Autumn Budget 2024

Some of the bigger headlines from todays budget for us to all ponder in the near future:

• The national minimum wage will rise in April 2025 to £12.21 per hour, moving towards a single national rate

• Employers' NIC increases by 1.2% to 15% from April 2025.  And threshold decreased at which NIC becomes payable will fall steeply to £5,000 from £9,100

• Employment Allowance to increase to £10,500 from £5,000

• Capital Gains Tax - from 30 October the lower rate will increase from 10% to 18% and higher rate from 20% to 24%

• Inheritance tax - threshold frozen until 2030 

• IHT - from April 2027 inherited pension to be included in IHT

• IHT BPR/ABR to be kept but at lower rates

• Inheritance tax - threshold frozen until 2030 

• Corporation Tax to be kept at 25%

• Stamp Duty Land Tax - surcharge on 2nd homes from 31 October to increase to 5%

• Carried Interest rate to increase from 2025 to 32%

• Non-dom regime abolished from April 2025 with a new residence scheme

• Capital Gains Tax - from 30 October the lower rate will increase from 10% to 18% and higher rate from 20% to 24%

• £1m Business Asset Disposal Relief to be retained, but increased to 14% from 2025 and 18% from 2026

• Double cab picks ups to be treated as cars from 2025 (covers CT, income tax and BiK)

There will no doubt be more in the fine print but if you would like to discuss any of the above please do contact us!