Your Autumn Budget update

Almost four months after Labour won the general election, the first ever female chancellor, Rachel Reeves, delivered her 2024 Autumn Budget, outlining the government’s plans for this tax year and beyond.

As widely trailed and expected, it was a tax-raising Budget with rises in capital gains tax, employers NIC, IHT to be levied on pensions inherited and AIM shares plus the end of the non-dom regime.

Arguing that the July general election had given Labour a “mandate to restore stability and start a decade of renewal”, Reeves described it as “a Budget to fix the foundations and deliver change”.

Some of this is by looking at extra investment in infrastructure, and the chancellor has introduced a technical change to the way debt is measured, which will allow the government to fund this extra investment. This wider debt measure will allow for more borrowing to invest in big building projects such as roads, railways, and hospitals.

The aim of her budget is to raise taxes by an eye-watering £40 billion. As well as the tax rises however, there was sort of good news in that ISA allowances remain untouched, although they are frozen until 2030. An end to the freeze on Income Tax thresholds from 2028 was also announced.

Our comprehensive Autumn Budget Statement 2024 guide therefore looks at all the pivotal announcements and what they could mean for your personal financial plans and/or for your business. Please feel free to read or download it by clicking on the link below.

Overall, this was a big Budget that will have long lasting implications. It certainly raises questions for those who are attempting to save and invest for their future. If you would like help in trying to understand what the budget changes mean for you and how they might change your own personal financial plans, please do not hesitate to contact us.

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