Legal News | 19.09.24
Get ready for a spooky fright?
On the eve of Hallowe’en this year, 30 October 2024, Rachel Reeves will deliver her first Budget. No one knows what to expect but the Prime Minister, Sir Keir Starmer, has said: “There is a Budget coming in October and it is going to be painful.”
Every week there seems to be a new rumour as to what may or may not change, but what do we actually know will happen? So far, we know:
- Labour has recommitted to previous promises made during the election not to increase income tax, national insurance and VAT.
- The state pension is set to rise by 4% in April 2025 under the ‘triple lock’ arrangement.
- From 1 January 2025, the standard 20% VAT rate will be added to private school fees.
- The government is increasing the windfall tax on the profits energy companies make in the UK to 38% from 1 November 2024.
With a reported £22 billion ‘black hole’ in the country’s finances, what is planned to fill the hole? The likely candidates for increases include inheritance tax, capital gains tax and pensions. Until 30 October 2024, the whole country will be waiting with bated breath to see just what changes will be made.
For estate and inheritance tax planning, both before and after the Budget, please get in touch with your usual contact at Wansbroughs or contact us at mail@wansbroughs.co.uk.
