UK Autumn Statement 2024: Complete Guide to Tax Changes and Business Impact

Here’s your breakdown of the major business announcements from the Autumn Statement 2024.

Key Takeaways from the 2024 Autumn Statement

  • £36 billion tax increases including major changes to employers’ National Insurance
  • Significant reforms to Capital Gains Tax and Inheritance Tax
  • New minimum wage regulations affecting UK businesses
  • Changes to non-dom tax status
  • HMRC compliance measures

Autumn Statement 2024: Main Tax Changes Explained

National Insurance Changes

Employers’ National Insurance

  • Rate increase from 13.8% to 15% (April 2025) New threshold: £5,000 (previously £9,100)
  • Employment Allowance increase to £10,500
  • Removal of £100,000 eligibility threshold

Self-Employed National Insurance

  • Class 2 NI increase to £182.00 (2025/26)
  • New State Pension qualification rules for £6,840-£12,570 profits

Capital Gains Tax Updates

  • Basic rate increase to 18% (from 10%)
  • Higher rate increase to 24% (from 20%)
  • Implementation date: 30 October 2024

Business Asset Disposal Relief (BADR) Changes

  • Current rate: 10% on first £1 million
  • April 2025: Increasing to 14%
  • April 2026: Further increase to 18%

Inheritance Tax Reforms

  • Thresholds frozen until April 2030
  • New pension pot regulations from April 2027
  • Agricultural property relief changes
  • AIM shares partial exemption from April 2026

Property and Vehicle Tax Changes

Property Tax Updates

  • Stamp duty increase on second homes (3% to 5%)
  • Enhanced rates for company property purchases
  • Business rates relief for retail and hospitality sectors

Vehicle and Transport Tax Changes

  • Extended electric vehicle allowances
  • New Double Cab Pick-up classifications
  • Company Car Tax increases for 2028/29
  • Fuel duty freeze extension

Business Support and Compliance

HMRC Enforcement

  • 5,000 new compliance staff by 2029/30
  • 1,800 additional debt-management positions
  • Enhanced fraud detection measures

Non-Dom Tax Reform

  • Current regime replacement
  • New residence-based system
  • Four-year transition period for new arrivals

Expert Analysis and Support

Our tax specialists can help you understand how these changes affect your business. Contact us for personalized advice on:

  • Tax planning strategies
  • National Insurance optimization
  • Business restructuring options
  • Compliance requirements

FAQs About the 2024 Autumn Statement

When do the National Insurance changes take effect?

Employers’ National Insurance increases to 15% from April 2025. The threshold drops to £5,000 per employee. The Employment Allowance rises to £10,500 at the same time.

How will the new CGT rates impact business sales?

CGT rates increase immediately (from 30/10/2024) to 18% for basic rate and 24% for higher rate taxpayers. Business Asset Disposal Relief will rise to 14% in April 2025 and 18% in April 2026.

What are the key dates for inheritance tax changes?

Current thresholds are frozen until April 2030. Pension pots come within IHT scope from April 2027. Agricultural property and AIM shares relief changes start April 2026.

How can businesses prepare for increased HMRC scrutiny?

Keep detailed records. Ensure tax compliance systems are robust. Review tax positions regularly. Consider professional tax advice. Prepare for additional HMRC staff checks starting November 2024.

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