There were a number of taxation changes and rises announced in the Autumn Budget on 30 October 2024, by Chancellor Rachel Reeves.

The highlights are:

Employers’ National Insurance contributions

Increased to 15% from April 2025 on earnings in excess of £5,000 (per annum down from £9,100). Increase in the employment allowance to £10,500.

Inheritance Tax (IHT)

Pension pots to be included in a person’s estate for IHT from April 2027. Agricultural Property Relief and Business Property Relief reduced for combined assets in excess of £1 million from April 2026.

Capital Gains Tax (CGT)

Non-residential rates are to be aligned with residential property rates with immediate effect (now 18% for basic rate gains and 24% above this). Gradual increase in CGT for assets qualifying for Business Asset Disposal Relief and Investors’ Relief to 14% from April 2025 and 18% from April 2026.

If you want to discuss how any of the above may affect you or your business, or any other Budget change, please get in touch with us.