Autumn Budget 2024: Key Impacts on Individuals and Businesses

• Increase in the interest rate charged on overdue tax by 1.5% in April 2025.
• Fuel Duty will not be increased as expected next year.
• Employers NIC rate to be increased by 1.2% taking it to 15%, and the starting point at which this is paid will be dropped from £9,100 to £5,000 of earnings.
• NIC Employers Allowance increased from £5,000 to £10,500
• Capital Gains Tax lower rate increased from 10% to 18%, and the higher rate from 20% to 24% from today.
• Business Asset Disposal Relief £1Mil limit to be retained, but the 10% rate will be increased to 14% next April, and 18% the year after.
• IHT Thresholds frozen for an extra 2 years until 2030, inherited pensions brought within the charge to IHT from April 2027.
• From April 2026 BPR/APR limited to £1Mil of assets, any excess value taxed at 50% of full IHT rate.
• Electric Vehicle tax incentives are to be retained until 2028.
• Business rates 2026/27 Retail/Hospitality/Leisure properties will have a new 40% relief from 2025 replacing the current temporary reliefs.
• A Corporate Tax Roadmap has been published – rate of Corporation Tax capped at 25% for the duration of this parliament, Annual Investment Allowance and Full Expensing also to be retained.
• The current Non-DOM Regime is to be removed from April 2025 and replaced by a new residency-based system.
• Stamp Duty Land Tax additional dwellings surcharge to be increased from 3% to 5% from tomorrow.
• VAT to be introduced on private school fees from January 2025, business rates relief for private schools is also to be removed from April 2025.
• Income tax and NIC thresholds freeze will not be extended with a return to inflationary increases from April 2028.
• An independent review of the Loan Charge will be commissioned.

A more detailed review of specific changes will be issued once the detail has been reviewed, watch this space!