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Insights

2024 Autumn Budget

On 30 October 2024 the UK Chancellor, Rachel Reeves, delivered her Autumn Statement Budget

Summary of key changes

  • An increase to the rates of Capital Gains Tax (CGT) from 10% and 20% to 18% and 24% respectively
  • An increase to the Capital Gains Tax rate payable on gains made from the disposal of assets qualifying for business assets disposal relief (BADR)
  • Carried interest for private equity partners taxed at an increased rate of 32%
  • A freeze on the subscription limits for all types of ISA up to and including 2029/30
  • 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 agricultural relief limited to a combined £1m
  • Business Relief for unlisted quoted shares (e.g. AIM listed shares) reduced to 50%
  • Removing the exemption to inheritance tax of pension death benefits from 6 April 2027
  • Increase to employer’s National Insurance contributions by 1.2% to 15%
  • No extension to the freeze in the income tax thresholds

Interested in learning more?

We explore the announced taxation changes and what they might mean for a financial planning strategy.

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2024 Autumn Budget

Important information:

This content is directed only to persons having professional experience in matters relating to personal investment (investment professionals) and should not be distributed to anybody else. It has been prepared for general information purposes only. It does not constitute advice (whether investment, legal, regulatory, tax or otherwise) provided by Columbia Threadneedle Management Limited. Certain content in this document is based on our own reading of legislation, regulation, or guidance issued by a government or regulatory authority, as at the date of publication, which is subject to ongoing change. Tax treatment is based upon individual circumstances. Columbia Threadneedle Management Limited gives no warranty or representation, whether express or implied, that such content is up to date, complete, or accurate.

Investment professionals in receipt of this document should not rely on any of its content. They remain solely responsible for advising their underlying clients in accordance with their own legal and/or regulatory obligations and for taking their own independent advice as they determine is necessary.

To the extent lawful, Columbia Threadneedle Management Limited excludes all responsibility and associated liability for any loss or damage suffered by any recipient of this document who chooses to rely on its content, whether occurring in contract, tort (including negligence), breach of statutory duty, or otherwise, even if foreseeable.

© Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies.

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Important information:

This content is directed only to persons having professional experience in matters relating to personal investment (investment professionals) and should not be distributed to anybody else. It has been prepared for general information purposes only. It does not constitute advice (whether investment, legal, regulatory, tax or otherwise) provided by Columbia Threadneedle Management Limited. Certain content in this document is based on our own reading of legislation, regulation, or guidance issued by a government or regulatory authority, as at the date of publication, which is subject to ongoing change. Tax treatment is based upon individual circumstances. Columbia Threadneedle Management Limited gives no warranty or representation, whether express or implied, that such content is up to date, complete, or accurate.

Investment professionals in receipt of this document should not rely on any of its content. They remain solely responsible for advising their underlying clients in accordance with their own legal and/or regulatory obligations and for taking their own independent advice as they determine is necessary.

To the extent lawful, Columbia Threadneedle Management Limited excludes all responsibility and associated liability for any loss or damage suffered by any recipient of this document who chooses to rely on its content, whether occurring in contract, tort (including negligence), breach of statutory duty, or otherwise, even if foreseeable.

© Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies.

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