For all its hype and build up, one of the most anticipated budgets in a generation, delivered on the eve of Halloween, was billed to be a Nightmare on Downing Street. However, making history as the first ever UK budget to be delivered by a woman, and with the huge gap in public finances needing to be filled, it had a level of sense and sensibility about it. It came with less pain for many than was anticipated, with businesses seemingly having the broadest shoulders, they took the biggest hit.
The headline grabber will be the 1.2% hike in Employers’ NI contributions as well as lowering the threshold at which they’re payable, generating a whopping £22bn for the treasury coffers. This means the Employers’ NI contributions now sit at 15%. There was a lot of speculation about the Capital Gains Tax (CGT) rates in the build up, but the news was not as bad as some had anticipated. The lower rate rising from 10% to 18% and the higher rate from 20% to 24% leaving the UK still with the lowest CGT rates. The £1m threshold for Business Asset Disposal relief remains intact although the rate is increasing from 10% to 18% over the next two years.
Here you can download our full Autumn Budget Report to read more of the details.
