The UK Labour Party delivered its first budget in 14 years on 30 October after it won the general election in July. The Autumn Budget announced a wide range of measures which outlines the government's plans for taxes and spending across core sectors.
In this newsletter, we provide insight into the key measures announced in the budget in the sectors most relevant to you and your clients, including: business and the economy, construction and infrastructure, private wealth, employment, energy and natural resources and real estate and housing.
Tax changes impacting scaling businesses/entrepreneurs and their management teams / to encourage investment and growth (including CGT and PE /carried interest, Employers NICs, R&D tax incentives, capital allowances etc).
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The Budget has confirmed that the UK maintains its competitive edge in supplementing and encouraging business investment, and its attractiveness for international headquarters and holding companies.
Click below for further information on how corporate tax rate, capital allowance, research and development reliefs and more will change.
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In the Budget, it was revealed that the government is committed to increase energy efficient buildings from 2025 onwards, boost electric vehicle adoption and advance cleaner sources of energy generation.
Click below to find out how these promises, along with tax increases in aims to decarbonise the industry, will affect international businesses looking to invest in the UK.
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The lower and higher main rates of capital gains tax and the rate of CGT applying to carried interest are set to increase in April 2025. Although this is a lower increase than anticipated, those that support UK companies and innovation will be affected. Click below to find out more.
Focus on: capital gains tax
Inheritance tax regarding business property and agricultural property relief, pensions, and offshore assets and trusts is set to change and, in some cases, will see new concepts introduced. In addition to this, there are changes to the non-domicile tax regime and VAT on private school fees that could affect international families. Click below for further information.
Focus on: private wealth taxes
The Chancellor has promised to unlock major investment in development and infrastructure via planning reform.
The abolition of the ‘non-dom’ regime will no doubt impact the property sector as those residing outside of the UK with assets and investments in the UK will see their returns plummet as the existing tax system is removed.
Click below to read more about the main changes set out in the budget and how they will affect the property market and those investing in it.
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