Autumn Budget Alert: Potential Tax Changes

As we anticipate the Autumn Budget, here are some key tax changes that could be on the horizon:

The Chancellor has already confirmed that the Finance Bill 2024-25 will contain measures regarding:

* Furnished holiday lettings tax regime abolition;

* VAT on private school fees and removing the charitable rates relief for private schools;

* Tax treatment of carried interest;

* Changes to the taxation of non-UK domiciled individuals;

* Energy profits levy reform

* Closing the tax gap

* Inheritance tax increases

* Capital gains tax increases to align with income tax rates

* Significant increases in the benefit in kind for other company cars to promote low or zero CO2 emission vehicles.

Although some of these changes may be re-announced in the Budget, Labour has promised not to increase income tax, national insurance contributions (including reversing recent cuts made by the Conservatives) or VAT which leaves inheritance tax and capital gains tax in the firing line. We will keep you updated with changes and support your business through them.