The recent Autumn Budget Statement, delivered by Chancellor Rachel Reeves, has brought about some significant changes that could impact your financial plans. Given the nature of these updates, we’ve put together a comprehensive guide to help you navigate the new landscape.
A Few Key Changes at a Glance:Â
- Inheritance Tax (IHT): Big news – from April 2027, inherited pension pots will be subject to IHT. This might require a fresh look at both your estate planning and retirement planning.
- Capital Gains Tax (CGT): The rates have jumped today, meaning you’ll be paying more tax on profits from selling assets like shares.
- National Insurance Contributions (NICs): Employers, heads-up: NICs will increase to 15% from 2025.
- Non-Dom Status: Changes to the non-dom tax regime from April 2025 will affect those with global ties.
- Pensions and Benefits: State Pension payments are set to increase, with changes to the carers’ allowance earnings threshold as well.
These are just a few of the headlines. We understand that such changes can raise questions about your financial future, and that’s why we’ve created an easy-to-digest Autumn Budget Statement 2024 Guide.
Your Next StepÂ
To help make informed decisions and protect your wealth, download your free copy of our guide and speak to one of our advisers.
Our team at Bowmore Financial Planning is here to support you, whether you need to review your estate plans, reassess your investment strategy, or simply want a friendly chat about what these changes mean for you.
