On 30 October 2024, Rachel Reeves delivered the Autumn Budget, the first to be delivered by a Labour Government in 14 years and the first by a female Chancellor.
Experts from our Tax and Wealth teams highlight the key announcements made in the videos below. We have covered:
Employers National Insurance Contributions
Inheritance Tax
Experts from our Tax and Wealth teams will be highlighting key announcements which were made in today's Budget statement. First up, Partner and Head of Private Client Tax, Alex Docherty breaks down what the Inheritance Tax changes were - with the nil rate band frozen until 2030 and an overhaul of Agricultural Property Relief and Business Property Relief from 2027.
Employers National Insurance Contributions
Next up, Partner and Head of Specialist Taxes, David Ward, discusses one standout announcement from today's Autumn Budget, the Government's decision to raise Employers National Insurance Contributions by 1.2% to 15%, with the per-employee threshold at which employers start to pay National Insurance reducing from £9,100 to £5,000 per year.
Corporation Tax
John McAuslin, Partner and Head of Corporate Tax discusses that the headline rate of Corporation Tax Rate of 25% will remain for the length of this Parliament. The Corporation Tax roadmap was also published, with HMRC issuing their thoughts on improvements to their system in the Spring of 2025.
Capital Gains Tax
Changes to Capital Gains Tax have been announced after the Chancellor today shared plans to increase the top rate of CGT from 20% to 24%, as of today. Partner and Head of Private Client Tax, Alex Docherty further explains the impact this will have on investors and homeowners.
Pensions
Martin Hendry, Chartered Financial Planner in our Wealth, discusses the inclusion of pensions now forming part of inheritance tax, alongside the impact on retirees who wish to pass their pensions on to heirs. This announcement will lead to a fundamental change in how clients access their money after retirement.
Autumn Budget Webinar
We ran a webinar on Tuesday 5 November, with expert insight and analysis of the Budget and what the announcements means for you, your business, and the economy as a whole. Click below to watch the recording.
Before the key fiscal changes from the new Labour Government were announced, our team of sharp minds shared their Autumn Budget predictions on potential developments in three critical areas: Specialist Tax, Corporate Tax, and Personal Tax.
Autumn UK Budget Predictions 2024 - Specialist Tax
