Autumn Budget Update

Business Rates and Capital Gains Changes

• 40% business rate relief being introduced for hospitality retail and leisure businesses

  
  

• CGT Will be raised to 24% on the sale of shares and other assets up by 4%

• People selling their business will see an increased rate of 8% on the current 10%

Wages, NI and Pension Changes

• Employer NI to rise to 15% from April 2025 up from 13.8%

  
  

• Employment allowance increase from £5000 to £10000

  
  

• No increase to VAT NI or income tax for employees

  
  

• Basic and new state pension payments to go up by 4.1% next year due to the "triple lock," more than working age benefits

Other

• Freeze on inheritance tax has been extended to 2030

  
  

• Rates on profits from selling additional property unchanged

  
  

• Tax on tobacco to increase by 2% above inflation, and 10% above inflation for

  hand-rolling Tabacco

  
  

• Tax on non-draught alcoholic drinks to increase by the higher RPI measure of inflation, but tax on draught drinks cut by 1.7%

If you have any questions at all please don't hesitate to ask, we are here to support and guide you every step of the way!