{"id":9054,"date":"2024-10-31T09:40:21","date_gmt":"2024-10-31T09:40:21","guid":{"rendered":"https:\/\/www.boosst.financial\/insights\/?p=9054"},"modified":"2024-11-01T10:57:25","modified_gmt":"2024-11-01T10:57:25","slug":"autumn-budget-2024","status":"publish","type":"post","link":"https:\/\/www.boosst.financial\/insights\/autumn-budget-2024\/","title":{"rendered":"Autumn Budget 2024"},"content":{"rendered":"<h4 style=\"text-align: center;\"><span style=\"color: #db409a;\">\u2018\u00a340 billion tax raise and \u00a332 billion of additional borrowing to fund services &amp; infrastructure investment\u2019<\/span><\/h4>\r\n<p>&nbsp;<\/p>\r\n<h5><strong><span style=\"color: #db409a;\">Tax Changes:<\/span><\/strong><\/h5>\r\n<ul>\r\n<li><span style=\"color: #2b2155;\">Employers NI Increase<\/span>\r\n<ul>\r\n<li><span style=\"color: #2b2155;\">From April, the rate will increase by 1.2% from 13.8% to 15%.<\/span><\/li>\r\n<li><span style=\"color: #2b2155;\">The threshold from which Employer NI is paid reduces from \u00a39,100 to \u00a35,000.<\/span><\/li>\r\n<li><span style=\"color: #2b2155;\">The combination of these two measures results in significant additional cost for businesses to employ.<\/span><\/li>\r\n<li><span style=\"color: #2b2155;\">To help small employers, the NI Employment Allowance increases from \u00a35,000 to \u00a310,500.<\/span>\r\n<ul>\r\n<li><span style=\"color: #db409a;\">Whilst not applied directly to employees, expectation is that employees will shoulder part\/most of the cost via lower pay rises.<\/span><\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><span style=\"color: #2b2155;\">Child Benefit<\/span>\r\n<ul>\r\n<li><span style=\"color: #2b2155;\">The threshold for the high-income child benefit charge will remain at what was previously a temporary \u00a360,000. Child Benefit will continue to taper away as income rises between \u00a360,000 and \u00a380,000.<\/span><\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><span style=\"color: #2b2155;\">Stamp Duty on &#8216;additional property&#8217;<\/span>\r\n<ul>\r\n<li><span style=\"color: #2b2155;\">Stamp Duty on any property beyond your Main residence has been penalised to date with an additional 3% stamp duty cost. This now rises to 5%, so a 40% increase and another step to disincentivise ownership of 2nd homes.<\/span>\r\n<ul>\r\n<li><span style=\"color: #db409a;\">Example A: now \u00a337,500 stamp duty to purchase a \u00a3500,000 holiday home, compared to \u00a327,500.<\/span><\/li>\r\n<li><span style=\"color: #db409a;\">Example B: now \u00a391,250 stamp duty to purchase a \u00a31,000,000 holiday home, compared to \u00a371,250.<\/span><\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><span style=\"color: #2b2155;\">Capital Gains Tax<\/span>\r\n<ul>\r\n<li><span style=\"color: #2b2155;\">Increased with immediate effect to 18% and 24% on all assets, from 10% and 20%.<\/span>\r\n<ul>\r\n<li><span style=\"color: #db409a;\">Not as bad as previously expected. The higher rate of 24% is still lower than it was this time last year (28%) for residential property. This supports the governments preference for motivating second home owners to make property available to others.\u00a0<\/span><\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><span style=\"color: #2b2155;\">These higher rates were previously reserved for residential property transaction but now apply to all.<\/span><\/li>\r\n<li><span style=\"color: #2b2155;\">Business Asset Disposal Relief offers<\/span><span style=\"color: #2b2155;\"> a reduced rate of CGT of 10% on disposals of business assets up to a lifetime allowance of \u00a31 million.\u00a0\u00a0 From 6 April 2025, the rate of CGT will increase to 14% and from 6 April 2026 to 18%, on disposals up to \u00a31 million.<\/span><\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><span style=\"color: #2b2155;\">Inheritance Tax<\/span>\r\n<ul>\r\n<li><span style=\"color: #2b2155;\">From April 2026, Business Property &amp; Agricultural Property Reliefs to be limited to combined \u00a31m per estate (also applies to EIS and other qualifying investments).<\/span>\r\n<ul>\r\n<li><span style=\"color: #db409a;\">It appears a couple can gain &#8216;double-benefit&#8217; by the first person leaving \u00a31m of Business or Agricultural assets to descendants, and the rest to spouse (nil tax), allowing the survivor to also claim a second \u00a31m tax-free. Will need careful monitoring of estate planning and adjustments to Wills.\u00a0<\/span><\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><span style=\"color: #2b2155;\">AIM investments to be charged inheritance tax at 50% of main rate (effective rate of 20%).<\/span><\/li>\r\n<li><span style=\"color: #2b2155;\">The Non-dom tax regime is to be replaced by a residence based scheme so that those making the UK their home pay taxes here.<\/span><\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><span style=\"color: #2b2155;\">Private Schooling<\/span>\r\n<ul>\r\n<li><span style=\"color: #2b2155;\">VAT to be applied to private education fees and a removal of business rates charitable relief in England.<\/span><\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ul>\r\n<h5><strong><span style=\"color: #db409a;\">Pensions &amp; Savings:<\/span><\/strong><\/h5>\r\n<ul>\r\n<li><span style=\"color: #2b2155;\">No changes to pension tax-free-cash entitlement<\/span><br \/>\r\n<ul>\r\n<li><span style=\"color: #db409a;\">As expected, albeit rumours were allowed to run up until the Budget and many took rushed action.<\/span><\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><span style=\"color: #2b2155;\">The State Pension triple lock will remain in effect<\/span>\r\n<ul>\r\n<li><span style=\"color: #db409a;\">Good news for retirees but we do believe it will be changed to &#8216;inflation-linked&#8217; at some point, as it remains unsustainable.\u00a0<\/span><\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><span style=\"color: #2b2155;\">ISA allowances remain unchanged at \u00a320,000, \u00a34,000 for Lifetime ISAs and \u00a39,000 for Junior ISAs.<\/span>\r\n<ul>\r\n<li><span style=\"color: #db409a;\">More good news &#8211; we expected these to reduce as a stealthy approach to increasing CGT.<\/span><\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><span style=\"color: #2b2155;\">British ISA consigned to the bin.<\/span><\/li>\r\n<li><span style=\"color: #2b2155;\">Pension funds to be included within estates for inheritance tax calculations from April 2027 (consultation opened on the detail &amp; mechanics).<\/span>\r\n<ul>\r\n<li><span style=\"color: #db409a;\">Bad news. The detail that has been announced so far would be a terribly harmful way to introduce this sudden change. This exposes individuals who have diligently saved to provide for their unknown costs in later life with a double-tax hit from inheritance tax, followed by income tax on the remainder, so an effective 64% tax if the beneficiaries (children etc) are higher-rate-taxpayers.<\/span><\/li>\r\n<li><span style=\"color: #db409a;\">We will input to and monitor the consultation closely.<\/span><\/li>\r\n<li><span style=\"color: #db409a;\">If this is implemented, it&#8217;s a significant change that will mean there is new advice, depending on your personal situation, for how and when we use money in personal\/workplace pensions to fund your lifestyle and legacy planning.<\/span><\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ul>\r\n<h5><strong><span style=\"color: #db409a;\">Living Costs:<\/span><\/strong><\/h5>\r\n<ul>\r\n<li><span style=\"color: #2b2155;\">The National Living Wage for adults over 21 is to increase to \u00a312.21 an hour, \u00a323,810 for a 37.5 hour week.<\/span><\/li>\r\n<li><span style=\"color: #2b2155;\">Carers Allowance weekly earnings limit is now \u00a3195.36 meaning that those carers with earnings below this figure qualify for an additional \u00a381.90.<\/span><\/li>\r\n<li><span style=\"color: #2b2155;\">Air passenger duty for short haul economy flights increase by \u00a32, long haul by \u00a312 each way, private jet passengers see a 50% rise.<\/span><\/li>\r\n<li><span style=\"color: #2b2155;\">Fuel duty will remain frozen for another year.<\/span><\/li>\r\n<li><span style=\"color: #2b2155;\">Alcohol duty will increase by RPI except draught products that reduce by 1p a pint.\u00a0<\/span><\/li>\r\n<\/ul>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p style=\"text-align: center;\"><span style=\"color: #2b2155;\">Our guide to the Autumn Budget offers a full breakdown of this momentous moment in our tax system.<span class=\"Apple-converted-space\">\u00a0<\/span><\/span><\/p>\r\n<p style=\"text-align: center;\"><span style=\"color: #2b2155;\">Take a moment to read our guide and reflect on the changes &amp; opportunities which may impact you and your family.<\/span><\/p>\r\n<p style=\"text-align: center;\"><span style=\"color: #2b2155;\">We have identified financial planning \u2018threats and opportunities\u2019 and will raise anything which may change your financial plan when we next meet.<span class=\"Apple-converted-space\">\u00a0<\/span><\/span><span style=\"color: #2b2155;\">In particular, we will input to and monitor the consultation on the pension treatment on death.\u00a0\u00a0<\/span><\/p>\r\n<p style=\"text-align: center;\"><span style=\"color: #2b2155;\">If there is anything in particular you would like to discuss, please contact your lead planner.<\/span><\/p>\r\n<h5 style=\"text-align: center;\"><span style=\"color: #db409a;\">To download our full guide, click the image below:<\/span><\/h5>\r\n<p>&nbsp;<\/p>\r\n\r\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.boosst.financial\/insights\/wp-content\/uploads\/2024\/11\/AUTUMN-STATEMENT-24.pdf\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-9056\" src=\"https:\/\/www.boosst.financial\/insights\/wp-content\/uploads\/2024\/11\/Autumn-Budget-24-720x1024.png\" alt=\"\" width=\"600\" height=\"853\" srcset=\"https:\/\/www.boosst.financial\/insights\/wp-content\/uploads\/2024\/11\/Autumn-Budget-24-720x1024.png 720w, https:\/\/www.boosst.financial\/insights\/wp-content\/uploads\/2024\/11\/Autumn-Budget-24-211x300.png 211w, https:\/\/www.boosst.financial\/insights\/wp-content\/uploads\/2024\/11\/Autumn-Budget-24-768x1092.png 768w, https:\/\/www.boosst.financial\/insights\/wp-content\/uploads\/2024\/11\/Autumn-Budget-24-1081x1536.png 1081w, https:\/\/www.boosst.financial\/insights\/wp-content\/uploads\/2024\/11\/Autumn-Budget-24.png 1300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>\u2018\u00a340 billion tax raise and \u00a332 billion of additional borrowing to fund services &amp; infrastructure investment\u2019 &nbsp; Tax Changes: Employers NI Increase From April, the rate will increase by 1.2%&#8230;<\/p>\n","protected":false},"author":2,"featured_media":9064,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[169,44,39,83,171,170,82],"class_list":["post-9054","post","type-post","status-publish","format-standard","has-post-thumbnail","category-boosst-insights","tag-autumn-budget-2024","tag-boosst","tag-financial-planning","tag-jisa","tag-labour-budget","tag-reeves","tag-rishi-sunak"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.4 - aioseo.com -->\n\t<meta name=\"description\" content=\"\u2018\u00a340 billion tax raise and \u00a332 billion of additional borrowing to fund services &amp; infrastructure investment\u2019 Tax Changes: Employers NI Increase From April, the rate will increase by 1.2% from 13.8% to 15%. 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