On 30 October 2024 the UK Chancellor, Rachel Reeves, delivered her Autumn Statement Budget
Summary of key changes
- An increase to the rates of Capital Gains Tax (CGT) from 10% and 20% to 18% and 24% respectively
- An increase to the Capital Gains Tax rate payable on gains made from the disposal of assets qualifying for business assets disposal relief (BADR)
- Carried interest for private equity partners taxed at an increased rate of 32%
- A freeze on the subscription limits for all types of ISA up to and including 2029/30
- An extension of the freeze on the nil rate band and the residence nil rate band to April 2030
- 100% Business Relief for unquoted businesses and agricultural relief limited to a combined £1m
- Business Relief for unlisted quoted shares (e.g. AIM listed shares) reduced to 50%
- Removing the exemption to inheritance tax of pension death benefits from 6 April 2027
- Increase to employer’s National Insurance contributions by 1.2% to 15%
- No extension to the freeze in the income tax thresholds
Interested in learning more?
We explore the announced taxation changes and what they might mean for a financial planning strategy.
