Autumn Budget re-cap with Joanne Fisher

Doesn’t it feel like a distant memory, when Chancellor Rachel Reeves unveiled significant changes to pensions, capital gains tax, and more in her Autumn Budget on 30th October?

By now, hopefully, the details of these changes—and how they may impact you personally or as a business—are clear and well-understood. However, if you’re still uncertain or would simply like a quick refresher, here’s a brief summary of the key updates:

Individuals:

  • Pensions to become part of your estate for Inheritance Tax purposes from April 2027.
  • Capital Gains Tax rates increased immediately to 18% and 24% for basic and higher rate taxpayers.
  • ISA deposit thresholds frozen until 2030.
  • Private school fees subject to 20% VAT from 1 January 2025.

Businesses:

  • Employers National Insurance to rise to 15% from April 2025.
  • The national minimum wage is set to rise from April 2025.
  • Business Property Relief (formerly Entrepreneurs Relief) will increase from 10% to 14% in April 2025, then to 18% in April 2026
  • Inheritance Tax Relief for Business and Agricultural assets will be capped at £1m, with a new reduced rate of 20% being charged on assets above.

Property:

  • Stamp Duty rates for second homes rising from 31st Oct
  • Stamp duty changing AGAIN in April 2025.
  • Right to Buy discount to be cut.
  • £500 million for 5,000 affordable social homes.
  • More people will be able to get unbeatable 50% bonus using Help to Save.

General:

  • Income and National Insurance thresholds remain frozen until 2028.
  • State Pension confirmed to rise by 4.1% in April 2025.
  • Benefits to rise by 1.7% with other changes announced.
  • The Carer’s Allowance earnings limit will increase by over £45 a week.
  • Rail fares to increase by 4.6% and most Railcards to go up by £5.
  • A cap on bus fares is extended but will rise to £3 from 2025.
  • Cigarettes, vapes, booze, flights – new taxes and tax cuts.

At Active Chartered Financial Planners, we’re always here to help you navigate the ever-changing world of financial planning. If you would like to discuss your current situation, please don’t hesitate to get in touch.

Contact us today on 01642 765957 OR info@activefp.co.uk

Find out more about Joanne OR visit the Active website

And for regular updates, follow us on socials Facebook, LinkedIn and YouTube

Get in Touch

If you would like to find out more about how we can help you, please give us a call or drop us an email.

Phone Us Email Us
Keep up to date

Sign up to our newsletter to keep up with all things Active.

Active Spirit

“Having been a client of Active for many many years and have always been given great advice and direction. I am now looked after by Andrew. He has given excellent advice and service, continuing on the great work this company has always offered me. Always cheerful and helpful; a great asset to Active. I have no problem recommending him to other people.

Tax year end – make the most of your allowances

10th February 2025

As the 5th of April draws near, it’s time to review your finances and maximise the allowances and reliefs available before the end of the tax year. With recent changes…

25 years is a long time for fashion, phones and finance

28th January 2025

In 2000, Britney Spears was topping the charts with Oops! ... I Did It Again, the Nokia 3310 was the ultimate status symbol, and the world could finally stop worrying…

Mychael’s 3 lessons for success

27th January 2025

“Between the ages of 45 and 55, I learned three things about life” says Mychael, a client of Active Chartered Financial Planners. “Right now, I live in a nice house…