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Murray Beith Murray LLP is a leading Scottish private client law firm.

For 175 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.

Call us today on 0131 225 1200

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Autumn Budget Statement 2024

News/Press
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david windram
The mere mention of the word “tax” is generally a bit of conversation ender, rather than a conversation spark, however over the last few months it has very much been at the forefront of nationwide discourse. A hot topic during the pre-election campaign trails, it has continued to be on the agenda in the early months of the new government’s tenure, with all roads pointing towards their first budget. Off the back of the Prime Minister’s proclamation this morning of a “huge day for Britain”, Rachel Reeves presented the budget to Parliament earlier this afternoon.

With the aim to raise tax revenue of £40billion, this was undoubtedly a “big budget” with a number of high-level announcements. However the targeting of Capital Gains Tax was not as aggressive as had been widely rumoured, with more personal tax attention being paid to Inheritance Tax changes.

The key personal tax announcements are as follows:

Capital Gains Tax

    • Immediate increase in Capital Gains Tax rates from 10% to 18% (basic rate) and 20% to 24% (higher rate) from 30 October 2024.

    • No increase to Capital Gains Tax rate on residential property, these remain at 18% and 24%. Capital Gains Tax rates are therefore now aligned for most types of asset.

    • Business Asset Disposal Relief (BADR) lifetime limit to remain at £1million, with the applicable rate on qualifying gains rising from 10% to 14% from 6 April 2025, and to 18% from 6 April 2026.

Inheritance Tax

    • Freeze on IHT thresholds extended to 2030, therefore, nil rate band remains at £325,000.

    • Value of unused pensions and death benefits to be included in estates for Inheritance Tax purposes from 6 April 2027.

    • From April 2026, only the first £1m of combined agricultural and business property will be subject to 100% Agricultural Property Relief (APR) and Business Property Relief (BPR). Property in excess of this amount will receive relief at 50%.

    • Anti-forestalling rules may apply for APR/BPR if assets are transferred on or after 30 October 2024.

    • Above reform includes reduction in BPR to 50% for shares not listed on stock markets e.g AIM listed holdings.

Income Tax & National Insurance

    • No reversal of the National Insurance Contribution cuts made by the previous government.

    • Income Tax rates remain at the same level.

    • No extension to the previous freeze on Income Tax thresholds, these will increase at an inflationary rate from April 2028.

    • Continue with the planned abolishment of the furnished holiday let regime with effect from 6 April 2025.

    • Increase in Employers NI Contributions to 15% from April 2025, combined with a drop in the threshold at which this is payable from £9,100 to £5,000.

    • Enterprise Investment Scheme and Venture Capital Trust scheme extended, with associated tax reliefs.

Other Taxes

    • Abolishment of non-domicile tax regime from April 2025, to be replaced by a new residency-based scheme.

    • VAT to be charged on private school fees from January 2025 (as previously indicated).

    • SDLT surcharge for purchase of second homes increasing to 5% from 31 October 2024 (not applicable to purchases in Scotland where the equivalent second home surcharge is currently 6%).

    • Subscription level of ISAs to remain at same level.

It should also be noted for Scottish taxpayers, that the Scottish budget on 4 December 2024 will set out the position on any devolved taxes (largely income tax rates and stamp duty taxes).

Murray Beith Murray LLP, Edinburgh

If this article has raised any questions or you would like to discuss your affairs with our specialist lawyers or tax advisors then please complete our contact form or call 0131 225 1200.

Murray Beith Murray LLP is a private client practice, made up of specialist lawyers from a variety of legal disciplines, including experts in asset protection and estate planning. The firm was established in 1849, as advisors for generations of clients, committed to our values of integrity, expertise and trust. This aim and these values continue to this day as does our commitment to be here when you need us.

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