Autumn Budget 2024: Key Changes and What They Mean for You

The first Budget under the new Labour government has brought significant changes to the UK's financial landscape. Chancellor Reeves has introduced several major reforms while maintaining market confidence - though some changes may impact personal finances more than others.

Key Highlights

• Private sector employers face increased National Insurance contributions
• Capital Gains Tax rates on shares to align with property rates
• Inheritance tax reforms affecting business property and agricultural land
• Pension pots to be included in inheritance tax calculations from 2027
• Minimum wage to increase by 6.7% to £12.12 per hour

What This Means for You

The impact of these changes will vary depending on your circumstances:

• Business owners may want to review succession planning
• Investors should reassess their CGT exposure
• Property investors face increased transaction costs
• Pension holders should review inheritance planning
• Employers need to prepare for increased NI contributions

For detailed information read our full budget summary here. 

Our tax experts, Antony Voakes, Julia Clarke and Giles Lang, have cut through the complexity to explain the key changes that will impact you. Watch here