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 covering employment and business taxes, private wealth taxes, greener energy and real estate.
The Budget introduced a number of significant changes in employment taxes, including the increase in the rate of national insurance contributions and the employment allowance.
The government has also announced a £40 million investment to transform the apprenticeship levy into a more flexible growth and skills levy. Click below to find out how these changes will affect employers with staff situated in the UK.
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The current rate of corporation tax remains the lowest in the G7. With other reliefs, 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 detail on budget announcements on corporate taxes including capital allowances, research and development reliefs and transfer pricing reforms.
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In the Budget, the government continued its drive for greener growth, including announcements 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, could impact investors to the UK.
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The Budget introduced changes to the rates of capital gains tax and the rate for business asset disposal relief and investors’ relief. There were also announcements related to carried interest and the carried interest regime.
Click below for more details on the changes, which represent a lower increase than some predicted.
Focus on: capital gains tax
Significant changes to inheritance tax were announced which could have wide implications. 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 may well impact the property sector; those residing outside of the UK with assets and investments in the UK may see an impact in their returns 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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