UK Autumn Budget 2024 - Key Highlights
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Minute Read
The budget from the recently elected government in the UK increases taxes by some £40 billion and announces investment in public services.
You can watch our video review UK Autumn Budget 2024 - Key Highlights
Capital Gains Tax
- New CGT Rates on General Assets impacting shares and business interests
- Residential Property exemption
- Business Asset Disposal Relief (BADR) and Investors Relief rates will be aligned
Inheritance Tax Reforms
- Business Property Relief and Agricultural Property Relief reforms from April 2026 with 100% relief to £1m of assets and 50% after that
- Inherited pensions will be included under IHT from April 2025
- IHT Threshold is frozen until 2030
Employment Reforms
- National Insurance Employers increase 1.2% on salaries above £5,000
- Relief for smaller businesses with an increase in the employment allowance from April 2025
- National Living Wage and Minimum Wage increases
Notable Reforms
- Private Equity firms will see carried interest move to income tax and NI in 2026 for existing and new fund structures.
- Air Passenger duty increases 50% on Private Jets from 1 April 2026
- Higher penalty rates on overdue tax
