The Autumn Budget 2024: A Private Client Perspective

Today (30 October 2024), the UK Chancellor, Rachel Reeves, presented her (much anticipated) first Budget – Labour's first in 14 years.

Although the Labour Party had been open about their intention to implement a number of significant tax changes (including the abolition of the non-dom regime, the imposition of VAT on private school fees and reforming the taxation of carried interest) for quite some time, it became clear in the immediate aftermath of July's General Election that additional tax rises were inevitable, with the Chancellor warning the country repeatedly that "difficult decisions" would need to be made in order to plug a £22bn "black hole" in the nation's finances and to encourage economic growth.