We’ve been liaising with our clients following The Chancellor’s Budget announcements on 30 October in relation to the tax rises and changes being introduced, some of which apply immediately and some of which will come into force between 2025 and 2027.
The hardest hit by the announcements are employers in relation to NIC; along with farmers, trading businesses/company shareholders, landowners and those with larger estates, who are now going to be potentially liable to pay over significant sums in IHT.
We’re monitoring the situation and working with our clients to help them understand and adapt to these changes; planning for the increased NICs and helping them understand the impact on their payroll and exploring ways to mitigate costs.
We’re also helping our clients navigate the new CGT rates and IHT rules, ensuring they are making the most of available reliefs and exemptions.
We do however wonder whether in the coming weeks the Government will back-track on any of their decisions, given the extent of criticism gathering momentum.
Whatever happens, we’re here to help you understand and adapt to these changes. Don’t hesitate to get in touch with George Hardey, Paul Buckley or Ben Bramwell if you need any assistance.
#TeamWaltons #AutumnBudget2024 #Tax #TaxChanges #NIC #CGT #IHT
