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Chancellor Rachel Reeves' first budget contains a vast range of measures capable of affecting businesses of all shapes and sizes.
While the headline announcements which apply today include an increase in the basic and higher rates of Capital Gains Tax (CGT) and an increase in the rate of Stamp Duty Land Tax (SDLT) for second homeowners and company buyers, there is plenty more 'under the bonnet' detail in this budget to explore.
From next April there will be a rise in the rate of Employer's NIC, with a drop in the Secondary Threshold and an increase in the Employer's Allowance. At the same time, SDLT thresholds revert to their September 2022 levels.
There are big changes announced for Inheritance Tax (IHT) Agricultural Property Relief (APR) and Business Property Relief (BPR). These are all set to create massive questions on succession planning for many farming families. Farmers will also be disappointed as we have a double cab 'hic-up'. The double cab pick-ups, so loved by farmers and builders, will be officially classed as cars from next April.
There were announcements on Business Rates reform with discounts for some sectors and increased rates for the 'online giants'. There is also the prospect of a General Anti-Avoidance Rule (GAAR) to tackle rates evasion. It seems that Making Tax Digital for Income Tax Self Assessment lives on for those in the £20,000-turnover cohort who will be mandated to join, although no date is yet set.
There is a lot more to say about the budget, so do check our 'At a glance guide'. For subscribers, we are providing insightful updates. These will continue to be updated over the next couple of weeks. Look out for our links.
Nichola and the Team
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Quick News
Autumn Budget 2024: At a glance
The Chancellor, Rachel Reeves, presented her 2024 Autumn Budget to Parliament on 30 October 2024. Her key announcements included raising the rates for the National Living Wage (NLW), Employer's NICs, Capital Gains Tax (CGT) and Stamp Duty Land Tax (SDLT) as well as making Inheritance Tax (IHT) reforms for business property.
Agent Update: October 2024
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Inheritance Tax (IHT): Autumn Budget 2024 (Subscriber Update)
The Chancellor, Rachel Reeves, in her Autumn 2024 Budget announced significant changes to Agricultural Property Relief (APR) and Business Property Relief (BPR). From 2027, pensions will no longer be outside the scope of IHT. There will be no change to the current IHT thresholds or the current rate of 40%.
Capital Gains Tax (CGT): Autumn Budget 2024 (Subscriber Update)
The Chancellor, Rachel Reeves, in her Autumn 2024 Budget announced an increase in the lower and higher CGT rates to 18% and 24% respectively, an increase in Business Asset Disposal Relief (BADR) and Investors’ Relief (IR) to 14% from April 2025 and 18% from April 2026 and an increase in the CGT rate on carried interest to 32% before transitioning to full Income Tax treatment in 2026.
Capital Allowances: Autumn Budget 2024 (Subscriber Update)
The Chancellor, Rachel Reeves, in her Autumn 2024 Budget announced a number of measures including an extension of First Year Allowances (FYAs) for zero-emission cars and electric vehicle charging points to 2026 and a change to the treatment of double cab pick-ups from 2025.
Land & Property: Autumn Budget 2024 (Subscriber Update)
The Chancellor, Rachel Reeves, in her Autumn 2024 Budget, announced a range of measures affecting property owners, from ensuring that alternative financing of property does not lead to worse outcomes compared to traditional financing, the start of business rates reform with large rates rises for 'online giants' and a rise in the ATED charges rise. The abolition of FHL tax status is unchanged.
Stamp Taxes: Autumn Budget 2024 (Subscriber Update)
Autumn Budget 2024 highlights: the Chancellor Rachel Reeves announced an immediate 2% rise in the rate of Stamp Duty Land tax (SDLT) for second homeowners and company purchasers of residential property.
Employers: Autumn Budget 2024 (Subscriber guide)
The Chancellor, Rachel Reeves, in her Autumn Budget 2024 included an increase in Employer's National Insurance from next April as well as an increase to both the National Living Wage and the National Minimum Wage
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Ross Martin Tax: SME Tax News 24 October 2024
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