01329 822 333
Lorem ipsum dolor sit amet, consectetur adipiscing elitusmut labore etsectetur adipiscing dolore magna aliqua 
As expected, Rachel Reeves announced major changes in the Autumn Budget on Wednesday to increase tax revenue.
The Inheritance Tax (“IHT”) nil rate band of £325,000 has been frozen further until April 2030, which may mean more estates are liable to tax. The residential nil rate band remains unchanged. The most significant change is the restriction of Business Relief and Agricultural Property Relief. From April 2026, 100% relief will now only apply to the first £1 million (combined value) only, with the relief being limited to 50% on any value in excess of that. From April 2027, unused pension funds and pension death benefits will be included within an individual’s estate for IHT purposes.
Capital Gains Tax (“CGT”) has increased from 10% to 18% for basic rate taxpayers, and from 20% to 24% for higher rate taxpayers. The rates now match the tax rates for residential property gains, which remain the same. The CGT allowance remains at £3,000 per person, per tax year.
Stamp Duty Land Tax (“SDLT”) remains the same for first time buyers and those moving home. The SDLT surcharge for the purchase of second homes has increased from 3% to 5%, which is effective immediately.
This is a short note of the highlights of the Autumn Budget that may affect clients of Churchers. You will need to discuss your own circumstances with your advisers. If you are unsure as to how these changes might affect you and your plans, please get in touch with us – we are here to assist you in planning for your future 01329 822 333
