Show Summary Details Online Update – October 2024 Main Points Finance (No. 2) Act 2024 – Royal assent was given to Finance Act 2024 on 24 May 2024. Chapter 1 Inheritance tax: introduction – The chapter has been amended to include commentary on the change from a domicile-based to a residence-based IHT regime from 6 April 2025. Chapter 2 Domicile and residence – This chapter has also been amended to include commentary on the change from a domicile-based to a residence-based IHT regime from 6 April 2025 and includes an outline of the transitional provisions between the two regimes. 1.13 and 5.5 Exemptions, etc. – Update to include introduction of The Horizon Convictions Redress Scheme and Horizon Shortfall Scheme Fixed Sum Award (Tax Exemptions and Relief) Regulations 2024, SI 2024/818 , which came into force on 16 August 2024. 5.5 Exemptions, etc. – Reference to the changes to excluded property status from 7.33 ...