Your UK Budget 2024 Report

Explore the Key Highlights from the 2024 Budget

Stay informed with the latest changes from the UK’s 2024 Budget, designed to impact both personal and business tax planning significantly. Our downloadable brochure provides a detailed overview, with practical insights on how these updates might affect your financial planning and tax efficiency. Whether you’re a business owner, investor, or individual taxpayer, understanding these shifts is essential for smart decision-making.

Download the 2024 Budget Brochure Here

Main Points from the 2024 Autumn Budget

1. National Insurance Contributions (NIC):From April 2025, employers’ NIC rates will increase from 13.8% to 15%, and the threshold for NIC will lower from £9,100 to £5,000. This change will raise employment costs significantly, affecting both employers’ budgets and hiring plans. We are working on how this will effect you now and will be in touch when we have figures.
2. Double Cab Pickup Tax Treatment:Starting April 2025, double cab pickups with a payload of 1 tonne or more will be reclassified as cars rather than commercial vehicles. This impacts both taxable benefits for employees and capital allowances for employers, making them less tax-advantageous.
3. Capital Gains Tax (CGT) Rate Increase:Effective from October 2024, the CGT rate on gains has increased to 24% for all assets (excluding carried interest), with a reduced rate of 18% on gains within the basic tax rate band. Trustees and personal representatives now also face a 24% CGT rate.
4. Stamp Duty Land Tax (SDLT) Changes:The surcharge for buying additional dwellings increased from 3% to 5% as of October 2024. Furthermore, from April 2025, the standard SDLT rate for property purchases will revert to pre-2021 rates.
5. VAT on Private School Fees:From January 2025, private school fees will be subject to VAT. Schools need to prepare for this transition, which includes navigating new partially exempt status requirements.
6. Pensions and Inheritance Tax (IHT):Unused pension funds will be included in estates for IHT from April 2027, reversing the previous exemption on death. This impacts estate planning significantly, especially for high-value estates.
7. ISA Investment Limits Fixed Until 2030:Annual limits for ISAs remain unchanged at £20,000 for adults and £9,000 for Junior ISAs. This freeze will continue through April 2030.
8. Making Tax Digital (MTD) Expansion:The rollout for MTD Income Tax Self-Assessment (ITSA) will begin in April 2026, starting with individuals earning over £50,000 and reducing to £30,000 from April 2027. Additional compliance resources are being allocated to support this transition.
9. Business Asset Disposal Relief (BADR):The lifetime limit for qualifying gains under BADR remains £1 million, but the relief rate will rise from 10% to 14% in 2025/26, and again to 18% in 2026/27. This change could impact those planning to sell business assets and may require a review of exit strategies.

Stay ahead of these changes by downloading our comprehensive brochure today. Prepare yourself, your business, and your investments to make the most of the 2024 Budget’s new opportunities and provisions.