Autumn Budget 2024

The latest Budget brings significant changes impacting UK businesses, from tax updates to growth-focused initiatives. We've highlighted the key announcements and their potential implications, helping you stay informed and prepared for what’s ahead.

Budget highlights

The main rate of class 1 employer national insurance contributions (NICs) will be increased from 13.8% to 15.0% with effect from 6 April 2025 and the secondary threshold at which NICs are payable will be reduced from £9,100 to £5,000.

The main rates of capital gains tax will increase with immediate effect to 18% for non and basic rate taxpayers and 24% for higher and additional rate taxpayers. The rate for business asset disposal relief will rise to 14% for 2025/26 and 18% from 2026/27.

Inheritance tax (IHT) business and agricultural 100% reliefs will be capped at a combined total of

£1 million from April 2026. Above that, the rate of tax relief will be 50%. However, the cap will not apply to AIM shares which will just qualify for 50% relief.

Unused pension funds and death benefits will form part of a person’s estate for IHT purposes from 6 April 2027.

The additional SDLT rate for second homes and buy-to-let properties increases from 3% to 5% from

31 October 2024. The temporary increases in the 0% SDLT band for first time and other property buyers will end on 31 March 2025.

VAT at 20% will be applied to private school education and boarding services from 1 January 2025. From 1 April 2025, charitable relief for business rates will be withdrawn.

Subscription limits for individual savings accounts (ISAs), Junior ISAs and Lifetime ISAs will be frozen until April 2030.

For the full Budget Summary - download our document here.

Take a look at our Budget Bot - designed to help you understand the impact of the latest budget on your business. Powered by analysis from official documentation, combined with HURST insights and technology, this tool gives you a reliable look at how budget changes might affect you.

If you have any questions or would like to explore the topics covered in the article/document, please don't hesitate to contact us, give us a call on 0161 477 2474 to connect with one of our advisors who’s ready to help.