Autumn Budget 2024: Essential tax strategies

Following Rachel Reeves’ first Budget on 30th October – the largest tax-raising package since the early 90’s – many agents will want to understand what it all means for them, their business, and their landlords.

Despite pledging not to increase Income or Corporation Taxes, it was a wide Budget covering many Business Taxes, Property Taxes and Inheritance Tax, with multiple policy changes that you’ll need to adapt to quickly, including:

• An increase in Employers’ National Insurance contributions from 13.8% to 15% from April 2025, while reducing the threshold employers start paying National Insurance contributions from £9,100 to £5,000.
• The Stamp Duty Land Tax surcharge on second properties rising from 3% to 5% for purchases with an effective date (usually the date of completion) on or after 31st October 2024.
• The main rates of Capital Gains Tax that apply to assets other than residential property and carried interest are rising. The lower rate will increase from 10% to 18% and higher rate from 18% to 24% for disposals made on or after 30th October 2024.
• The rate of Capital Gains Tax that applies to Business Asset Disposal Relief and Investors’ Relief is rising to 14% from 6th April 2025 and 18% from 6th April 2026.
• Capital Gains Tax on carried interest will increase from 28% to 32% from 6th April 2025, which will remain in place until the implementation of the wider reform package to carried interest in April 2026.
• A reform of Inheritance Tax Reliefs, Agricultural Property Relief and Business Property Relief from 6th April 2026. In addition to existing nil-rate bands and exemptions, the 100% Inheritance Tax relief rate will continue for the first £1m of combined agricultural and business property and will be 50% thereafter.
• The non-domicile tax regime will be abolished with a new system based on residence introduced from 6th April 2025.

In this webinar, we welcome back Mark Stemp, a Chartered Tax Advisor and a Private Client Partner at Crowe UK LLP. Mark has 24 years’ experience advising clients on property tax matters, speaking to landlords and agents daily to help them better understand and manage their tax position with clear and straightforward guidance.

Mark focused on Business Taxes, Property Taxes and Inheritance Tax, but will also cover the abolishment of Furnished Holiday Lettings regime from April 2025.

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About the presenter 

Mark Stemp, Chartered Tax Advisor, Crowe UK LLP 

Mark is a Private Client Tax Partner of the national audit, tax, advisory and risk firm, Crowe UK LLP. He provides tax advice to help clients overcome their tax challenges and help them become and remain tax efficient. He advises on all aspects of the tax system including Income Tax, Pensions, Corporation Tax, Capital Gains Tax (CGT) and Inheritance Tax (IHT). His clients include property investors, estate agents, developers and landlords.