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R&D receives a welcome boost in the Budget

As part of the October Budget the Chancellor announced the highest ever level of government investment of £20.4 billion in research and development for next year, reinforcing the government’s commitment to back the UK’s R&D ecosystem to drive

Autumn Budget 2024 – Alcohol and Tobacco Duty

As part of the Autumn Budget measures the Chancellor announced that the duty rates on tobacco products were increased by 2% above the rate of inflation (based on RPI) effective from 6pm on 30 October 2024. It was also confirmed that the duty for

Autumn Budget 2024 – Inheritance Tax changes

A number of changes to Inheritance Tax (IHT) were announced as part of the Budget measures. We have covered each of the main measures below. It should be noted that these changes are not coming into effect until April 2026 at the earliest.

IHT

Autumn Budget 2024 – NIC changes

As had been widely predicted, the Chancellor announced increases to the rate of National Insurance contributions (NICs) that are paid by employers. The main rate of secondary Class 1 NICs will increase by 1.2% to 15% (from 13.8%) effective from 6

Autumn Budget 2024 – Fuel Duty rates

In the Autumn Budget, the Chancellor had been widely expected to increase fuel duty rates. However, in a surprise announcement she extended the fuel duty cut for a further 12 months to help support households and businesses. A tax cut estimated to be

Autumn Budget 2024 – Capital Gains Tax

In the Budget it was announced that the rates of Capital Gains Tax (CGT) are to be increased with immediate effect. The main rates of CGT that apply to assets other than residential property and carried interest will increase from 10% to 18% (for

Autumn Budget 2024 – Minimum Wage increases

The Chancellor of the Exchequer, Rachel Reeves announced significant increases to the Minimum Wage rates on the eve of the Budget. The Chancellor confirmed that the government has accepted in full the proposals of the Low Pay Commission (LPC) for

Autumn Budget 2024 – Higher rates of SDLT

It was announced as part of the Budget measures that the higher rates of Stamp Duty Land Tax (SDLT) on purchases of additional residential properties will increase to 5% (from 3%) for transactions with an effective date on or after 31 October

Budget summary 30 October 2024

The long awaited, much anticipated and dreaded first Budget of the new Labour government was delivered to Parliament yesterday – 30 October 2024 – by the Chancellor, Rachel Reeves.

We now know where the funds will come from to finance investment and

Is Income Tax morphing into a stealth tax?

It is rumoured that the Chancellor will delay any increase in the Income Tax higher rate tax threshold beyond the present April 2028 freeze.

The UK Income Tax higher-rate threshold was last increased in April 2021, when it was set at £50,270. This

Crackdown on insurance fraud

Insurance companies have united to step up efforts to crack down on fraudsters seeking to manipulate the UK insurance market with bogus claims and duping innocent people into buying fake insurance policies.

In 2023 alone, 84,400 fraudulent claims

Check your State Pension age

HMRC’s ‘Check your State Pension age’ tool is available at www.gov.uk/state-pension-age/y.

The online tool allows taxpayers to check the following:

the earliest age they can start receiving the State Pension;
their Pension Credit qualifying age;

Starter checklist for PAYE

When hiring a new employee, employers must determine the appropriate tax code and starter declaration for their payroll software. Using incorrect tax codes can result in the new employee over or underpaying their taxes. To ensure the correct

Cash in Child Trust Funds

HMRC has issued a press release urging 18-22 year olds who have yet to claim their Child Trust Fund (CTF) cash to do so as soon as possible. According to HMRC, over 670,000 young adults in this age group have unclaimed funds, with the average savings

Tracing lost pension details

An online service is available on GOV.UK at www.gov.uk/find-pension-contact-details to help people find their lost pension funds.

You can use this service to find contact details for:

your own workplace or personal pension scheme; or
someone

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