Budget Summary

The 30th of October Autumn Budget delivered several key announcements that will affect the financial services industry.
Most notably:

• Removal of the exemption to inheritance tax of pension death benefits from 6th April 2027.
• No extension to the freeze in the income tax thresholds.
• An increase to the rates of Capital Gains Tax (CGT) from 10% and 20% to 18% and 24% respectively.
• An increase to employer’s National Insurance contributions by 1.2 percentage points, to 15% from 6th April 2025.
• A reduction in the secondary employer threshold for National Insurance contributions to £5,000.
• An increase to the CGT rate payable on gains made from the disposal of assets qualifying for business assets disposal relief.
• An extension of the freeze on the nil rate band and the residence nil rate band to April 2030.
• 100% Business relief for unquoted businesses and agriclitural relief limited to a combined £1m.
• Business Relief for unlisted quoted shares (e.g. AIM listed shares) reduced to 50%.

Download the complete Budget Summary

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