and assessing emerging investment opportunities to ensure long term financial security.

Strategic Investment Opportunities Post-Budget

Siôn Bennett, Expat Investment Director at Centrick Invest, discussed the unique opportunities and risks introduced by this budget for property investors. Siôn highlighted the importance of adaptability and encouraged investors to consider emerging trends, including:

• Shifting Mortgage Rates: Adjusting to mortgage rate changes is crucial to maintain robust returns.
• Regional Investment Prospects: Identifying high-potential regions is key to staying ahead of the curve.
• Tax-Efficient Structures: Leveraging tax-efficient structures can help minimize risks and maximize investment returns.

Engaging Q&A and Networking Session

The event’s Q&A segment, led by Shaman Chellaram from the British Chamber of Commerce in Hong Kong, gave attendees the opportunity to connect with experts directly and receive tailored advice on a range of topics, from tax nuances to financing and market trends. This interactive segment was followed by a networking session, which allowed investors to build connections with speakers and peers—fostering a community eager to capitalize on opportunities in the UK property market.

Centrick Invest – Empowering property investors worldwide

Guided by industry leaders, attendees gained a comprehensive understanding of how to navigate this evolving landscape and formed valuable connections to support their future investments. For Centrick Invest, Berkeley Hong Kong, SPF, and Magentum Fiduciary Services, the success of this seminar reinforces our roles as trusted resources for international investors.

Thank you again to everyone who joined us. For those who couldn’t attend, we hope this roundup provides a glimpse into the valuable insights shared at the event. Stay tuned for future opportunities with Centrick Invest, as we continue to support investors on their journey toward informed, confident decisions in the UK and beyond.