Upcoming Tax Changes: What to Expect and How to Prepare

With changes to Capital Gains Tax (CGT) already on the horizon—specifically, the new rates for the sale of furnished holiday lets from 6 April 2025—there’s growing speculation about whether these adjustments could be brought forward in the Autumn Statement. Will we see an impact on principal private residence reliefs? Or perhaps a revision of the 10% CGT rate on business assets (Business Asset Disposal Relief)? These are just some of the questions circulating.

On the Inheritance Tax (IHT) front, concerns are centred on whether we’ll see a simple rise in tax rates or a more significant overhaul of the legislation. Could changes affect trusts and the 10-year charge, lifetime gifting taxes, or the residential and other nil rate bands? And what about the reliefs for business and agricultural assets?

We’re also looking at the upcoming abolishment of the non-domicile tax regime, set for 6 April 2025. While it’s already in motion, we anticipate further details on this change to be announced on 30 October 2024—though the finer points might be reserved for the Spring Budget.

The real concern lies in the uncertainty. With the Autumn Statement looming, there’s a fear that sudden tax changes could come into effect almost immediately, leaving little room for planning.

At Lerica, we hope for enough lead time to help clients prepare. In the meantime, if you're considering changes to your pension, business, or asset sales, now might be the perfect moment to seek advice. Preparing ahead of 30 October 2024 could provide the insight and strategy needed to navigate any upcoming changes with confidence.