Please see our July newsletter
Our July 2024 newsletter will examine statements to date from the new labour government with regards to their future plans for taxation and anticipated impacts on businesses and individuals.
Chancellor Rachel Reeves will deliver the 2024 Autumn Budget on Wednesday 30 October, the government has confirmed. The Budget will include the government's tax and spending plans alongside a full economic and fiscal forecast from the Office for Budget Responsibility (OBR). The Chancellor also warned that the upcoming Budget will 'involve taking difficult decisions' to meet fiscal rules across spending, welfare and tax. What appears likely and what has been well trailed by the government are tax rises in the autumn budget.
With no tax rises promised on income tax, National Insurance, corporation tax, or VAT, the next layer down of Treasury revenue comes from capital gains tax (CGT), inheritance tax (IHT), stamp duty, fuel duty, and possibly council tax and business rates. And a key tax giveaway is relief for pension contributions that may also be a target for being reduced.
The newsletter looks at statements made to date on key areas such as:
- Capitals Gains and Inheritance Tax
- VAT on private education
- Furnished Holiday Lets rule changes.
- Pensions