Autumn Budget 2024
31.10.2024
The First Budget
Rachel Reeves, the new Chancellor of the Exchequer, yesterday, rolled out the Labour Government’s very first Budget in 14 years. The Chancellor’s stated aim with this Budget was to “fix the foundations and deliver change” and “invest, invest, invest”. To do this there would be a need to raise an additional £40 billion in taxes.
For Individuals
The changes impacting on individuals include;
- An increase in the capital gains tax rate on the sale of assets, other than residential property.
- New restrictions on certain inheritance tax reliefs from April 2026.
- Pension values being included in a deceased’s estate when calculating their inheritance tax position from April 2027.
For Business
The changes impacting on businesses include;
- An increase in the employer’s national insurance on earnings from 13.8% to 15% along with reducing the threshold from £9,100 to £5,000 at which point this liability is triggered.
- VAT now being charged on private school fees.
- The increase in the National Minimum Wage.
There are lots of opportunities and issues to consider following this Budget for businesses, individuals and families. We are here ready to help.
We believe it’s important to discuss all plans you are considering before taking any action and so if you would like to see how the 2024 Autumn Budget changes might affect you, your family and your business, why not contact Ifan Lloyd on illoyd@idhaccountancy.com or 020 3411 4401 who will arrange for us to have that conversation.
Click here to read our guide to how the changes in the 2024 Autumn Budget could affect you.