As the UK’s first female Chancellor of the Exchequer and the first Budget from the Labour Party since 2010, Rachel Reeves delivered an Autumn Budget that introduced the government’s new fiscal rules, made changes to the tax system, and outlined plans for a new Industrial Strategy.  

We saw a rise in Employers’ NICs (National Insurance Contributions), alongside tax increases for Capital Gains Tax and Stamp Duty Land Tax. We also had further reductions in Inheritance Tax (IHT), agricultural reliefs, and business rate reforms.  The Non-Dom Tax regime is being abolished in 2025, with a new Foreign Income and Gains (FIG) Regime being introduced to replace the old system.

At the beginning of November, Tax Partners, Tim Cook, Pauline Hudd, Jamie Muirhead and Mark Dawes hosted an Early Riser Review Webcast, giving their technical insights into the various tax measures announced.

You can find our Autumn Budget summary of the key developments here.

Do you want to discuss the Budget 2024 with our tax team? Contact us here. 

To read the full Autumn Budget 2024 document, please click here. 

Tim Cook

Partner at Wilder Coe

Tim’s passion lies in helping his clients maximise their wealth through successful tax planning for the future. Whether you are seeking a solution on the most efficient way to implement your inheritance plans or would simply like some plain-English advice on your tax liabilities, Tim is expertly placed to offer you a highly professional and personalised service.