{"id":5491,"date":"2024-11-04T09:36:36","date_gmt":"2024-11-04T09:36:36","guid":{"rendered":"https:\/\/www.tayloremmet.co.uk\/blogs\/?p=5491"},"modified":"2024-11-06T14:04:18","modified_gmt":"2024-11-06T14:04:18","slug":"autumn-budget-review","status":"publish","type":"post","link":"https:\/\/www.tayloremmet.co.uk\/blogs\/autumn-budget-review\/","title":{"rendered":"Autumn Budget Review"},"content":{"rendered":"<h4>The Labour party announced their first budget in 14 years last week, featuring a raft of changes said to ensure those with the \u201c<em>broadest shoulders should bear the heaviest burdens<\/em>\u201d. The \u00a340 billion additional taxes announced in the budget include significant changes to <a href=\"httpss:\/\/www.tayloremmet.co.uk\/personal\/wills-probate-tax-trusts\/inheritance-tax\/\">Inheritance Tax (IHT)<\/a> and <a href=\"httpss:\/\/www.tayloremmet.co.uk\/personal\/wills-probate-tax-trusts\/capital-gains-tax\/\">Capital Gains Tax (CGT)<\/a>.<\/h4>\n<h3>Changes in Inheritance Tax for business and agricultural assets><\/h3>\n<p>Labour announced that the first \u00a31m of combined business and agricultural assets will continue to attract no inheritance tax at all (in addition to other available allowances), but for assets over \u00a31m, inheritance tax will apply with 50% relief, at an effective rate of 20%. Previously, these reliefs were uncapped.<\/p>\n<p>Many families own farms with significant acreage, which are worth in excess of the \u00a31m cap. If they intend to pass their farm onto the next generation, they may now be subject to IHT.<\/p>\n<p>The National Farmers&#8217; Union described it as a \u201c<em>disastrous budget<\/em>\u201d for family farms, adding it would \u201c<em>snatch away the next generation\u2019s ability to carry on producing British food<\/em>\u201d.<\/p>\n<p>We understand the difficulties that come with providing for the nation and appreciate that it is unlikely farmers will have significant liquid assets with which to pay the IHT which may now fall due. That is why we recommend looking at planning opportunities now to ensure the next generation of farmers can farm the land without having to worry about the inheritance tax charges on their predecessors\u2019 death.<\/p>\n<p>Likewise, business owners, especially SMEs, who wish to pass their business onto the next generation will need to consider the implications of the capped business property relief on their succession plans.<\/p>\n<h3>Increases in Capital Gains Tax<\/h3>\n<p>Capital Gains Tax was also subject to an increase in the Autumn Budget.\u00a0Although CGT on residential property remained the same, tax on the sale of shares and other assets at a gain has risen from 10% to 18% for basic rate taxpayers, and from 20% to 24% for higher rate taxpayers.<\/p>\n<p>The CGT that applies to the disposal\/sale of qualifying businesses (Business Asset Disposal Relief and Investor\u2019s Relief) is also set to increase. It will rise from 10% to 14% for disposals made on or after 6 April 2025, and then from 14% to 18% for disposals made on or after 6 April 2026. Those business owners that are considering a sale in the near future should factor in the increased CGT rates within their plans.<\/p>\n<h3>Changes in non-domiciled individuals\u2019 tax<\/h3>\n<p>The Government also announced a significant reform on non-domiciled individuals. From 6 April 2025, the \u2018non-dom\u2019 status will be abolished and those individuals will be transitioned to a residence-based tax regime \u2013 meaning UK residents will pay taxes on worldwide income, removing the remittance basis of taxation.<\/p>\n<p>The regime also means that individuals will pay IHT based on their tax residence rather than their domicile status, which is usually determined by where they were born.<\/p>\n<blockquote><p><a href=\"httpss:\/\/www.tayloremmet.co.uk\/people\/oliver-simpson\/\">Oliver Simpson, Partner,<\/a> said \u201cIn light of the Autumn budget, we can\u2019t express the importance of considering planning opportunities enough. IHT falls due 6 months from the date of an individual\u2019s death and with interest on unpaid tax high, formulating a strategy for the payment of any IHT becomes pertinent. Fortunately, some changes don\u2019t come into force for at least a year, but is it important to consider planning in good time to take any burden off the next generation and to ensure succession plans can be achieved.\u201c<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The Labour party announced their first budget in 14 years last week, featuring a raft of changes said to ensure those with the \u201cbroadest shoulders should bear the heaviest burdens\u201d. The \u00a340 billion additional taxes announced in the budget include significant changes to Inheritance Tax (IHT) and Capital Gains Tax [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":5494,"comment_status":"closed","ping_status":"open","sticky":false,"template":"blog_posts.php","format":"standard","meta":{"footnotes":""},"categories":[2588],"tags":[],"class_list":["post-5491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Autumn Budget Review | Blogs<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tayloremmet.co.uk\/blogs\/autumn-budget-review\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Autumn Budget Review | Blogs\" \/>\n<meta property=\"og:description\" content=\"The Labour party announced their first budget in 14 years last week, featuring a raft of changes said to ensure those with the \u201cbroadest shoulders should bear the heaviest burdens\u201d. 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