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Budget 2024: a snapshot summary

Gresham Wealth
  • With immediate effect, the lower rate band of capital gains tax has risen from 10% to 18%, while the higher rate has moved from 20% to 24%.
  • Rates on property will stay the same while the lifetime limit for business asset disposal relief will remain at £1m.
  • The rate of relief remains at 10% this year before rising to 14% in 2025 and 18% in 2026.
  • Inherited pensions will be brought into the inheritance tax regime from April 2027.
  • IHT thresholds will be frozen until 2030.
  • For individuals the nil rate band remains at £325,000, while the residence nil rate band remains at £175,000 for estates over £2m.
  • SDLT will increase from 3% to 5% on second and additional homes from 31st October 2024.
  • The current SDLT relief threshold of £425,000 has not been maintained. Therefore, first-time buyers purchasing a property will pay SDLT at the 2025 rate of 5% on properties priced above £300,000 and below £500,000.
  • First-time buyers purchasing a property above £500,000 will see the standard SDLT rates for 2025 apply.
  • Thresholds will remain the same until 2028-29 when they will be increased by the rate of inflation.
  • The controversial issue of VAT on school fees has been confirmed as being introduced in January 2025.
  • Business rate exemptions will also be removed.
  • The triple lock remains in place for state pensions.
  • Basic and new state pensions will see an increase of 4.1% in 2025-26.
  • The lifetime allowance on pension pots has not been reintroduced.
  • The 25% tax-free lump sum for individuals drawing from their pensions has been retained.

Disclaimer: errors and omissions excepted.

I am only in this position because of you. One of the best decisions I have ever taken going with GWM.

With great thanks for all your reassuring attention over the last year. It means more to me than I can express in a few words.

I just want to thank you and your team so very much for all you do for me throughout the year. It is a real comfort to know that my investments are in such capable hands. I literally couldn’t do it on my own.

We are both very grateful for the time you spent with us in explaining various options. We certainly feel we now both have a much better understanding of our situation & the decisions which we need to consider moving forward.

Thanks again for your advice, you have given me the kick I needed to take control and I’m very grateful for that.

We feel we can phone at any time during office hours if we need anything clarifying. Our financial adviser knows our personal circumstances and is in tune with our goals and lifestyle. His advice has been and continues to be excellent.

You’ve solved that dilemma for me… Thank you for being so clear and honest as always.

A very personalised service… All advice is tailored to my needs with great consideration to issues I may not have thought of myself. I feel confident about my future finances.

Thank you so much again for your time and brilliant advice.

Just a big thank you for all you have done for our family. We do appreciate it.