Listen to Episode 480
In this week's episode, I provide a summary of the Autumn 2024 Budget, detailing all of the key announcements and how they are likely to impact you. Make sure that you check out our Autumn 2024 Budget summary article for further details.
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Podcast summary
One of the biggest changes announced in the Autum Budget is the increase in employer National Insurance contributions from 13.8% to 15%, coupled with a reduction in the earnings threshold from £9,100 to £5,000. However, employment allowance has been increased from £5,000 to £10,500, which will help offset the additional costs for many small businesses.
Another significant change relates to inheritance tax and pensions. From 2027, pensions will fall under the inheritance tax regime, meaning beneficiaries may have to pay inheritance tax on inherited pension funds. This could impact the attractiveness of pensions for estate planning purposes.
There were also significant changes to capital gains tax rates, business asset disposal relief, and various changes to stamp duty, fuel, alcohol, tobacco, and air passenger duty.
Make sure that you read our Autumn Budget summary for further details on the topics discussed in this week's podcast.
Episode quiz
Questions:
- What is the new rate of employer National Insurance contributions from April 2025?
a) 13.8%
b) 15%
c) 16%
d) 17.5% - From 2027, pensions will be liable for which tax?
a) Inheritance tax
b) Capital gains tax
c) Income tax
d) Stamp duty - For basic rate taxpayers, the capital gains tax rate is increasing from...?
a) 6% to 10%
b) 8% to 15%
c) 10% to 18%
d) 15% to 22% - The stamp duty surcharge on second homes and buy-to-let properties has increased from...?
a) 1% to 3%
b) 2% to 3%
c) 3% to 4%
d) 3% to 5% - The planned increase in Fuel duty in line with inflation for 2025/26 has been:
a) Increased
b) Decreased
c) Cancelled
d) Deferred
Answers:
- b) 15%
- a) Inheritance tax
- c) From 10% to 18%
- d) 3% to 5%
- c) Cancelled
Resources
Links referred to in the podcast:
- Autumn Budget 2024 summary
- Autumn Budget 2024 - How will it impact my business?
- Four key Inheritance Tax changes and how they will impact you
- Pensions to be subject to inheritance tax changes following Autumn Budget
- Capital gains tax rates raised in the Autumn Budget – how will the increase affect you?
- Extra stamp duty on second homes increased to 5%
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