Autumn Budget 2024 Summary

Key areas for consideration include:

1. The impact of changes to Inheritance Tax (IHT); in particular the changes to Agricultural Property Relief, Business Property Relief from 6 April 2026 and inclusion of pension pots as part of your estate from April 2027, accepting the latter is still subject to consultation.
   IHT is often a manageable tax, but careful work will need to be carried out to ensure that farms and other businesses are passed down generations in as tax effective way as possible. This may involve restructuring and perhaps the bringing forward of changes in ownership, alongside the revisiting of wills.
2. The increase in Capital Gains Tax and the windows before the rate of CGT on Business Asset Disposal relief. With predictions that CGT rates might move in line with Income Tax rates, in the end the changes were more measured
3. The impact of the increase in Employer’s National Insurance contributions
4. Ensuring use of the Employment Allowance (as appropriate)
5. Use of pension tax relief and salary sacrifice schemes
6. The impact of the increase in National Minimum Wage.

At Old Mill our advisers can help you work through how to maximise reliefs and adapt your long-term plans as a result of the changes announced.

If you have any questions, or want to discuss your individual circumstances with an Old Mill financial expert, please do get in touch by clicking here…