UK Autumn Budget 2024 - Key Highlights

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

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UK Budget 2024 Key Highlights