What does the 2024 Budget mean for you?
NOVEMBER 2024
Following our Budget Summary last Friday, we wanted to share more details with you regarding the impact of the Budget. We have drawn together key changes to the rules on Inheritance Tax (IHT) and pensions with input from our financial planning team. We also include some case studies illustrating the impact that efficient planning decisions can make.
CAPITAL GAINS TAX AND STAMP DUTY
Following the announcement of significant changes to the CGT regime effective as of 30 October, our Head of Financial Planning, Chris Green, and Connor Read, a CAM Chartered Financial Planner, discuss the implications for you. The Chancellor also made significant changes to the Stamp Duty regime for purchasers of additional dwellings and by companies - Chris and Connor discuss how you might be impacted. This discussion is available in video or written format.
INHERITANCE TAX, PENSIONS AND BUSINESS RELIEF
Head of Financial Planning, Chris Green, and Chartered Financial Planner, Connor Read, review the changes to pensions and business relief assets, and how these might impact your own inheritance tax planning. Learn more about this hot topic in the press right now by viewing this video content or, if you prefer, access the information in written format.
NATIONAL INSURANCE AND THE STATE PENSION
Chris and Connor explore the Budget implications for National Insurance Contributions and the level of the State Pension. Again, this is available in video or as a written document.
FINANCIAL PLANNING CASE STUDIES
In Labour's first Budget for 14 years, the Chancellor announced £40 billion of tax raises. One of the main areas targeted was Inheritance tax, and this included a significant change to the treatment of pensions. Two of our Financial Planners, Paul Fox and Tom Humber, present some useful case studies showing the potential impact of some of these changes.
