Preparing for new challenges following the Autumn Budget 2024.
On 30 October the Autumn Budget 2024 was announced and it certainly gave us much to consider. Whilst we were given plenty of warning, the potential impact on businesses may be more significant than initially expected. In particular, the increases in Capital Gains Tax (CGT), Inheritance Tax (IHT) and Employers National Insurance are areas of concern. For farmers, the radical reduction in Basic Payment Scheme (BPS) payments is a more immediate issue. It remains to be seen how this was a budget for growth.
A great deal has already been discussed about the threat this poses to farming, but it must be remembered that the attack is on both Agricultural Property Relief (APR) and Business Property Relief (BPR). The agricultural and wider business communities may benefit from joining forces to secure some important concessions, to protect family businesses.
Social Media has seen a strong response from individuals and organisations such as the CLA and NFU. This emphasises the importance of raising awareness and lobbying effectively to highlight these issues.
But what should you be doing now to protect your own business?
For now, it’s important to take a measured approach. The changes to APR and BPR do not come into force until April 2026. In the meantime, the Government is expected to issue detailed guidance on the rules and there is still scope for these measures to evolve through further discussions and debate.
At Batcheller Monkhouse, we have decades of experience advising clients on succession and tax planning. We are committed to properly understanding these implications so that we can advise on strategies to help mitigate against tax and help meet future liabilities.
If you do have any immediate concerns or wish to discuss this, please do not hesitate to contact Leo Hickish, Chairman and Partner at l.hickish@batchellermonkhouse.com.
Offices in Battle, Haywards Heath, Pulborough and Tunbridge Wells.
