On Wednesday 30th October we heard Chancellor Rachel Reeves Autumn Budget – and the first Labour Budget in 14 years.
Before commencing her first Budget speech, the Chancellor stated that her priority was to “fix the foundations and deliver changes”.
With a promise to grow the economy and create wealth and opportunity for all, this Autumn Budget aimed to restore economic credibility and stability to public finances. Taking the stage, the Chancellor revealed £40bn worth of tax rises – but just how will the changes impact individuals and businesses?
We welcome the emphasis on long term planning and the confirmation of the corporate tax road map from the Chancellor – too much recent government thinking has been for the here and now and short-term political goals”.
Patrick King, Tax Partner
Take a look at the specially curated insights below from our tax and industry specialists with first reactions and key points from the fiscal changes announced in the Autumn Budget 2024.
Autumn Budget 2024 key points and insights
Key Tax & VAT Changes
UK Non-Dom Regime Update
Understanding Autumn Budget 2024 with Economist Professor Joe Nellis
Impact on ESG
Impact on the Food Industry
More Autumn Budget Analysis
Key changes announced in the Autumn Budget for Pensions and Inheritance Tax
Seven key changes made to Employee Ownership Trusts in the Autumn Budget
Key Reforms to Business Rates from April 2025
Finally, a Budget that matters for Life Sciences
The Autumn Budget is a triple whammy for UK companies
How does the budget affect healthcare professionals?
The Autumn Budget proved tough for taxpayers
Budget 2024: Carried Interest
Private and independent schools: Budget day VAT guidance from HMRC
Chancellor's New Energy Vision: Green Hydrogen and Carbon Capture Take Centre Stage
Budget reflections for the Charity sector
Autumn Budget opinion: A missed opportunity to elevate the UK as an international place of business
Autumn Budget: Business As Usual for Corporates?
Autumn Budget opinion: A blow for farming?
Autumn Budget Opinion: A Mixed Bag of Outcomes for Manufacturers
Plastic Packaging Tax – Chemically recycled content
Has the housing agenda been put on hold?
Autumn Budget 2024: A Budget of Managed Expectations
Putting Budget measures under the microscope
Pensions to be brought into Inheritance Tax Regime
Scotland’s budget boost must be used effectively
Download our Autumn Budget 2024 Tax Data Card & Summary
Tax Data Card 2024-25
Autumn Budget 2024 Summary
MHA in the press
Patrick King, Partner at MHA spoke to International Tax Review about the UK chancellor’s Budget
Alison Horner, Partner at MHA spoke with Forbes about flight tax hikes
Will Johnstone, Tax Director at MHA spoke with Accountancy Age about non doms and inheritance tax
Rachel Nutt, Partner at MHA spoke with The Times about the changes to inheritance tax and how it would effect family firms
Will Johnstone, Tax Director at MHA spoke to the i about the new rules for inheritance tax and how if effects non doms
Patrick King, Partner at MHA spoke to London Loves Business about the £40 billion tax increases that will effect businesses
Pre-Autumn Budget 2024 Insights
Business Taxes
History tells us that the biggest shifts on tax and spending policy are taken in a new government’s first Budget, particularly if that government has a large majority. And Labour used the summer and early autumn to set the scene for tax rises with consistent messaging around “tough decisions” and a “£22bn blackhole in the public finances”.
As the UK and Ireland look ahead to their Budgets next month, the hard realities facing the respective governments are in stark contrast.
While we continue to adapt to the unfamiliarity of a Labour government, businesses across Scotland are already analysing what that might mean for their sector.
Business owners should expect a wide range of changes which will affect their businesses both positively and negatively.
Scotland may not see the full impact of the change to a Labour government - certainly on taxation - until the Scottish Government elections in 2026. It could be viewed as a sign of things to come north of the border, however 2 years is a long time in politics.
Fiscal policy can significantly affect the business environment and thus influence investment decisions. With Labour now in power, there is growing uncertainty about the future of tax reliefs for businesses.
Capital Gains Tax (CGT) normally arises when an asset is sold for greater than its original cost and typically, occurs when a company is sold and the owners wish to extract value from their business.
Personal Taxes
Tax partner in our Lancaster office, Rachel Marsdin, answered listeners questions on BBC Radio 5 Live on Friday 18th October on the subject of inheritance tax.
As the Autumn Budget approaches on 30 October, there is growing speculation that significant changes could be made to the UK's inheritance tax and capital gains tax regimes.
The new Chancellor, Rachel Reeves, will be presenting her first Budget on 30 October 2024 and there is already heightened press speculation about what this could bring for taxpayers.
As the Autumn Budget approaches on 30 October, there is growing speculation that significant changes could be made to the UK's inheritance tax and capital gains tax regimes.
High net worth individuals (HNWIs) in the UK should closely watch Labour’s Autumn Budget on 30 October.
Contrary to their manifesto promises, Labour’s spending plans must mean they will opt for raising taxes.
Prior to the general election earlier this year, plans for reforming, or even abolishing the tax had been mooted by the previous administration. Now that we have a new government in place, it seems that IHT rises could be on the horizon.
Indirect Taxes
HMRC published updated guidance on the VAT changes for private and independent schools on 10 October 2024. This insight provides you with a summary of the changes, to help you prepare for the introduction of VAT from 30 October 2024.
During the general election campaign, the Labour Party was clear that if it formed the next government, it would not increase the headline rate of VAT. We therefore assume that Rachel Reeves’ first Budget as Chancellor will leave the standard rate of VAT unchanged at 20%.
The Chancellor has used the Labour party conference to announce that the government wants to promote the wider use of electronic invoicing (‘e-invoicing’) across UK businesses and government departments. HM Revenue & Customs will shortly be launching a consultation on the introduction of ‘e-invoicing’.
The Labour administration now needs to implement one of its key tax plans, to impose VAT on private school fees.
Air Passenger Duty (APD) has been around since 1994. It is a tax on flights, paid by passengers, collected by airlines and paid over to the Treasury so the cost of collection to the Treasury is very low.
Industries
The Labour government’s upcoming Budget Day on 30th October has sparked speculation about its investment strategy, particularly regarding the UK’s life sciences sector.
The Labour government’s upcoming Budget Day on 30th October has sparked speculation about its investment strategy, particularly regarding the UK’s life sciences sector.
So, the election is out of the way and a new Labour government in place, we now need to look solely at their manifesto in the hope that pledges made on housing were issued with good intent.
Labour has proposed significant changes that could reshape the landscape of innovation and scientific progress in the UK.
Stay updated with the MHA
Our tax experts and industry specialists will be sharing their insights on the measures announced in the Autumn Budget that would best support UK industries and individuals in the medium and long term. Stay updated on the latest developments right here on our dedicated Autumn Budget hub.
Our tax and economic experts
Professor Joe Nellis
Economic Adviser to MHA
Full details
Patrick King
Tax Partner
Full details
James Kipping
Tax Partner
Full details
Chris Denning
Corporate and International Tax Partner
Full details
Rachel Nutt
Tax Partner
Full details
Alison Horner
VAT & Indirect Tax Partner
Full detailsContact us
Tax measures from the Autumn Budget will have wide-ranging impacts on industries and businesses across the UK. Our tax experts and industry specialists will be happy to help you adapt and reassess your financial plans in the light of any tax cuts and legislative changes arising from these fiscal announcements.
Contact your usual MHA representative or your nearest office at any time to discuss your tax matters further or for guidance on the measures announced, and we will be happy to assist with any queries.
