Private Client Aspects of Rachel Reeves’ First Budget with Robert Jamieson

Introduction

This new half-day course reviews the Labour Chancellor’s taxation changes in her Budget on 30 October 2024 which became FA 2025, together with further measures which will be legislated in 2026.

As well as explaining the effect of these announcements, the speaker will give his initial planning thoughts on the main provisions.

What You Will Learn

This course will cover the following:

• Income tax rates, taxable bands and allowances for 2025/26
• NICs for 2025/26
• Taxable car benefits for 2025/26
• Double-cab pickup trucks and other benefit in kind matters
• Abolition of furnished holiday lettings tax regime
• Reforming the taxation of non-UK domiciled individuals
• Business and agricultural assets - the main changes for individuals
• The position facing relevant property trusts
• The importance of early planning
• Further amendments to the IHT code
• Some foibles with the revised business relief regime for trusts
• Standardisation of exit charges
• What are the options for mitigating IHT on the business relief reform?
• Some final thoughts for farmers
• Unused pension funds and death benefits - major IHT move
• A 91.3% tax rate for your pension pot!
• IHT and EBTs
• Other IHT measures
• The new CGT regime
• Business asset disposal relief and investors’ relief
• Employee-ownership trusts
• VAT and private school fees