The Autumn Budget 2024
30/10/2024
The Autumn Budget 2024
Rachel Reeves has just delivered Labour's first Budget in 14 years.
The government's tax and spending plans, outlined in the statement, have been the subject of intense media scrutiny and speculation.
Source: Financial Times
CAPITAL GAINS TAX
Capital gains tax paid on profits from selling shares to increase from 20% to up to 24% for higher rate taxpayers and 10% up to 18% for basic rate. These rates will increase from today. Rates on property disposal will remain the same.
STAMP DUTY
As of today, Stamp Duty Land Tax will rise from 3% to 5% for those purchasing second homes or buy-to-let residential properties, as well as for companies purchasing residential property.
INHERITANCE TAX
The inheritance tax threshold freeze will be extended for a further two years, from 2028 to 2030. However, inheritance tax will be applied to unspent pensions.
Agricultural property relief and business property relief will also be restricted for the wealthiest estates.
We will be providing a more detailed analysis shortly. If you have any urgent concerns or questions, please contact your adviser.
