CGT on residential property unchanged Chancellor Rachel Reeves has raised the lower rate of capital gains tax (CGT) from 10% to 18%, and the higher rate of CGT from 20% to 24%. The rises introduced by the chancellor are up from 10% and 20% for the lower and higher rates, respectively. In her Autumn Budget today (30 October), Reeves said …
Autumn Budget 24: Inherited pensions to face IHT from 2027
Autumn Budget 24: Inherited pensions to face IHT from 2027 Impacting wealth transfer efficiency and legacy planning Pensions passed on will be subject to inheritance tax (IHT) from 2027, Rachel Reeves has confirmed in today’s (30 October) Budget. Pensions are currently exempt from IHT and not classed as part of an estate when someone passes away. “We will close the …
Spring Budget 2024: New British ISA to launch with extra £5k allowance for UK assets
Jeremy Hunt is aiming to invigorate UK public markets with an additional £5,000 ISA allowance. Jeremy Hunt has introduced a new British ISA in his Spring Budget, which will allow an additional £5,000 ISA allowance for investment in ‘promising UK businesses’. The new ISA allowance will sit alongside the £20,000 that can be invested across other ISA wrappers currently available. …
Spring Budget 2024: Government cuts National Insurance by further 2p
The latest reduction follows a cut from 12% to 10% announced at the Autumn Statement last year. Chancellor Jeremy Hunt has announced a 2 percentage point cut to the the main rate for employee National Insurance from 10% to 8%. The move to take another 2p off the Class 1 rate, expected to cost the government around £10 billion, doubles …