Autumn Budget: Post Analysis Review

Chancellor Rachel Reeves, the country’s first female Chancellor, delivered the Autumn Budget yesterday, which is the first from a Labour Government in 14 years. At the top of her speech, she declared that she will “drive economic growth” and “invest, invest, invest”, announcing tax rises worth £40bn to fund the NHS and other public services.

The key developments from budget included across the day:

• Personal Taxes
• Business Taxes
• Wages, benefits and pensions
• Transport
• Government spending and public services
• UK growth, inflation and debt

External Comms

We have circulated a full update on the Autumn Statement and a revised rate card to our client list here, to read more.

A complete series of articles have been added to the website covering everything the taxpayer needs to know, including

• Personal Tax, Capital Gains Tax and Inheritance Tax
• Non Dom Reforms
• Employment Taxes
• Property and SDLT
• Corporate, Business Taxes and VAT

We have been actively sharing content via the company’s LinkedIn platform to encourage discussion and engagement, with all articles now live and available to share. Please engage with the company LinkedIn account [https://www.linkedin.com/company/lb-group-2/] and join the conversation using hashtag #AutumnBudget.

Tom Butterworth, Associate Director, LB Group comments on the first fiscal event under the new government, in the Autumn Statement on 30 October: “Fresh from the budget update today, the government announced an increase in the Higher Rates for Additional Dwellings of Stamp Duty Land Tax by 2%, effective tomorrow, 31 October 2024. These higher rates apply to purchases of second homes, buy-to-let residential properties and companies purchasing residential property.

‘The difference in SDLT rates between residential and non-residential properties has increased further, making the advice process on mixed transactions even more important. We would encourage our clients to ensure they’re well positioned ahead of any deadlines confirmed”.

Tom, who specialises in property tax, has 20 years’ experience in the Tax and Accountancy sector. His acceptance of membership status within the STPG indicates the strength of his specialism and expertise in the field.

As a member of the STPG, Tom actively participates in HMRC and Government consultations along with other members, and supports the Group in steering the development and progress of Stamp Taxes across the UK.

Watch Parties

Thank you to all that participated in the watch party events that were held across the group. The session prompted colleagues to collaborate, share insights and promote best practice with our peers and prompted some healthy discussion and debate!