Budget Changes

Question 1

CGT rates

Answer 1

CGT rates increase from 10 to 20 to 18% and 24% respectively.
CGT exempt allowance reduced to £3k

Question 2

NICS

Answer 2

Employer NI went from 13.8% to 15%

Question 3

AIM & BR Relief

Answer 3

Agri and Business Property relief of 100% for first £1m. Anything above £1m will be liable for IHT charged at 20%
Aim investments now have a a 20% IHT liability as opposed to 0%

Question 4

Pensions

Answer 4

From April 2027 pensions will be liable for IHT

Question 5

Stamp Duty

Answer 5

SDLT charge on additional properties increased to 5%

Question 6

School Fees VAT

Answer 6

School Fees now subject to VAT AT 20%