Stamp Duty land Tax (SDLT)
With effect from 31st October 2024 SDLT will be charged on the purchase of second homes at a rate of 5%
Inheritance Tax
Inheritance tax allowance thresholds are frozen now until 2030 (from 2028)
From April 2027 inherited pensions will be brought within IHT regime
From April 2026 the first £1million of combined business and agricultural assets will attract no inheritance tax but those assets over £1m will be taxed at a rate of 20% IHT
Capital Gains Tax
The disposal of residential property will remain at 18% (lower rate) and 24% (higher rate)
Any CGT payable on the disposal of residential property is due within 60 days of completion date of disposal (unchanged from current rule)
All other assets – lower rate will rise from 10% to 18% and the higher rate will rise from 20% to 24% with immediate effect
Trustees and Personal Representatives will be charged at the higher rate for disposal of trust and estate assets (unchanged from the current rule)
If you are concerned about the effects of any changes made by the Autumn Budget of 2024 upon a matter in which you have instructed our firm, please contact us on 01208 812415.
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