Autumn Budget 2024: What the changes mean for you

On Wednesday 30 October 2024, Chancellor of the Exchequer, Rachel Reeves, delivered her Budget. She pledged to ‘invest, invest, invest’ in order to drive growth and ‘restore economic stability’.

The Chancellor said that the Budget would raise £40 billion in taxes. Employers’ National Insurance contributions (NICs) will be increased from next April, while Capital Gains Tax rates will also rise. Inherited pensions will fall within the Inheritance Tax net from April 2027, while reliefs will be reformed on the passing down of agricultural and business assets. The Chancellor also confirmed the introduction of VAT on private school fees and the abolishment of the tax regime for non-UK domiciled individuals.

The Chancellor said she would protect living standards by unfreezing the thresholds on Income Tax and employee NICs from 2028 while she extended the cut in Fuel Duty for another year. The Chancellor also pledged a decade of ‘national renewal’ with increased funding for schools and the NHS. Further spending announcements included housing, transport and the aerospace and automotive sectors.

What you need to know

Please click here to read our summary of the announcements.

How can we help?

The new measures may offer opportunities or create challenges for your current financial planning. We encourage you to review the summary carefully and consider any potential impact on your affairs.

At Simmons Gainsford, we are committed to helping you navigate these updates with clarity and confidence, ensuring that you stay informed and well-positioned for any adjustments ahead.

If you have any immediate questions or would like to arrange a call, please do not hesitate to contact us.