Understanding the UK Autumn Budget Changes 2024 | PBLINK

The 2024 Autumn Budget (the Budget), announced on 30 October, introduced several significant changes many of which will adversely affect individuals.  In this series, we take a closer look at the announced adjustments.

Each of the articles summarises how the changes in the Budget might impact you in your capacity as a:

1. Private Individual
2. Non-Dom Individual
3. Business or Business Owner

The changes described in the accompanying sections are what is understood to be the case following the Budget announcements but there may be some extra details in the draft legislation when produced and of course all proposals are subject to change in the passage through Parliament. Please consult us for further advice before taking any action.

The Budget is broadly in line with what was reported in the build-up: looking past the headline grabbing application of VAT to private schools, the Budget aims to raise public funds to the tune of £40 billion and places the burden of this on big businesses and high net worth individuals, while clarifying the new Government’s plans for Non-Dom individuals.

This series provides a summary and commentary on the 2024 Autumn Budget. For detailed advice and assistance navigating the impacts of the new budget please contact Michael Woodward at MichaelWoodward@cartercamerons.com.

Author: Julian Smith

The recent UK budget brings a range of significant updates with potential impacts on private individuals, non-domiciled residents, and businesses. Originally published by Carter Lemon Camerons LLP and republished here with permission, this article provides expert insights from CLC’s legal team into the key aspects of the budget and examines how these changes could influence both businesses and high-net-worth individuals. To read the full article, please visit CLC blog